Agency
In Vermont, a listing broker who receives competing offers should:
APresent them sequentially, starting with the highest
BPresent all offers to the seller and let the seller decide how to respond✓ Correct
CAccept the highest offer on the seller's behalf without consultation
DWait 24 hours to collect additional offers
Explanation
The listing broker must present all offers to the seller promptly. It is the seller's decision how to respond to competing offers — the broker may advise but cannot make the decision for the seller.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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