Agency
A Washington listing broker receives an offer that is lower than the listing price but is the best offer received after 60 days on market. The broker's duty to the seller is to:
AReject the offer without presenting it
BPresent the offer to the seller promptly✓ Correct
CCounter the offer on the seller's behalf without authorization
DAdvise the seller to wait for better offers regardless of circumstances
Explanation
A listing broker has a fiduciary duty to present all offers to the seller promptly, regardless of the offer amount. The seller decides whether to accept, counter, or reject the offer.
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Key Terms to Know
Fiduciary Duty
The 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.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
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