Contracts
A West Virginia broker receives competing offers on a listing simultaneously. The broker must:
APresent only the highest offer to avoid wasting the seller's time
BPresent all offers to the seller promptly, letting the seller decide✓ Correct
CHold the offers for 48 hours to solicit additional competing bids
DAccept the offer that generates the highest commission
Explanation
A listing broker in West Virginia is obligated to present all offers to the seller promptly. The broker may not withhold any offer or unilaterally decide which offers to present — the seller has the right to consider all offers.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Math Concepts
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