An agent receives two offers on a property at the same time. What is the agent's primary obligation?
Correct Answer
D) Present both offers to the vendor promptly so the vendor can choose
The agent has a fiduciary duty to present all offers to their principal (the vendor) without delay, allowing the vendor to make an informed decision. The agent cannot filter offers or make decisions on behalf of the principal unless specifically authorized to do so.
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Previous Question
An agent receives confidential information that the local council is planning to rezone the area, which would significantly increase property values. The vendor is unaware of this. What should the agent do?
Next Question
In a state whose law allows an agent to act for both the vendor and the purchaser with disclosure and consent (NSW, Queensland and SA do not), an agent doing so is told in confidence by the purchaser that their maximum budget is $50,000 above their current offer. What should the agent do?