A listing agent receives two offers simultaneously - one from their own buyer client and one from another agent's client. Both offers are identical in price and terms. How should the agent handle this situation ethically?
Correct Answer
D) Present both offers impartially, let the seller decide, and disclose the multiple representation
When a brokerage represents more than one client in the same trade, it must treat their interests objectively and impartially (O. Reg. 567/05, s. 22(5)), and every written offer must be conveyed to the seller as soon as possible (s. 22.10). The brokerage must also tell every other buyer who makes a written offer that it is serving a buyer in the same trade (s. 22.0.3). Presenting both offers impartially, with that disclosure, lets the seller decide.
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A listing agent learns that the basement had water damage years ago that was fully repaired. The seller has no legal obligation to disclose it and refuses to mention it in the listing. What is the agent's best course of action?
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A listing agent receives two offers simultaneously, one from their buyer client and one from another brokerage. According to Ontario regulations, how should this be handled?