A buyer wants to submit an offer on a property where their agent also represents the seller. What type of representation scenario is this?
Correct Answer
B) Multiple representation
Multiple representation occurs when the same brokerage represents both the buyer and seller in a transaction, whether through the same agent or different agents within the brokerage. This requires specific disclosure and consent from both parties due to the potential conflict of interest.
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During the offer process, what happens when a seller receives multiple offers on the same day?
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A buyer submits an offer with a financing condition that must be satisfied by 5:00 PM on March 15th. What happens if the buyer cannot arrange financing and the deadline passes without action?
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A buyer's agent discovers that their client's offer was accepted, but later learns that a higher offer was submitted after theirs but before the seller's acceptance was communicated. What is the legal status of their client's agreement?