A South Dakota seller's agent is showing the property and the buyer asks, 'What is the lowest price the seller will accept?' The agent should respond by:
Correct Answer
B) Suggesting the buyer submit their best offer
The seller's minimum acceptable price is confidential. The seller's agent must not reveal this information and should encourage the buyer to submit their best offer. Disclosing the seller's bottom line would violate the duty of confidentiality.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
A relationship where a listing broker authorizes other brokers to act as agents of the seller, extending the seller's agency relationship to cooperating brokers.
A non-agency relationship where the broker facilitates a real estate transaction without representing either party, owing limited duties of honesty, fairness, and competence to both.
The legal principle that holds a broker responsible for the actions of their agents and employees performed within the scope of the agency relationship.
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