A California listing agent receives a verbal offer from a buyer while the seller is on vacation and unreachable. The verbal offer has a 24-hour acceptance deadline. Under California law, what should the agent do?
Correct Answer
B) Make every effort to reach the seller, and tell the buyer the seller may be unreachable
The duty is to present the offer, and an agent who cannot reach the client keeps trying and says so rather than deciding for them. Other choices: a listing agreement does not confer authority to accept; the Statute of Frauds makes a verbal offer unenforceable, not unpresentable, and the buyer may put it in writing; and signing acceptance for the seller is beyond any authority the agent holds.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The legal principle that holds a broker responsible for the actions of their agents and employees performed within the scope of the agency relationship.
An agency relationship created when a principal's actions or words lead a third party to reasonably believe that an agent has authority, and the principal fails to correct this belief.
An agency relationship created when a principal approves or accepts an agent's previously unauthorized actions, effectively granting authority after the fact.
More Laws Of Agency Fiduciary Duties Questions
Under California law, the agency disclosure requirements apply to which types of property?
Under California law, when must a buyer's agent give the agency disclosure form to the buyer?
A broker who fails to promptly disclose their dual agency status is subject to:
A broker’s fiduciary obligation to protect a seller’s confidential information continues:
A broker has an exclusive agency listing on a property. If the owner sells the property, the broker is entitled to:
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Under California law, when a dual agent negotiates a real estate transaction, what limitation does the dual agency impose on the agent's fiduciary duties?
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Under California Civil Code §2079, the agent's visual inspection duty applies to all of the following transactions EXCEPT: