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 reasonable effort to reach the seller and present the offer, while informing the buyer that the seller may not be reachable within the deadline
The agent has a duty to present all offers to the principal. Under California law, a listing agent is a special agent with limited authority and generally cannot accept or reject offers on behalf of the seller. The agent should make every reasonable effort to reach the seller and present the offer. The agent should also communicate to the buyer that the seller may need additional time.
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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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