A transaction broker receives two offers on the same property within an hour. The first offer is for $280,000 with a 30-day closing. The second offer is for $275,000 with a 15-day closing. The seller is out of town and unreachable. What should the broker do?
Correct Answer
A) Hold both offers until the seller can be reached to present them simultaneously
Correct: A - Hold both offers until the seller can be reached to present them simultaneously. Transaction brokers must present all offers and allow the seller to make informed decisions. When multiple offers are received close together and the seller is temporarily unavailable, the best practice is to present them together so the seller can compare and decide. Why not B: This option is incorrect because "Present only the faster closing offer to expedite the transaction" does not match the rule tested by the question. The correct answer is "Hold both offers until the seller can be reached to present them simultaneously". Transaction brokers must present all offers and allow the seller to make informed decisions. When multiple offers are received close together and the seller is temporarily unavailable, the best practice is to present them together so the seller can compare and decide. Why not C: This option is incorrect because "Present only the higher offer since it's better for the seller" does not match the rule tested by the question. The correct answer is "Hold both offers until the seller can be reached to present them simultaneously". Transaction brokers must present all offers and allow the seller to make informed decisions. When multiple offers are received close together and the seller is temporarily unavailable, the best practice is to present them together so the seller can compare and decide. Why not D: This option is incorrect because "Present the first offer immediately and the second when convenient" does not match the rule tested by the question. The correct answer is "Hold both offers until the seller can be reached to present them simultaneously". Transaction brokers must present all offers and allow the seller to make informed decisions. When multiple offers are received close together and the seller is temporarily unavailable, the best practice is to present them together so the seller can compare and decide.
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Related Topics & Key Terms
Key Terms:
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