A Kansas real estate salesperson, Dana, is working as a transaction broker under BRRETA when she receives a written offer from buyer Chen for a property listed at $340,000. Chen offers $320,000. Before Dana can present the offer to the seller, the seller calls Dana and says, 'Tell any buyers I'll take $330,000 — don't bother me with anything lower.' Dana then presents Chen's $320,000 offer to the seller anyway. Which statement best describes Dana's obligation under Kansas law?
Correct Answer
D) Dana fulfilled her duty because Kansas transaction brokers must present all written offers regardless of seller instructions
Under Kansas BRRETA (K.S.A. 58-30,101 et seq.), a transaction broker has a statutory duty to timely present all written offers and counteroffers to the appropriate party. This duty exists even when a seller has verbally instructed the broker not to present offers below a certain price. The seller's verbal instruction does not override the transaction broker's statutory obligation to present written offers. Dana acted correctly by presenting Chen's offer.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Offer and acceptance is the process by which one party proposes specific terms for a contract and the other party agrees to those exact terms, creating mutual assent. This mutual agreement, also called a meeting of the minds, is an essential element of every valid contract.
An option contract gives one party the exclusive right, but not the obligation, to purchase or lease a property at a specified price within a specified time period. The buyer pays option consideration to keep the option open.
A purchase agreement is a legally binding contract between a buyer and seller that outlines the terms and conditions for the sale of real property. It is also commonly called a sales contract, purchase and sale agreement, or earnest money agreement.
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