A Broker in Oklahoma City receives two written offers on a listed property at the same time: Offer A for $310,000 with no contingencies, and Offer B for $320,000 with a financing contingency. The seller asks the broker to present only Offer A because the seller prefers a clean deal. Under OREC rules, what must the broker do?
Correct Answer
B) Present both offers to the seller and let the seller decide which to accept or reject
Under OREC rules and the Oklahoma Real Estate License Code (Title 59 O.S. § 858-354), a broker has a fiduciary duty to present all written offers to the seller promptly, regardless of the seller's instructions to withhold any offer. The broker cannot selectively present offers based on the seller's stated preference. The seller may then decide how to respond to each offer.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A bilateral contract is an agreement in which both parties exchange promises and are both obligated to perform, while a unilateral contract is one in which only one party makes a promise and the other party is not obligated to act.
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
Consideration is something of value exchanged between parties to a contract, making the agreement legally binding. It can be money, a promise to act, a promise to refrain from acting, or anything else of value.
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