Under South Carolina law and standard practice, which of the following actions by a listing agent would be considered proper when the listing agent's seller client receives a purchase offer?
Correct Answer
D) Presenting all written offers to the seller promptly, regardless of the listing agent's personal opinion of the offer's merit.
Under South Carolina Real Estate Commission regulations and the fiduciary duties owed by a listing agent to the seller, the listing agent is required to present all written offers to the seller promptly. This duty is non-discretionary — the agent cannot filter, delay, or withhold offers based on personal judgment about their quality, the buyer's financing status, or the price relative to listing. Failure to present all offers promptly is a violation of SC license law and grounds for disciplinary action by the SCREC.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An appraisal contingency allows the buyer to cancel or renegotiate the contract if the property's appraised value comes in lower than the agreed-upon purchase price. This contingency protects buyers from overpaying.
An assignment of contract transfers one party's rights and obligations under a contract to a third party called the assignee. The original party, known as the assignor, transfers their contractual position to someone who was not originally part of the agreement.
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.
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- → A Rhode Island licensee encounters a listing contract is drafted. What should the licensee remember?
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- → A Hawaii licensee is reviewing the commission asks to inspect escrow and trust records. What is the best answer?
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