A Tennessee affiliate broker is working with a buyer who signs an offer to purchase. Before presenting the offer to the listing broker, the affiliate broker learns that the seller has just accepted another buyer's offer. The affiliate broker's buyer insists the affiliate broker present the offer anyway. Under TREC rules and Tennessee law, what is the affiliate broker's most appropriate course of action?
Correct Answer
A) Present the offer to the listing broker, as Tennessee law and TREC rules require all written offers to be presented promptly
Under TREC rules and Tennessee real estate practice, affiliate brokers are obligated to present all written offers to the listing broker promptly, regardless of whether the property is already under contract. The listing broker then has the obligation to present the offer to the seller. The seller may wish to hold the offer as a backup contract. The affiliate broker cannot unilaterally decide not to present an offer based on their own assessment of its futility — that decision belongs to the seller.
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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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