Sales agent Davis receives a verbal offer from a buyer to purchase a listed property. The buyer says, 'Don't bother writing it up—just tell the seller I'll pay $350,000.' Under Texas law, what must Davis do?
Correct Answer
D) Inform the seller about the verbal offer because all offers must be presented
Under Texas law, all offers must be presented to the client regardless of format. Davis must inform the seller about the verbal offer. While written offers are preferred and more practical, the duty to present all offers includes verbal ones.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship created by a clear, explicit agreement between the principal and agent, either orally or in writing.
The highest legal obligation of trust and confidence owed by an agent to their principal, requiring the agent to act solely in the principal's best interest.
An agency relationship where the agent agrees to act on behalf of the principal without receiving compensation.
More Texas Agency Law Questions
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A married couple visits an open house together. Sales agent Foster provides the IABS to the wife but not the husband. If both spouses are interested in purchasing the property, has Foster satisfied the IABS requirement?
Agent Parker provides the IABS to Buyer Harris at the first showing. Later, Harris signs a buyer representation agreement with a completely different brokerage firm. When Harris contacts Parker about another property, Parker's firm still has a listing on, must Parker provide the IABS again?
In Texas, a sales agent who is assigned by the intermediary broker to communicate with and carry out instructions of one party in a transaction is known as a(n):
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