Seller Dixon has a listing with Broker Evans. Dixon informs Evans that a relative expressed interest in buying the property. Evans verifies this is a legitimate offer. Under the listing agreement, how should this be handled?
Correct Answer
B) Evans should present the offer to Dixon like any other offer and disclose any concerns about the arm's-length nature of the transaction
Under the duty to present all offers, Evans must present the relative's offer to Dixon. Evans should also disclose any concerns about whether the transaction is at arm's length, as this could affect pricing and terms.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
An agency relationship created by the conduct or actions of the parties rather than by a written or oral agreement.
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