Under New Mexico law, a listing broker's duty regarding purchase offers received on a property requires the broker to present:
Correct Answer
B) All offers to the seller promptly
Under New Mexico real estate law and the NMREC Rules, a listing broker has a fiduciary duty to present all offers to the seller promptly, regardless of price, financing terms, or the broker's personal opinion of the offer. It is the seller's right — not the broker's — to accept, reject, or counter any offer. Withholding or filtering offers is a violation of the broker's duties.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
A legal relationship in which one person (the agent) is authorized to act on behalf of another person (the principal) in business transactions with third parties.
The legal ending of an agency relationship, which can occur through completion, expiration, mutual agreement, breach, death, incapacity, or bankruptcy of either party.
The fiduciary obligation to protect a client's private information and not disclose it to third parties without permission, surviving even after the agency relationship ends.
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