When a listing broker receives multiple offers on a property, the broker's duty is to:
Correct Answer
D) Present all offers promptly to the seller
An Iowa listing broker has a fiduciary duty to present all offers to the seller promptly, regardless of the broker's personal opinion of the offer's merit. Presenting only the highest offer or ranking offers without the seller's direction would be a breach of the broker's duty of loyalty and full disclosure to the seller.
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Related Topics & Key Terms
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Related Concepts
Commingling is the illegal act of mixing client trust funds with a broker's personal or business operating funds; conversion is the misappropriation of those funds.
Continuing education (CE) refers to the ongoing coursework that licensed real estate professionals must complete during each renewal cycle to maintain an active license. CE ensures agents stay current with changes in laws, regulations, and industry practices.
The National Do Not Call Registry is a federal program administered by the FTC that allows consumers to opt out of receiving unsolicited telemarketing calls, including calls from real estate agents soliciting business.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
In Wyoming real estate practice, a first-time salesperson applicant completes coursework. What should the licensee remember?
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A responsible broker in Wyoming asks about a first-time salesperson applicant prepares for Wyoming-specific licensing. Which answer follows Wyoming law?
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