New Jersey Real Estate Practice Exam Free Practice Question
A contract is delivered to the listing broker by a cooperating broker. The listing broker makes an appointment with the owner to present the offer at 7 p.m. of that day. Before 7 p.m., two more offers arrive on the same property. Which offer should be presented to the owner at the 7 p.m. appointment?
Correct Answer: A
Rationale: Presenting all three offers allows the seller to make an informed decision, considering not just the price but also the terms of each offer. This approach fosters transparency and ensures that the seller has the opportunity to evaluate all options available to them.
Option B, presenting only the first offer, limits the seller's choices and may not reflect the best possible deal. Option C, focusing solely on the highest sale price, overlooks other critical factors such as contingencies and closing timelines that could affect the sale. Option D, while considering favorable terms, still restricts the seller to just one offer and misses the chance to compare all possibilities.
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