Florida Real Estate Practice Exam

According to the NAR Code of Ethics, which statement most accurately describes a licensee's responsibility related to written offers on a listing?

1. A licensee is only required to present formal written offers that are equal to or more than the listing price.

2. A licensee is only required to present formal written offers within a certain range of the listing price of the property.

3. All formal written offers the licensee receives must be presented to the owner unless the owner has accepted a previous offer.

4. All formal written offers the licensee receives must be presented to the owner until closing or execution of a lease unless the client waives this obligation in writing.

The correct answer is: All formal written offers the licensee receives must be presented to the owner until closing or execution of a lease unless the client waives this obligation in writing.

A licensee's responsibility related to written offers on a listing is specified in the NAR Code of Ethics. Option A is incorrect because a licensee is not limited to presenting formal written offers that are equal to or more than the listing price. Option B is incorrect because a licensee is not limited to presenting formal written offers within a certain range of the listing price. Option C is incorrect because a licensee must present all formal written offers they receive, not just those that the owner has not previously accepted. The correct answer is D because it states that all formal written offers must be presented to the owner until closing, unless the client specifically waives this obligation in writing. This ensures that the client is fully informed about all offers and can make an informed decision.