Reference no: EM132833611

Problem 1: Seller A entered into an option contract with Buyer B. The contract allowed for a price of $200,000 which Seller A honor for a 12 month period exclusively for Buyer B. This would be an example of a

A) unilatleral contract in which only seller a has made a promise
B) unilateral contract in which only buyer b has made a promise
C) bilateral contact which both parties obliged to perform with a period of time
D) void contract

Problem 2: A broker receives an offer on one of his listings from a buyer to whom he has shown the property. Before he is able to present it to the seller, another offer on the property comes in from a cooperating agent. The broker should do which?

A) Present the first offer first, and the second offer only if the first is not accepted.
B) Present only the first offer which he had obtained.
C) Present both offers to the seller as soon as possible.
D) Present the second offer only. Presenting the first would be considered dual agency since he had obtained that offer and was the listing agent.