If a seller wants an unrealistic price for his property, does the broker have to take the listing at the sellers price or can he decline to take it?

Get Legal Help Today

 Secured with SHA-256 Encryption

If a seller wants an unrealistic price for his property, does the broker have to take the listing at the sellers price or can he decline to take it?

Asked on October 18, 2011 under Real Estate Law, Nevada

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

The property belongs to the seller--he or she decides on the  price. The broker is only the seller's agent and must  list the property at the price the seller requires. If the broker/agency agreement between the seller and broker gives the broker the right to terminate the agency relationship under certain circumstances, and those circumstances are fulfilled, the broker could either quit the representation or at least threaten to do so unless the price is modified; otherwise, the broker must list at the unrealistic price. Furtheremore, the broker has a duty to represent the seller's interests, which means the broker can't undercut the seller by telling people that he or she did not take the broker's advice and the broker would have listed it lower (or at least, the broker can't do this until the relationship is over).


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption