10.37 Disclosure of Existence of Other Offers

Company policy is to disclose the existence of offers on a property and any unresolved contingencies. Under this standard a licensee is required to disclose the existence of offers on a property in response to inquiries from a buyer or a cooperating licensee (with the seller’s approval). Where such disclosure is authorized, the licensee must also disclose whether the offers were obtained by the listing licensee, another licensee in the listing firm, or by a cooperating licensee. Standard of Practice 3-6 REALTOR® Code of Ethics also requires that, upon inquiry, a licensee must disclose whether accepted offers have unresolved contingencies. A licensee is required to disclose the existence of offers on a property and any unresolved contingencies in response to inquiries from a potential buyer or cooperating licensee.