PSI New Jersey Real Estate State Practice Exam

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What must a seller do if they receive a second offer for a higher price after giving a counteroffer to the first buyer?

  1. Accept the second offer immediately

  2. Inform the first buyer about the new offer

  3. Revoke the counter offer to the first buyer

  4. Seek to negotiate a better deal with the first buyer

The correct answer is: Revoke the counter offer to the first buyer

The seller must revoke the counteroffer to the first buyer if they receive a second offer for a higher price. The reasoning behind this action is that a counteroffer essentially voids the original offer from the first buyer. Once a counteroffer is made, the first buyer is no longer in a position to accept the original terms, but rather must accept, reject, or counter the new terms set forth in the counteroffer. By receiving a second, potentially more lucrative offer, the seller has the right to withdraw their initial counteroffer in order to entertain negotiations with the second interested party. Revoking the counteroffer effectively allows the seller to pursue the higher price without being bound to the terms initially presented to the first buyer. It is also an important part of maintaining a clear and upfront negotiation process, as the seller must communicate their intentions regarding the offers they have received.

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