A salesperson receives multiple offers on a property. One of the offers includes a clause stating that the buyer’s offer is irrevocable for 24 hours, and requests that the seller accept the offer within that timeframe. Another offer, received earlier but also irrevocable for 24 hours, has already had its irrevocability period lapse without acceptance or extension. Under TRESA 2023, what is the salesperson's obligation regarding the lapsed offer when presenting new offers?

Question: A salesperson receives multiple offers on a property. One of the offers includes a clause stating that the buyer’s offer is irrevocable for 24 hours, and requests that the seller accept the offer within that timeframe. Another offer, received earlier but also irrevocable for 24 hours, has already had its irrevocability period lapse without acceptance or extension. Under TRESA 2023, what is the salesperson's obligation regarding the lapsed offer when presenting new offers?

Answer options: ✅ The salesperson is not obligated to present offers whose irrevocability periods have expired, as they are no longer legally binding.

• The salesperson must still inform the seller of the previously expired offer, as TRESA requires presentation of all offers received, regardless of status.
• The salesperson should only present written summaries of offers with expired irrevocability periods, not the full document.
• The salesperson is only obligated to present offers that are actively irrevocable and open for acceptance by the seller.

Correct answer: The salesperson is not obligated to present offers whose irrevocability periods have expired, as they are no longer legally binding.

Explanation: While TRESA and its regulations mandate the timely presentation of all offers, this obligation generally pertains to offers that are active and capable of being accepted by the seller. An offer whose irrevocability period has expired is no longer a valid offer for acceptance, thus there is no obligation to 'present' it in the same manner as an active offer.