Article 1, Standard of Practice 1-15 refers to:

The correct response is related to the disclosures that a listing agent must make regarding offers on a property when questioned by potential buyers or cooperating brokers. Article 1, Standard of Practice 1-15 emphasizes the obligation of real estate professionals to communicate the status of any offers they have on a listing. This provision is designed to promote transparency and fair dealings in the market, ensuring that all parties have an understanding of the current activity regarding offers on a property.

By requiring that agents disclose offers when asked, it facilitates informed decision-making for buyers and helps to create a competitive environment where all interested parties are aware of the existing interest in a property. This standard is crucial in maintaining ethical practices and fostering trust in transactional relationships.

Understanding this standard is essential for real estate professionals, as it not only complies with legal obligations but also bolsters the integrity of the profession by ensuring that clients and customers are treated fairly and honestly during negotiations.