A seller has entered into an exclusive right to sell agreement with a buyer. The buyer presents the seller with an offer to purchase which is 20% less than the list price. Which of the following is appropriate

This choice is incorrect because the seller is not required to pay any commission to the buyer simply for rejecting an offer. Commissions typically apply to the broker involved in the transaction rather than the buyer, and rejection of an offer does not create a financial obligation.

This statement is misleading as there is no universal timeframe that mandates a seller must respond to an offer within 72 hours. The seller can choose to respond at their discretion, and an offer is only considered accepted when the seller explicitly agrees to its terms.

This choice is incorrect because the seller is not obligated to make a counteroffer. The seller has the right to reject the offer outright without making any further proposals, as they are under no legal obligation to negotiate.