A listing licensee who has disclosed a right of first refusal to a prospective buyer:

The correct choice emphasizes the responsibilities of the listing licensee regarding the contractual obligation related to the right of first refusal. When a prospective buyer has been disclosed the right of first refusal, it signifies that this buyer has a special contractual interest in the property.

Under such circumstances, when the buyer submits an offer, the licensee is permitted to share that offer with the individual who holds the right of first refusal. This is based on the principle that the holder of the right needs to be informed of any offers and has the opportunity to exercise their right before the property can be sold to someone else. Delivering the buyer's offer provides transparency and ensures that the holder of the right can make an informed decision on whether to match the offer or not.

In contrast, withholding the offer or not informing the seller of the buyer's offer contradicts the licensee's duty to communicate and fulfill contractual obligations to all parties involved in the transaction. Therefore, sharing the offer with the person holding the right of first refusal not only aligns with ethical business practices but also upholds the terms of the existing agreements.