Contracts
A Minnesota broker prepares a listing agreement with a 90-day term. The listing expires, but the property sells two weeks later to a buyer the broker had shown the property during the listing period. The broker may still be entitled to a commission under a:
AAutomatic extension clause
BSafety clause (extender clause) in the listing agreement✓ Correct
CBroker protection agreement with the MLS
DNew oral listing agreement
Explanation
A safety clause (extender or protection clause) in a listing agreement protects the broker's commission for a specified period after the listing expires if the property is sold to a buyer the broker introduced during the listing period. Minnesota listing agreements typically include this clause. The seller must be given written notice of the buyers introduced during the listing.
Related Minnesota Contracts Questions
- In Minnesota, a listing agreement that has an expiration date that passes without a sale:
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- In Minnesota, specific performance is a remedy for breach of a real estate contract that allows the non-breaching party to:
- A Minnesota purchase agreement includes an 'as-is' clause. This means:
- In Minnesota, the seller's property disclosure must be delivered to the buyer no later than:
- A contingency in a Minnesota purchase agreement that protects the buyer if they cannot sell their current home is called a:
- In Minnesota, a purchase agreement becomes legally binding when:
- A Minnesota seller who breaches a purchase agreement by refusing to close may be sued for:
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