Agency
A Minnesota buyer's agent is also a licensed real estate investor who wants to buy the client's property for themselves. What must the agent do?
ASimply decline to represent the buyer any longer
BDisclose their personal interest and obtain the client's informed consent✓ Correct
CMake an offer through another agent without disclosure
DThis situation is always prohibited in Minnesota
Explanation
When a Minnesota agent wants to purchase a property they are representing a client to buy, they must fully disclose their personal interest to the client and obtain informed written consent. Failing to disclose this conflict of interest violates the duty of loyalty and could constitute fraud.
Related Minnesota Agency Questions
- A Minnesota buyer's agent who learns their buyer client is willing to pay $20,000 above the asking price:
- In Minnesota, which of the following describes the 'duty of confidentiality' in an agency relationship?
- A Minnesota seller instructs their listing agent: 'Do not tell any buyers about the wet basement.' The agent's best course of action is to:
- Under Minnesota law, a real estate agent working with an unrepresented buyer (not their client) must treat that buyer:
- A Minnesota buyer's agent is representing a buyer in a competitive multiple-offer situation. Which strategy is most consistent with the agent's fiduciary duty?
- In a Minnesota real estate transaction, the concept of 'imputed knowledge' means that:
- Under Minnesota law, a seller's agent may share the seller's marketing strategy with the buyer's agent if:
- A Minnesota buyer works with a buyer's agent for 6 months without a written representation agreement. The buyer then purchases a property directly from a seller through an open house. The buyer's agent:
Practice More Minnesota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Minnesota Quiz →