Agency
A Minnesota buyer's agent is showing a property when they discover a listing price error in the MLS that has the price significantly lower than the seller's actual intention. The agent should:
APresent an offer immediately at the incorrect lower price to benefit their buyer
BInform the listing agent of the error so it can be corrected✓ Correct
CProceed without mentioning the error since the buyer benefits
DWait to see if the seller honors the listed price
Explanation
Real estate professionals in Minnesota have duties of honesty and good faith that extend beyond just their client relationships. A known material error in a listing price that would cause confusion or unfairness should be brought to the listing agent's attention.
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Key Terms to Know
Buyer's Agent
A real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
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