Minnesota License Law
A Minnesota licensed salesperson is also a licensed attorney. When doing real estate work, what disclosures are required?
ANo disclosures since both activities are licensed
BMust disclose the dual license status and in which capacity they are acting in each transaction✓ Correct
COnly the real estate license needs to be disclosed
DOnly the attorney license needs to be disclosed
Explanation
When a person holds both a real estate license and an attorney license in Minnesota, they must clearly disclose which capacity they are acting in for each transaction. Consumers have a right to know whether the person is acting as their real estate agent (with applicable duties and compensation) or as their attorney (with different professional obligations).
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