Agency
A Minnesota listing agent writes an offer on behalf of a buyer for a property the agent has listed. Without proper disclosure and consent, this creates:
ASingle agency for the seller only
BUnauthorized dual agency, which is illegal in Minnesota✓ Correct
CA transaction brokerage arrangement
DA conflict of interest that voids the transaction
Explanation
Representing both buyer and seller in the same transaction without proper dual agency disclosure and consent from both parties is illegal in Minnesota. This violates Chapter 82 and can result in disciplinary action, loss of commission, and civil liability.
Related Minnesota Agency Questions
- In Minnesota, a listing agreement that creates an agency relationship requires the broker to act in the seller's best interest. This includes which of the following duties?
- A Minnesota real estate agent receives a net listing offer: the seller will pay the agent everything above $280,000. The property could sell for $350,000. What is the agent's ethical obligation?
- A Minnesota real estate agent represents a seller who is willing to accept seller financing. The agent should advise the seller to:
- A Minnesota seller's agent who learns the seller is in financial distress must:
- In Minnesota, what is 'undisclosed dual agency'?
- In Minnesota, a 'ministerial act' performed by a licensee does not create an agency relationship. Which of the following is a ministerial act?
- In Minnesota, a transaction broker (facilitator) owes which of the following duties?
- Under Minnesota law, a designated agency arrangement means:
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