Contracts
A Minnesota listing agreement is a bilateral contract. This means:
AOnly the broker has obligations
BOnly the seller has obligations
CBoth the broker and seller have mutual obligations✓ Correct
DEither party can cancel at any time without consequence
Explanation
A bilateral contract involves mutual promises and obligations from both parties. In a listing agreement, the seller promises to pay a commission if the broker produces a ready, willing, and able buyer, and the broker promises to use diligent efforts to market the property. Both parties are bound by their promises.
Related Minnesota Contracts Questions
- A contingency in a Minnesota purchase agreement that protects the buyer if they cannot sell their current home is called a:
- A Minnesota buyer's offer contains a clause requiring the seller to provide a one-year home warranty. The seller crosses out this clause and signs. The result is:
- A Minnesota purchase agreement is executed on Monday. The seller has agreed to respond to the buyer's inspection request by Thursday at 5 PM. The seller's agent sends the response via email at 5:03 PM on Thursday. The response is:
- In Minnesota real estate, a counteroffer legally:
- A Minnesota seller who breaches a purchase agreement by refusing to close may be sued for:
- In Minnesota, if a purchase agreement contains an arbitration clause and a dispute arises, the parties:
- A Minnesota buyer submits an offer with a 48-hour response deadline. After 24 hours, the seller submits a counter-offer. What happened to the original offer?
- In Minnesota real estate, 'mutual rescission' means:
Practice More Minnesota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Minnesota Quiz →