Agency
A Minnesota real estate agent is representing a buyer who wants to make a lowball offer on a property. The agent advises the buyer that the offer is too low and may not be seriously considered. This advice is:
AInterference with the buyer's right to make any offer they choose
BAppropriate professional advice that the buyer can accept or reject✓ Correct
CRequired since agents must pre-screen offers before presentation
DA fair housing violation if the property is in a minority neighborhood
Explanation
A buyer's agent in Minnesota can and should provide professional advice about pricing and negotiating strategy. However, the final decision about what offer to submit belongs to the buyer.
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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.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
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