Minnesota License Law
A Minnesota real estate agent writes an offer for a buyer without disclosing that the agent is also the listing agent for the property. This is:
AAcceptable since the buyer should have checked the listing records
BA serious violation requiring dual agency disclosure and consent from both parties✓ Correct
CAcceptable since agents are permitted to represent both sides of a transaction
DOnly a problem if the property sells above list price
Explanation
Representing both buyer and seller in the same transaction (dual agency) without proper disclosure and written consent from both parties is a serious violation of Minnesota Chapter 82. Both the buyer and seller must be informed of the dual agency relationship and provide written consent before the agent can proceed.
People Also Study
Related Minnesota Questions
- In Minnesota, when must a licensee first provide a written agency disclosure to a buyer?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:Agency
- Under Minnesota Chapter 82, which circumstance would allow a transaction to proceed WITHOUT an agency relationship being established?Minnesota License Law
- Minnesota law requires dual agency disclosure to be made:Agency
- In a Minnesota dual agency situation, the agent owes which duties to BOTH parties?Agency
- 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:Contracts
- A Minnesota buyer's offer includes a request for $8,000 in seller-paid closing costs. The seller accepts but counteroffers to provide $5,000 instead. The result is:Contracts
- In Minnesota, a landlord who wants to terminate a month-to-month tenancy must provide written notice of at least:Property Management
Key Terms to Know
Agency
A 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.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
State-Specific Concepts
License Law
Practice More Minnesota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Minnesota Quiz →