Agency
A Minnesota real estate team consists of a team leader (licensed broker-associate) and two buyer's agents. When a buyer signs with the team, who is the representing agent?
AOnly the team leader
BThe specific agent who works with the buyer, within the brokerage's supervision structure✓ Correct
CAll team members equally
DThe supervising broker of the brokerage
Explanation
In a Minnesota real estate team, the specific agent assigned to work with the buyer is the representing agent, but all activities occur under the supervising broker's license and oversight. The team structure must comply with agency disclosure requirements.
Related Minnesota Agency Questions
- Under Minnesota law, a listing broker who learns that the seller is willing to accept less than the list price:
- In Minnesota, an agent who receives an offer on a listed property must present the offer to the seller:
- In Minnesota, a buyer's agent who is paid by the seller through the cooperative compensation (cooperating broker commission) is:
- In Minnesota, a designated agency arrangement means:
- A Minnesota licensee acting as a 'seller's agent' in a subagency arrangement owes fiduciary duties to:
- A Minnesota buyer tells their agent they have been pre-approved up to $400,000 but want to start their search at $350,000. The agent shows only homes priced below $350,000. Is this appropriate?
- Under Minnesota's agency disclosure requirements, when must a licensee first provide the agency disclosure form to a consumer?
- In Minnesota, a seller's agent must disclose the existence of competing offers to a buyer if:
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