Agency
A Minnesota seller terminates a listing agreement before the expiration date because they want to list with another broker. The seller may owe:
ANothing if the property hasn't been shown yet
BThe full commission as if the property sold
CA cancellation fee or damages specified in the listing agreement✓ Correct
DA fee set by the Minnesota Department of Commerce
Explanation
When a seller terminates a listing agreement early, they may owe damages as specified in the listing agreement. Some agreements include a cancellation fee or require reimbursement of marketing expenses.
Related Minnesota Agency Questions
- In a Minnesota dual agency situation, the agent owes which duties to BOTH parties?
- In Minnesota, a buyer representation agreement that is signed creates:
- Under Minnesota's agency disclosure requirements, when must a licensee first provide the agency disclosure form to a consumer?
- In Minnesota, a real estate agent's authority to act on behalf of a client is derived from:
- A Minnesota listing agent learns their seller is going through a divorce and must sell quickly. This information is:
- A Minnesota buyer's agent facilitates a transaction from offer through closing. After closing, the buyer discovers an undisclosed defect. The buyer's recourse against the agent depends primarily on:
- 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?
- Under Minnesota real estate law, how long is the standard term for a residential listing agreement?
Practice More Minnesota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Minnesota Quiz →