Agency
In a Minnesota dual agency situation, the agent owes which duties to BOTH parties?
AFull confidentiality, loyalty, and advocacy for each party
BHonesty, disclosure of material facts, and accounting for funds✓ Correct
CThe duty to negotiate the best price for each party simultaneously
DOnly the duty to present all offers
Explanation
In dual agency, the agent cannot provide full loyalty or undivided advocacy to either party. The agent still owes duties of honesty, disclosure of material facts, and proper accounting to both parties.
People Also Study
Related Minnesota Questions
- Under Minnesota law, which party has the primary responsibility for ensuring proper agency disclosure is made?Agency
- Minnesota law requires dual agency disclosure to be made:Agency
- In Minnesota, when must a licensee first provide a written agency disclosure to a buyer?Agency
- Under Minnesota Agency Law, a buyer's agent owes which of the following duties to the buyer?Agency
- The Minnesota Voluntary Investigation and Cleanup (VIC) program allows responsible parties to clean up contaminated sites. What benefit does voluntary cleanup provide to the participant?Environmental
- A Minnesota purchase agreement requires the seller to provide a certificate of occupancy (CO) for a recently completed addition. The seller cannot obtain the CO because the addition was not built to code. What is the buyer's right?Contracts
- A Minnesota homebuyer receives a Loan Estimate (LE) from their lender three days after submitting their loan application. The Closing Disclosure shows higher fees than the LE. Which fees are protected from increase (cannot change at all)?Escrow & Title
- A Minnesota residential property is owned jointly by two siblings who inherited it from their parents. The siblings disagree on whether to sell. If they cannot agree, either sibling can file a legal action called:Property Ownership
Key Terms to Know
Dual Agency
A situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate 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.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
Study This Topic
Practice More Minnesota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Minnesota Quiz →