Agency
In Minnesota, a buyer's agent discovers the seller has not disclosed a known foundation crack. What must the buyer's agent do?
AKeep it confidential to protect the seller
BDisclose it to the buyer as a material fact✓ Correct
CReport it only to the listing broker
DWait for the seller to disclose it voluntarily
Explanation
Minnesota law requires disclosure of all material facts to the buyer, regardless of who discovers them. A buyer's agent has a fiduciary duty to the buyer and must disclose known material defects like a foundation crack.
Related Minnesota Agency Questions
- A Minnesota buyer's agent is asked by the buyer to prepare an offer below market value as an 'investment strategy.' The agent should:
- A Minnesota buyer's agent is representing a buyer in a competitive multiple-offer situation. Which strategy is most consistent with the agent's fiduciary duty?
- In Minnesota, a licensee who acts as a 'transaction broker' (facilitator) must:
- In Minnesota, a transaction broker (facilitator) owes which of the following duties?
- In Minnesota, if a buyer's agent realizes mid-transaction that they also represent the seller of a property the buyer wants to purchase, what should they do?
- A Minnesota buyer's agent shows homes to a couple for six weeks. The couple then purchases a home directly from a seller using a different agent. The buyer's agent can recover a commission if there is a:
- Under Minnesota real estate law, which statement about subagency is correct?
- A Minnesota listing agent has been marketing a property for 90 days with no offers. The agent should advise the seller to:
Practice More Minnesota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Minnesota Quiz →