Agency
In Minnesota, a designated agency arrangement means:
ABoth agents from the same firm each represent one party exclusively✓ Correct
BOne agent represents both parties with written consent
CAn independent third party acts as mediator
DThe broker personally handles all negotiations
Explanation
Designated agency allows two separate agents within the same brokerage to each exclusively represent one party (buyer or seller), providing full representation while the broker acts as a dual agent.
Related Minnesota Agency Questions
- A Minnesota listing agent believes a seller's home is overpriced at $450,000 and should be listed at $420,000. The seller insists on $450,000. The agent should:
- The Minnesota Agency Disclosure form must be provided to all parties:
- Under Minnesota law, which party has the primary responsibility for ensuring proper agency disclosure is made?
- Under Minnesota law, a listing broker who learns that the seller is willing to accept less than the list price:
- In Minnesota, a buyer hires an agent to find a commercial property. The agent finds nothing suitable in 6 months. The buyer wants to terminate the representation agreement. The buyer:
- Under Minnesota's agency law, 'obedience' as a fiduciary duty means:
- A Minnesota real estate agent's duty of loyalty to their client means the agent must:
- A Minnesota seller terminates a listing agreement before the expiration date because they want to list with another broker. The seller may owe:
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