Agency
In Minnesota, a facilitator (transaction broker) has which duty to the parties in a real estate transaction?
AFull fiduciary duty to both parties
BFiduciary duty to neither party, but duty to treat both honestly✓ Correct
CFiduciary duty only to the buyer
DNo duties of any kind
Explanation
A Minnesota facilitator (transaction broker) assists parties with a transaction without representing either party as a client. The facilitator owes no fiduciary duty but must treat both parties honestly, disclose material facts, and not misrepresent information.
People Also Study
Related Minnesota Questions
- In Minnesota, a listing agent is legally permitted to disclose which information about the seller to a buyer without breaching fiduciary duty?Agency
- Under Minnesota law, which information learned about a client in an agency relationship survives the termination of the agency and must remain confidential?Agency
- In a Minnesota dual agency situation, the agent owes which duties to BOTH parties?Agency
- The duty of 'accounting' in a Minnesota agency relationship requires the agent to:Agency
- Under Minnesota Chapter 82, which circumstance would allow a transaction to proceed WITHOUT an agency relationship being established?Minnesota License Law
- A Minnesota real estate agent uses information obtained in their agency role to make a personal investment in a property their client wants to buy. This action is:Minnesota License Law
- The Minnesota Housing Finance Agency (MHFA) primarily assists:Finance
- In Minnesota, a seller's duty to disclose environmental conditions is limited to:Environmental
Key Terms to Know
Agency
A 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.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
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 →