Agency
In Minnesota, a listing agent is legally permitted to disclose which information about the seller to a buyer without breaching fiduciary duty?
AThe seller's minimum acceptable price
BMaterial facts about the property's physical condition✓ Correct
CThe seller's personal financial situation
DWhy the seller is moving
Explanation
A listing agent must disclose material facts about the property's physical condition to buyers (and potential buyers) even though they represent the seller, because material defect disclosure is required by Minnesota law. However, the seller's minimum price, motivation, and financial situation are confidential.
Related Minnesota Agency Questions
- A Minnesota buyer's agent shows the buyer a property listed by their own brokerage. What type of agency relationship has been created?
- Apparent authority in a Minnesota agency relationship arises when:
- 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's agency disclosure requirements, when must a licensee first provide the agency disclosure form to a consumer?
- A Minnesota seller instructs their listing agent: 'Do not tell any buyers about the wet basement.' The agent's best course of action is to:
- In Minnesota, a designated agency arrangement means:
- In Minnesota, which of the following must a licensee disclose to a buyer even if they represent the seller?
- Minnesota's Disclosure of Agency Act requires licensees to disclose agency relationships:
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