Agency
In Minnesota, a listing agent represents the seller from the time the listing agreement is signed until:
AThe property is shown to the first buyer
BThe listing agreement expires, a sale closes, or the agency is otherwise terminated✓ Correct
CThe listing is entered into the MLS
DThe seller accepts an offer
Explanation
The listing agency relationship in Minnesota continues from the signing of the listing agreement until: the listing agreement expires, the transaction closes (fulfilling the agreement's purpose), the seller or broker terminates the agreement, or another event terminates the agency (death, incapacity, bankruptcy). Agency does not end merely when an offer is accepted.
Related Minnesota Agency Questions
- Under Minnesota real estate law, how long is the standard term for a residential listing agreement?
- A Minnesota listing agent has a property listed at $325,000. The seller tells the agent they would accept $305,000. Under the agent's fiduciary duty, this information:
- A Minnesota agent is asked by a prospective client whether they can guarantee a sale within 60 days. The agent should:
- Under Minnesota's agency law, a listing agent's duty of 'reasonable care' includes which of the following?
- A Minnesota seller calls their listing agent to ask how many showings the property has had and what feedback was received. The agent must:
- 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 tells their agent they have been pre-approved up to $400,000 but want to start their search at $350,000. The agent shows only homes priced below $350,000. Is this appropriate?
- In Minnesota, a real estate agent's authority to act on behalf of a client is derived from:
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