Agency
In Minnesota, a listing agent's duty of reasonable care includes:
AGuaranteeing the sale of the property
BUsing professional skill and diligence to market the property, negotiate offers, and complete the transaction✓ Correct
CPersonally inspecting every component of the property
DGuaranteeing the accuracy of all seller-provided information
Explanation
The duty of reasonable care requires Minnesota agents to exercise the competence, skill, and diligence expected of a real estate professional. This includes proper marketing, timely communication, skillful negotiation, and coordination of the transaction.
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same 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.
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