Agency
In Minnesota, an agent who receives an offer on a listed property must present the offer to the seller:
AOnly if the agent believes the offer is acceptable
BWithin a reasonable time, regardless of the agent's opinion of the offer✓ Correct
COnly after checking with the listing broker first
DOnly written offers above the asking price
Explanation
A listing agent in Minnesota must present all written offers to the seller promptly and within a reasonable time, regardless of the agent's personal opinion of the offer's merit. Failure to present offers is a violation of the agent's fiduciary duty of disclosure and loyalty.
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Key Terms to Know
Fiduciary Duty
The highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
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.
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