Agency
In Minnesota, which of the following creates an agency relationship?
AA licensee verbally agrees to help a buyer find a home, with no written agreement✓ Correct
BA licensee provides general real estate information at an open house
CA licensee gives a buyer a property brochure
DA licensee shows a buyer an MLS listing sheet
Explanation
An agency relationship in Minnesota can be created by agreement (express or implied), even verbally. When a licensee verbally agrees to help a buyer find a home (implying representation), an implied agency may exist.
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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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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.
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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