Agency
In Minnesota, which of the following would NOT be a material fact requiring disclosure to a buyer?
AA known foundation crack
BA history of methamphetamine production in the property
CThe fact that a murder occurred in the property five years ago
DThe seller's desired closing date✓ Correct
Explanation
The seller's preferred closing date is a negotiating position, not a material fact about the property's condition. Material facts that must be disclosed in Minnesota include physical defects (foundation cracks), environmental hazards, stigmatizing events such as drug manufacturing, and other conditions affecting the property's value or desirability.
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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.
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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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