Agency
Minnesota's Disclosure of Agency Act requires licensees to disclose agency relationships:
AOnly at the time of making an offer
BAt first substantive contact with a consumer✓ Correct
COnly when a listing agreement is signed
DOnly in residential transactions under $500,000
Explanation
Under Minnesota's agency disclosure law, licensees must disclose their agency relationship (seller's agent, buyer's agent, dual agent, or facilitator) at first substantive contact with a consumer.
Related Minnesota Agency Questions
- In Minnesota, a licensee who acts as a 'transaction broker' (facilitator) must:
- Under Minnesota law, what is the consequence if an agent fails to disclose their agency relationship at the first substantive contact?
- The duty of 'accounting' in Minnesota agency law requires the agent to:
- A Minnesota buyer's agent who learns their buyer client is willing to pay $20,000 above the asking price:
- A Minnesota listing agent is also working as a buyer's agent in a different transaction. The agent learns information in the buyer's agency role that would benefit their seller client. The agent:
- In Minnesota, a facilitator (transaction broker) has which duty to the parties in a real estate transaction?
- In Minnesota, an implied agency relationship may be created when:
- A Minnesota buyer works with a buyer's agent for 6 months without a written representation agreement. The buyer then purchases a property directly from a seller through an open house. The buyer's agent:
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