Agency
Under Minnesota agency law, the seller's listing agent may tell the buyer's agent that there are multiple offers on the property only if:
AThe seller has given permission to disclose the existence of multiple offers✓ Correct
BThe offers are all above the list price
CThe buyer's agent asks directly
DThe listing agent believes it will result in a better offer
Explanation
The existence of multiple offers is confidential seller information. A listing agent may only disclose to buyers or buyer's agents that multiple offers exist if the seller has authorized this disclosure. The seller may want this information shared to encourage best offers; many sellers prefer not to disclose competitive offers to preserve negotiating flexibility.
Related Minnesota Agency Questions
- In Minnesota, a listing agreement that creates an agency relationship requires the broker to act in the seller's best interest. This includes which of the following duties?
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- A Minnesota real estate agent's duty of loyalty to their client means the agent must:
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