Agency
Under Minnesota law, a buyer's agent must disclose which of the following material facts about a listed property?
AThat the sellers are getting divorced
BThat a prior owner committed suicide in the property 10 years ago
CThat the property has a known sinkhole risk based on geological reports✓ Correct
DThe seller's lowest acceptable price
Explanation
Known geological hazards like sinkhole risk are material facts that affect the property's value and safety and must be disclosed. The sellers' personal situation (divorce) and the agent's knowledge of the seller's bottom line are confidential. Under Minnesota law, the stigma of a prior death (10+ years ago) may not require disclosure under certain circumstances.
Related Minnesota Agency Questions
- A Minnesota listing agent who discovers the buyer plans to develop the property commercially should:
- A Minnesota seller's agent who learns the seller is in financial distress must:
- In a Minnesota dual agency situation, the agent owes which duties to BOTH parties?
- In Minnesota, an agent who exceeds their authority granted by the principal (seller or buyer) may expose themselves to:
- A facilitator in Minnesota real estate transactions is a licensee who:
- In Minnesota, which of the following would NOT be a material fact requiring disclosure to a buyer?
- Under Minnesota Statute 82.67, a licensee who has a buyer agency agreement must:
- 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:
Practice More Minnesota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Minnesota Quiz →