Agency
Under Minnesota law, which party has the primary responsibility for ensuring proper agency disclosure is made?
AThe buyer
BThe seller
CThe real estate licensee✓ Correct
DThe title company
Explanation
Minnesota law places the primary responsibility for making agency disclosures on the real estate licensee. The licensee must provide the disclosure form at first substantive contact, explain the different agency relationships available, and obtain acknowledgment from the consumer.
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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.
State-Specific Concepts
Disclosure Requirements
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