Agency
Under Minnesota Statute 82.67, a licensee who has a buyer agency agreement must:
AShow the buyer only properties listed by the same brokerage
BRepresent the buyer's best interests in negotiations✓ Correct
CDisclose the buyer's financial information to all sellers
DRequire the buyer to purchase within 90 days
Explanation
A buyer's agent under a buyer agency agreement in Minnesota has a fiduciary duty to represent the buyer's best interests in all negotiations, disclosures, and services throughout the transaction.
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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.
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.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
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