Agency
Under Minnesota's agency disclosure requirements, when must a licensee first provide the agency disclosure form to a consumer?
AAt closing
BBefore signing a purchase agreement
CAt first substantive contact✓ Correct
DOnly if the consumer asks
Explanation
Minnesota requires agency disclosure at the first substantive contact with a consumer. This ensures consumers understand representation relationships before sharing confidential information.
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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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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.
State-Specific Concepts
Disclosure Requirements
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