Agency
What is dual agency in Minnesota?
ATwo brokers representing the same buyer
BA licensee representing both the buyer and seller in the same transaction✓ Correct
CA broker managing two offices simultaneously
DAn agent holding both a salesperson and broker license
Explanation
Dual agency occurs when a Minnesota licensee (or brokerage) represents both the buyer and the seller in the same transaction. It requires written informed consent from both parties and limits the agent's ability to fully advocate for either party.
Related Minnesota Agency Questions
- Under Minnesota Statute 82.67, a licensee who has a buyer agency agreement must:
- In Minnesota, a 'facilitator' in a real estate transaction is an agent who:
- A Minnesota seller's agent who learns the seller is in financial distress must:
- The duty of 'accounting' in a Minnesota agency relationship requires the agent to:
- An agent who represents a buyer in Minnesota has a duty to:
- In Minnesota, a buyer's agent who is paid by the seller through the cooperative compensation (cooperating broker commission) is:
- In Minnesota, a 'ministerial act' performed by a licensee does not create an agency relationship. Which of the following is a ministerial act?
- Under Minnesota law, a designated agency arrangement means:
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