Sarah is a licensed real estate salesperson in Minnesota. She is working with both the seller and the buyer in the same transaction. Both parties have been fully informed and have provided written consent. Under Minnesota law, what type of agency relationship does Sarah have?
Correct Answer
D) Dual agent representing both parties
Under Minn. Stat. Ch. 82, when a licensee represents both the buyer and the seller in the same transaction with the informed written consent of both parties, this constitutes dual agency. Both parties must consent in writing after being fully informed of the implications of dual agency.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship created by the conduct or actions of the parties rather than by a written or oral agreement.
The legal obligation to reveal information that could affect a party's decision to enter into or the terms of a real estate transaction.
The extent of power and actions an agent is authorized to perform on behalf of the principal, as defined by the agency agreement.
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