A Minnesota facilitator learns a material fact and receives money during a real estate transaction. Which duty to both parties is directly triggered under the facilitator role?
Correct Answer
D) Duty to disclose material facts and to account for funds received
Under Minn. Stat. § 82.67, a facilitator owes limited statutory duties to the parties, including the duty to disclose material facts that could affect the transaction and the duty to account for any funds received. The facilitator does not owe fiduciary duties and does not advocate for either party's financial interests.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The extent of power and actions an agent is authorized to perform on behalf of the principal, as defined by the agency agreement.
The fiduciary obligations owed by a listing agent to the seller, including marketing the property, presenting all offers, and protecting the seller's confidential information.
A practice where the agent or brokerage represents only one party in a transaction — either the buyer or the seller, but never both.
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