Under Minnesota law, which of the following is NOT a recognized agency relationship type for real estate licensees under Minn. Stat. Ch. 82?
Correct Answer
D) Universal agent with unlimited authority to act on a client's behalf
Minnesota's real estate license law (Minn. Stat. Ch. 82) recognizes three primary agency relationship types for licensees: seller's agent, buyer's agent, dual agent, and facilitator (non-agent). 'Universal agent' is a general legal concept referring to a person with unlimited power of attorney, but it is not a recognized category of real estate agency under Minnesota's licensing statute.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship created when a principal's actions or words lead a third party to reasonably believe that an agent has authority, and the principal fails to correct this belief.
An agency relationship created when a principal approves or accepts an agent's previously unauthorized actions, effectively granting authority after the fact.
The legal requirement for real estate agents to inform all parties about who they represent in a transaction, typically provided at first substantive contact.
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