Under Minnesota real estate license law, when a licensee represents the seller in a real estate transaction, what type of agency relationship exists?
Correct Answer
D) Seller's agency
Under Minn. Stat. Ch. 82, when a licensee enters into a listing agreement and represents the seller, this creates a seller's agency relationship. The licensee (seller's agent) owes fiduciary duties to the seller, including loyalty, confidentiality, disclosure, obedience, reasonable care, and accounting.
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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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