Under Minnesota law, what written consent is required before a real estate licensee may legally act as a dual agent in a transaction?
Correct Answer
B) Written consent from both the buyer and the seller after full disclosure of the dual agency relationship
Under Minn. Stat. § 82.67, dual agency is only lawful in Minnesota when both the buyer and the seller have provided informed written consent after the licensee has fully disclosed the nature and implications of the dual agency relationship. Both parties must understand that the licensee cannot advocate fully for either party's exclusive interests.
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Related Topics & Key Terms
Key Terms:
Related Concepts
In real estate, a client is someone to whom the agent owes fiduciary duties through an agency relationship, while a customer is a third party to whom the agent owes only honesty and fair dealing.
An arrangement where a brokerage assigns separate agents within the firm to represent the buyer and seller in the same transaction, allowing each client to have dedicated representation.
A situation where a single agent or brokerage represents both the buyer and the seller in the same real estate transaction.
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