Under Minnesota law, which of the following agency types requires the LEAST number of fiduciary duties from the licensee toward the parties in a transaction?
Correct Answer
C) Facilitator
Under Minn. Stat. § 82.67, a facilitator owes the fewest duties of any licensee role in Minnesota. A facilitator is not an agent and therefore owes no fiduciary duties. The facilitator's statutory obligations are limited to disclosing material facts and accounting for funds received. In contrast, buyer's agents, seller's agents, and dual agents all owe fiduciary duties to their respective clients.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The legal principle that holds a broker responsible for the actions of their agents and employees performed within the scope of the agency relationship.
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.
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