A Minnesota real estate licensee is showing a property to a prospective buyer. The licensee has not yet provided any agency disclosure or entered into any written agreement with the buyer. Under Minn. Stat. § 82.67, when must the licensee provide the required agency disclosure to the buyer?
Correct Answer
B) At the time of or before entering into a written agency agreement or facilitator agreement
Under Minn. Stat. § 82.67, a licensee must provide the required agency disclosure at the time of or before entering into a written agency agreement or facilitator agreement with a party. The disclosure must inform the party of the available agency relationship options (seller's agent, buyer's agent, dual agent, or facilitator) so the party can make an informed decision about representation before committing to any agreement.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The legal ending of an agency relationship, which can occur through completion, expiration, mutual agreement, breach, death, incapacity, or bankruptcy of either party.
The fiduciary obligation to protect a client's private information and not disclose it to third parties without permission, surviving even after the agency relationship ends.
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.
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