Under Minnesota law, a 'facilitator' in a real estate transaction is best described as which of the following?
Correct Answer
B) A licensee who assists both parties in a transaction without representing either party as an agent
Under Minn. Stat. Ch. 82, a facilitator (also called a non-agent or transaction coordinator) is a licensee who assists in a real estate transaction without representing either the buyer or the seller as an agent. The facilitator owes limited statutory duties and no fiduciary duties to either party.
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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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