Under Minnesota law, which of the following duties does a facilitator OWE to the parties in a real estate transaction?
Correct Answer
C) Limited statutory duties such as accounting for funds and providing honest information
Under Minn. Stat. Ch. 82, a facilitator owes only limited statutory duties to the parties, which include accounting for funds received, providing honest and accurate information, and not engaging in fraud or misrepresentation. The facilitator does not owe fiduciary duties such as loyalty, confidentiality, or obedience.
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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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