A Minnesota buyer and seller use a facilitator for paperwork and communication. Which statement would incorrectly describe the facilitator relationship in that transaction?
Correct Answer
C) A facilitator must obtain informed written consent from both parties before proceeding in the transaction
The statement that a facilitator must obtain informed written consent from both parties is NOT accurate for the facilitator role. Informed written consent from both parties is required for DUAL AGENCY, not for the facilitator role. A facilitator simply discloses their non-agency status; they do not need consent from both parties to proceed in the facilitator capacity.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
An agency relationship created by a clear, explicit agreement between the principal and agent, either orally or in writing.
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