Under Minnesota law, which document must a real estate licensee provide to a consumer at the first substantive contact to disclose the agency relationship being offered?
Correct Answer
B) The Agency Disclosure Statement required by Minn. Stat. § 82.67
Minn. Stat. § 82.67 requires licensees to provide a written Agency Disclosure Statement to consumers at the first substantive contact, disclosing the agency relationship the licensee is offering or has with each party. This is a Minnesota-specific statutory obligation designed to ensure consumers understand who the licensee represents before substantive discussions begin.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The highest legal obligation of trust and confidence owed by an agent to their principal, requiring the agent to act solely in the principal's best interest.
An agency relationship where the agent agrees to act on behalf of the principal without receiving compensation.
An agency relationship created by the conduct or actions of the parties rather than by a written or oral agreement.
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