Under Minnesota law, a real estate licensee who assists buyers and sellers in a transaction without representing either party as an agent is known as which of the following?
Correct Answer
C) A facilitator who owes limited statutory duties but no fiduciary duties
Minnesota law (Minn. Stat. Ch. 82) recognizes the 'facilitator' role, also referred to as a non-agent or transaction coordinator. A facilitator assists in completing a transaction without representing either the buyer or the seller as an agent, and therefore owes no fiduciary duties. The facilitator's obligations are limited to those specifically defined by statute, such as honesty and disclosure of material facts.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A relationship where a listing broker authorizes other brokers to act as agents of the seller, extending the seller's agency relationship to cooperating brokers.
A non-agency relationship where the broker facilitates a real estate transaction without representing either party, owing limited duties of honesty, fairness, and competence to both.
The legal principle that holds a broker responsible for the actions of their agents and employees performed within the scope of the agency relationship.
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