Marcus is a Minnesota licensee representing a seller. A buyer who is not represented by any agent contacts Marcus directly and wants to make an offer on the seller's property. Marcus agrees to assist the buyer with paperwork but makes clear he is not representing the buyer. Under Minnesota law, what is the most accurate description of Marcus's role with respect to the buyer?
Correct Answer
D) Marcus is acting as a facilitator with respect to the buyer, owing limited statutory duties but no fiduciary duties
Under Minnesota law (Minn. Stat. Ch. 82), a licensee can act as a seller's agent while simultaneously acting as a facilitator for the buyer, provided proper disclosures are made. In this capacity, Marcus owes fiduciary duties to his seller-client but only limited statutory duties to the buyer, such as honesty and disclosure of material facts. This is the facilitator role, which is distinct from dual agency.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship created by the conduct or actions of the parties rather than by a written or oral agreement.
The legal obligation to reveal information that could affect a party's decision to enter into or the terms of a real estate transaction.
The extent of power and actions an agent is authorized to perform on behalf of the principal, as defined by the agency agreement.
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