Under Minnesota law, which of the following best describes the minimum agency disclosure obligation when a Minnesota licensee first contacts a seller to discuss listing their property?
Correct Answer
B) The licensee must provide the Agency Disclosure Statement at or before the first substantive contact with the seller
Minn. Stat. § 82.67 requires that the Agency Disclosure Statement be provided to any consumer — including a prospective seller — at or before the first substantive contact. When a licensee contacts a seller to discuss listing their property, that conversation constitutes substantive contact, and the disclosure must be provided at that time. This ensures the seller understands the agency relationship being offered before any commitments are made.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
The fiduciary obligations owed by a listing agent to the seller, including marketing the property, presenting all offers, and protecting the seller's confidential information.
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