Minnesota law requires that a seller's agent owe fiduciary duties to the seller. Which of the following is a fiduciary duty owed by a seller's agent to the seller under Minn. Stat. Ch. 82?
Correct Answer
D) Obedience to all lawful instructions given by the seller
Under Minn. Stat. Ch. 82, a seller's agent owes fiduciary duties to the seller, which include loyalty, confidentiality, obedience to lawful instructions, disclosure of material facts to the client, reasonable care, and accounting. Obedience to the seller's lawful instructions is a core fiduciary duty owed to the principal (seller).
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship created when a principal approves or accepts an agent's previously unauthorized actions, effectively granting authority after the fact.
The legal requirement for real estate agents to inform all parties about who they represent in a transaction, typically provided at first substantive contact.
A legal relationship in which one person (the agent) is authorized to act on behalf of another person (the principal) in business transactions with third parties.
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