Agent Priya is a seller's agent for a home in St. Paul, Minnesota. The seller tells Priya in confidence that he is willing to accept $410,000, though the listing price is $435,000. A buyer submits an offer of $415,000. Under Minnesota law, what should Priya do?
Correct Answer
B) Priya should present the $415,000 offer to the seller and maintain the confidentiality of the seller's minimum acceptable price
Under Minn. Stat. Ch. 82, a seller's agent owes the fiduciary duties of confidentiality and loyalty to the seller, as well as the duty to present all offers. Priya must present the $415,000 offer to the seller promptly and must not disclose the seller's confidential minimum acceptable price ($410,000) to the buyer or any other party. The seller's bottom line is confidential information protected by the fiduciary relationship.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
A practice where the agent or brokerage represents only one party in a transaction — either the buyer or the seller, but never both.
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