Under Minnesota law, a seller's agent owes fiduciary duties to the seller. Which of the following is NOT a fiduciary duty owed by a seller's agent to the seller under Minn. Stat. Ch. 82?
Correct Answer
C) Providing the buyer with a written agency disclosure at first substantive contact
Providing the buyer with a written agency disclosure at first substantive contact is a statutory obligation owed to the buyer (and all parties), not a fiduciary duty owed to the seller. Under Minn. Stat. Ch. 82, the agency disclosure requirement protects buyers and other parties by informing them of the agent's representation status. It is not part of the fiduciary duty framework that runs from the seller's agent to the seller.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An arrangement where a brokerage assigns separate agents within the firm to represent the buyer and seller in the same transaction, allowing each client to have dedicated representation.
A situation where a single agent or brokerage represents both the buyer and the seller in the same real estate transaction.
An agency relationship created by a clear, explicit agreement between the principal and agent, either orally or in writing.
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