Under Minnesota law, which of the following is the most accurate description of dual agency in a real estate transaction?
Correct Answer
A) A single licensee represents both the buyer and the seller in the same transaction with informed written consent from both parties
Under Minn. Stat. Ch. 82, dual agency occurs when a single licensee (or brokerage) represents both the buyer and the seller in the same transaction. Minnesota law requires informed written consent from both parties before a licensee may act as a dual agent. This is a Minnesota-specific statutory requirement designed to protect both parties who may have conflicting interests.
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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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