A Minnesota seller's agent receives two purchase offers simultaneously on a property in St. Paul. The first offer is at full asking price with no contingencies. The second offer is $10,000 above asking price but includes an inspection contingency. Under Minnesota agency law, what is the seller's agent's obligation regarding these offers?
Correct Answer
D) The agent must present both offers to the seller promptly and let the seller decide
Under Minnesota license law (Minn. Stat. Ch. 82) and the duties owed by a seller's agent, the licensee is obligated to present all written offers to the seller promptly and without filtering or ranking them based on the agent's personal judgment. The seller — not the agent — has the right to evaluate and choose among competing offers. Withholding or prioritizing offers without the seller's direction would be a breach of the agent's fiduciary duties.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The Statute of Frauds is a legal requirement that certain types of contracts must be in writing and signed to be enforceable. In real estate, all contracts for the sale of land or interests in land must be in writing.
A time is of the essence clause in a contract means that all deadlines and dates specified in the agreement are strictly enforceable, and failure to meet them constitutes a material breach.
An appraisal contingency allows the buyer to cancel or renegotiate the contract if the property's appraised value comes in lower than the agreed-upon purchase price. This contingency protects buyers from overpaying.
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