Minnesota Real Estate Salesperson Exam — All Questions
← Back to practice3 questions
Minnesota law recognizes a non-agency working relationship in which a licensee assists parties with a transaction but does not represent either party as an agent. This relationship is called a:
- a.Subagent
- b.Designated agent
- c.Universal agent
- d.Facilitator✓
Minnesota is distinctive in recognizing the 'facilitator' relationship. A facilitator performs services such as showing property and preparing paperwork but owes no fiduciary duties of loyalty or advocacy to either buyer or seller; the licensee still owes duties of honesty and disclosure of material facts. This differs from full agency representation.
A Minnesota licensee wishes to represent both the seller and the buyer in the same transaction as a dual agent. This is permitted only if:
- a.The broker files a separate application for each dual-agency transaction
- b.Both the seller and the buyer give informed written consent to the dual agency✓
- c.The transaction price is below a statutory dollar threshold
- d.The two parties are represented by different brokerage firms
Dual agency is legal in Minnesota only with the informed written consent of both parties. Because a dual agent cannot fully advocate for either side, the licensee must disclose the limited representation and obtain consent, typically documented on the agency disclosure form and the listing and buyer representation agreements.
Under Minnesota's agency disclosure requirements, a licensee must provide the required written agency-relationships disclosure to a consumer:
- a.Only after a purchase agreement is signed
- b.Within 10 days after closing
- c.At the first substantive contact with the consumer✓
- d.Only if the consumer specifically requests it
Minnesota requires the licensee to furnish the agency-relationships disclosure at the earliest practical opportunity, no later than the time the licensee begins to provide substantive services or discusses confidential information with the consumer. Disclosing agency early lets consumers understand who, if anyone, represents them before they reveal negotiating information.