![]() This role limits the level of representation the broker and salespersons can provide, and prohibits them from acting exclusively for either party. Dual agency requires the informed consent of all parties, and means that the broker and salesperson owe the same duties to the Seller and the Buyer. In that case, the Seller will not be represented and will not receive advice and counsel from the broker or salesperson.ĭual Agency-Broker Representing both Seller and Buyer: Dual agency occurs when one broker or salesperson represents both parties to a transaction, or when two salespersons licensed to the same broker each represent a party to the transaction. If a broker or salesperson working with a Seller as a customer is representing the Buyer, he or she must act in the Buyer's best interest and must tell the Buyer any information disclosed to him or her, except confidential information acquired in a facilitator relationship (see paragraph IV below). A Buyer's broker owes to the Buyer the fiduciary duties described below.(2) The broker must disclose to the Buyer material facts as defined in Minnesota Statutes, section 82.68, subdivision 3, of which the broker is aware that could adversely and significantly affect the Buyer's use or enjoyment of the property. The broker may represent the Buyer only, and not the Seller, even if he or she is being paid in whole or in part by the Seller. In that case, the Buyer will not be represented and will not receive advice and counsel from the broker or salesperson.īuyer's Broker: A Buyer may enter into an agreement for the broker or salesperson to represent and act on behalf of the Buyer. If a broker or salesperson working with a Buyer as a customer is representing the Seller, he or she must act in the Seller's best interest and must tell the Seller any information disclosed to him or her, except confidential information acquired in a facilitator relationship (see paragraph IV below). A Seller's broker owes to the Seller the fiduciary duties described below.(2) The broker must also disclose to the Buyer material facts as defined in Minnesota Statutes, section 82.68, subdivision 3, of which the broker is aware that could adversely and significantly affect the Buyer's use or enjoyment of the property. Seller's Broker: A broker who lists a property, or a salesperson who is licensed to the listing broker, represents the Seller and acts on behalf of the Seller. THIS IS A DISCLOSURE ONLY, NOT A CONTRACT FOR REPRESENTATION. ![]() ![]() I/We understand that written consent is required for a dual agency relationship. I/We understand that until I/We have signed a representation contract, I/We are not represented by the broker/salesperson. The broker or salesperson will be acting as a Facilitator (see paragraph IV below), unless the broker or salesperson is representing another party as described below.ĪCKNOWLEDGMENT: I/We acknowledge that I/We have been presented with the below-described options. Until such time as you choose to enter into a written contract for representation, you will be treated as a customer and will not receive any representation from the broker or salesperson. If you desire representation, you must enter into a written contract according to state law (a listing contract or a buyer representation contract). ![]() Minnesota law requires that early in any relationship, real estate brokers or salespersons discuss with consumers what type of agency representation or relationship they desire.(1) The available options are listed below. The agency disclosure form shall be in substantially the form set forth below:ĪGENCY RELATIONSHIPS IN REAL ESTATE TRANSACTIONS ![]()
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