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• AGENCY RELATIONSHIPS IN REAL ESTATE TRANSACTIONS 43. Page 2 44. IV. Dual Agency-Broker Representing both Seller/Landlord and Buyer/Tenant: Dual agency occurs when one 45. broker or salesperson represents both parties to a transaction, or when two salespersons licensed to the same 46. broker each represent a party to the transaction. Dual agency requires the informed consent of all parties, and 47. means that the broker and salesperson owe the same duties to the Seller/Landlord and the Buyer/Tenant.This 48. role limits the level of representation the broker and salesperson can provide, and prohibits them from acting 49. exclusively for either party.In a dual agency,confidential information about price,terms and motivation for pursuing 50. a transaction will be kept confidential unless one party instructs the broker or salesperson in writing to disclose 51, specific information about him or her.Other information will be shared.Dual agents may not advocate for one party 52. to the detriment of the other.l3t 53. Within the limitations described above, dual agents owe to both Seller/Landlord and Buyer/Tenant the fiduciary 54. duties described below.t2t Dual agents must disclose to Buyers material facts as defined in MN Statute 82.68,Subd. 55. 3, of which the broker is aware that could adversely and significantly affect the Buyer's use or enjoyment of the 56. property.(MN Statute 82.68, Subd.3 does not apply to rental/lease transactions.) 57. V. Facilitator: A broker or salesperson who performs services for a Buyer/Tenant, a Seller/Landlord or both but 58. does not represent either in a fiduciary capacity as a Buyer's/Tenant's Broker, Seller's/Landlord's Broker or Dual 59. Agent.THE FACILITATOR BROKER OR SALESPERSON DOES NOT OWE ANY PARTY ANY OFTHE FIDUCIARY 60. DUTIES LISTED BELOW, EXCEPT CONFIDENTIALITY, UNLESS THOSE DUTIES ARE INCLUDED IN A 61. WRITTEN FACILITATOR SERVICES AGREEMENT. The facilitator broker or salesperson owes the duty of 62. confidentiality to the party but owes no other duty to the party except those duties required by law or contained in 63. a written facilitator services agreement,if any.In the event a facilitator broker or salesperson working with a Buyer/ 64. Tenant shows a property listed by the facilitator broker or salesperson,then the facilitator broker or salesperson 65. must act as a Seller's/Landlord's Broker (see paragraph I on page one (1)). In the event a facilitator broker or 66, salesperson,working with a Seller/Landlord,accepts a showing of the property by a Buyerflenant being represented 67. by the facilitator broker or salesperson,then the facilitator broker or salesperson must act as a Buyer's/Tenant's 68. Broker(see paragraph III on page one (1)). 69. (1) This disclosure is required by law in any transaction involving property occupied or intended to be occupied by 70. one to four families as their residence. 71. (2) The fiduciary duties mentioned above are listed below and have the following meanings: 72. Loyalty-broker/salesperson will act only in client(s)'best interest. 73. Obedience-broker/salesperson will carry out all client(s)'lawful instructions. 74. Disclosure-broker/salesperson will disclose to client(s)all material facts of which broker/salesperson has knowledge 75. which might reasonably affect the client(s)'use and enjoyment of the property. [ 76. Confidentiality - broker/salesperson will keep client(s)' confidences unless required by law to disclose specific 77. information (such as disclosure of material facts to Buyers). 78. Reasonable Care-broker/salesperson will use reasonable care in performing duties as an agent. 79. Accounting-broker/salesperson will account to client(s) for all client(s)'money and property received as agent. 80. (3) If Seller(s)/Landlord(s)decide(s) not to agree to a dual agency relationship,Seller(s)/Landlord(s) may give up the 81. opportunity to sell/lease the property to Buyer(s)ffenant(s) represented by the broker/salesperson. If Buyer(s)/ 82. Tenant(s) decide(s) not to agree to a dual agency relationship, Buyer(s)/Tenant(s) may give up the opportunity to 83. purchase/lease properties listed by the broker. r,,. .. , 84. NOTICE REGARDING PREDATORY OFFENDER INFORMATION:information regarding the predatory offender 85. registry and persons registered with the predatory offender registry under MN Statute 243.166 may be 86. obtained by contacting the local law enforcement offices in the community where the property is located, 87. or the Minnesota Department of Corrections at(651)361-7200,or from the Department of Corrections Web site at 88. www.corr.state.mn.us. N:AGCYDISC-2(11/10) /rpstaoa.i t