7.1. EDSR 12-20-2021 - Laserfiche WebLink

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a�sVol�el�� AGENCY RELATIONSHIPS IN REAL ESTATE TRANSACTIONS 1. Pagel 2. MINNESOTA LAW REQUIRES that early in any relationship, real estate brokers or salespersons discuss with 3. consumers what type of agency representation or relationship they desire.0) The available options are listed below. This 4. is not a contract. This is an agency disclosure form only. If you desire representation you must enter into a 5. written contract, according to state law (a listing contract or a buyer/tenant representation contract). Until such time 6. as you choose to enter into a written contract for representation, you will be treated as a customer and will not receive 7. any representation from the broker or salesperson. The broker or salesperson will be acting as a Facilitator (see 8. paragraph IV on page two (2)), unless the broker or salesperson is representing another party, as described below. 9. ACKNOWLEDGMENT: I/We acknowledge that Uwe have been presented with the below -described options. 10. I/We understand that until Uwe have signed a representation contract, Uwe am/are not represented by the 11. broker/salesperson. I/We understand that written consent is required for a dual agency relationship. 12. THIS IS A DISCLOSURE ONLY, NOT A CONTRACT FOR REPRESENTATION. 13. (Signature) (Date) (Signature) (Date) 14. I. Seller's/Landlord's Broker: A broker who lists a property, or a salesperson who is,licensed to the listing broker, 15. represents the Seller/Landlord and acts on behalf of the Seller/Lanllord.. A 'S`eller's/Landlord's broker owes to 16. the Seller/Landlord the fiduciary duties described on page two (2)42) -The broker m'ust also disclose to the Buyer 17. material facts as defined in MN Statute 82.68, Subd. 3, of which the -broker is awake that,could adversely and 18. significantly affect the Buyer's use or enjoyment of the prop6rty. (.MN Statute 82.68, SS bd. 3.does not apply to 19. rental/lease transactions.) If a broker or salesperson workint with.a Buyer/4'enant as a custoTer,is representing the 20. Seller/Landlord, he or she must act in the Seller's/Landlord's best interest and must tell the-Seller/Landlord any 21. information disclosed to him or her, except confidential information a6quired jn a facilitator relationship (see paragraph 22. IV on page two (2)). In that case, the Buyer/Tenant will not be represented.and will not receive advice and counsel 23. from the broker or salesperson. 24. II. Buyer's/Tenant's Broker: A Buyer/Tenant may enter into -an agreement for the broker or salesperson to represent 25. and act on behalf of the Buyer/Tenant. The brokgr mayrepresenfthe BuyerfTepant only, and not the Seller/Landlord, 26. even if he or she is being paid in whole or in pqrt by, the -Seller/Landlord. i4 Buyer's/Tenant's broker owes to the 27. Buyer/Tenant the fiduciary duties described on page two J2).(2) The.?roker'must disclose to the Buyer material facts 28. as defined in MN Statute 82.68,,�'Subd. 3, -of which the brokeris aware -that could adversely and significantly affect 29. the Buyer's use or enjoyment ofthe property.'{MN Statpte 8288, Subd. 3 does not apply to rental/lease transactions.) 30. If a broker or salesperson,*orkipg with,a Seller/Landlord as a customer is representing the Buyer/Tenant, he or 31. she must act in the Buy#r's/Tenant's beet in$erest and must tell the BuyerlTenant any information disclosed to him 32. or her, except confidential Inforr'nation acquired rma-facii1t for relationship (see paragraph IV on page two (2)). In 33. that case, the Seller/LandloN will Piot be represented and will not receive advice and counsel from the broker or 34. salesperson. 35. III. Dual Agency - B,roker Reprbsenting both Seller/Landlord and Buyer/Tenant: Dual agency occurs when one 36. broker or`salepperson represents bosh parties to a transaction, or when two. salespersons licensed to the same 37. broker`eEach represent a party to'the trarpction. Dual agency requires the informed consent of all parties, and 38. means that the broker and salesperson owe the same duties to the Seller/Landlord and the Buyer[Tenant. This 39. role limits the, level -of representation the broker and salesperson can provide, and prohibits them from acting 40. exclusively for either party. In -a dual agency, confidential information about price, terms and motivation for pursuing 41. a•transaction will bg kept-donfidential unless one party instructs the broker or salesperson in writing to disclose 42. specific information about him'or her. Other information will be shared. Dual agents may not advocate for one party 43. to the detriment of the other.(3) 44. Within the limitations described above, dual agents owe to both Seller/Landlord and Buyer/Tenant the fiduciary 45. duties described below.(2) Dual agents must disclose to Buyers material facts as defined in MN Statute 82.68, Subd. 46. 3, of which the broker is aware that could adversely and significantly affect the Buyer's use or enjoyment of the 47. property. (MN Statute 82.68, Subd. 3 does not apply to rental/lease transactions.) MN:AGMICS-1 (8/19) Minnesota Realtors* InstanetF<)Rms