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AGENCY RELATIONSHIPS IN REAL ESTATE TRANSACTIONS 1. Page 1 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.'>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 I/we have been presented with the below -described options. 10. I/We understand that until I/we have signed a representation contract, I/we am/are not represented by the 11. broker/salesperson. I/We understand that written consent is r uired for a dual agency relationship. 12. THIS IS A DISCLOSURE ONLY, NOT A CON R CT FOR REP ENTATION. 13. _ r �•' (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/Landlord. A Seller's/Landlord's broker owes to 16. the Seller/Landlord the fiduciary duties described on page two (2).(2) The broker must also disclose to the Buyer 17. material facts as defined in MN Statute 82.68, Subd. 3, of which the broker is aware that could adversely and 18. significantly affect the Buyer's use or enjoyment of the property. (MN Statute 82.68, Subd. 3 does not apply to 19. rental/lease transactions.) If a broker or salesperson working with a Buyer/Tenant as a customer is representing the 20. Seller/Landlord, they must act in the Seller's/Landlord's best interest and must tell the Seller/Landlord any information 21. disclosed to them, except confidential information acquired in a facilitator relationship (see paragraph IV on page 22. two (2)). In that case, the Buyer/Tenant will not be represented and will not receive advice and counsel from the 23. 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 broker may represent the Buyer/Tenant only, and not the Seller/Landlord, 26. even if they are being paid in whole or in part by the Seller/Landlord. A Buyer's/Tenant's broker owes to the 27. Buyer/Tenant the fiduciary duties described on page two (2).(2) The broker must disclose to the Buyer material facts 28. as defined in MN Statute 82.68, Subd. 3, of which the broker is aware that could adversely and significantly affect 29. the Buyer's use or enjoyment of the property. (MN Statute 82.68, Subd. 3 does not apply to rental/lease transactions.) 30. If a broker or salesperson working with a Seller/Landlord as a customer is representing the Buyer/Tenant, they 31. must act in the Buyer's/Tenant's best interest and must tell the Buyer/Tenant any information disclosed to them, 32. except confidential information acquired in a facilitator relationship (see paragraph IV on page two (2)). In 33. that case, the Seller/Landlord will not be represented and will not receive advice and counsel from the broker or 34. salesperson. 35. III. Dual Agency - Broker Representing both Seller/Landlord and Buyer/Tenant: Dual agency occurs when one 36. broker or salesperson represents both parties to a transaction, or when two salespersons licensed to the same 37. broker each represent a party to the transaction. 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 be kept confidential unless one party instructs the broker or salesperson in writing to disclose 42. specific information about them. Other information will be shared. Dual agents may not advocate for one party 43. to the detriment of the other.0) 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:AGCYDICS-1 (8/25) i �,7 Minnesot,