Housing and Redevelopment Authority Packet - December 1, 2025

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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.(1) 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 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/Landlord. A Seller’s/Landlord’s broker owes to WKH6HOOHU/DQGORUGWKHƂGXFLDU\GXWLHVGHVFULEHGRQSDJHWZR (2) The broker must also disclose to the Buyer PDWHULDOIDFWVDVGHƂQHGLQ016WDWXWH6XEGRIZKLFKWKHEURNHULVDZDUHWKDWFRXOGDGYHUVHO\DQG VLJQLƂFDQWO\DIIHFWWKH%X\HUpVXVHRUHQMR\PHQWRIWKHSURSHUW\016WDWXWH6XEGGRHVQRWDSSO\WR 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 GLVFORVHGWRWKHPH[FHSWFRQƂGHQWLDOLQIRUPDWLRQDFTXLUHGLQDIDFLOLWDWRUUHODWLRQVKLSVHHSDUDJUDSK,9RQSDJH 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 %X\HU7HQDQWWKHƂGXFLDU\GXWLHVGHVFULEHGRQSDJHWZR (2) The broker must disclose to the Buyer material facts DVGHƂQHGLQ016WDWXWH6XEGRIZKLFKWKHEURNHULVDZDUHWKDWFRXOGDGYHUVHO\DQGVLJQLƂFDQWO\DIIHFW WKH%X\HUpVXVHRUHQMR\PHQWRIWKHSURSHUW\016WDWXWH6XEGGRHVQRWDSSO\WRUHQWDOOHDVHWUDQVDFWLRQV 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, H[FHSWFRQƂGHQWLDOLQIRUPDWLRQDFTXLUHGLQDIDFLOLWDWRUUHODWLRQVKLSVHHSDUDJUDSK,9RQSDJHWZR,Q 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 EURNHUHDFKUHSUHVHQWDSDUW\WRWKHWUDQVDFWLRQ'XDODJHQF\UHTXLUHVWKHLQIRUPHGFRQVHQWRIDOOSDUWLHVDQG 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 H[FOXVLYHO\IRUHLWKHUSDUW\,QDGXDODJHQF\FRQƂGHQWLDOLQIRUPDWLRQDERXWSULFHWHUPVDQGPRWLYDWLRQIRUSXUVXLQJ DWUDQVDFWLRQZLOOEHNHSWFRQƂGHQWLDOXQOHVVRQHSDUW\LQVWUXFWVWKHEURNHURUVDOHVSHUVRQLQZULWLQJWRGLVFORVH VSHFLƂFLQIRUPDWLRQDERXWWKHP2WKHULQIRUPDWLRQZLOOEHVKDUHG'XDODJHQWVPD\QRWDGYRFDWHIRURQHSDUW\ 43. to the detriment of the other.(3) :LWKLQWKHOLPLWDWLRQVGHVFULEHGDERYHGXDODJHQWVRZHWRERWK6HOOHU/DQGORUGDQG%X\HU7HQDQWWKHƂGXFLDU\ 45. duties described below.(2)'XDODJHQWVPXVWGLVFORVHWR%X\HUVPDWHULDOIDFWVDVGHƂQHGLQ016WDWXWH6XEG RIZKLFKWKHEURNHULVDZDUHWKDWFRXOGDGYHUVHO\DQGVLJQLƂFDQWO\DIIHFWWKH%X\HUpVXVHRUHQMR\PHQWRIWKH SURSHUW\016WDWXWH6XEGGRHVQRWDSSO\WRUHQWDOOHDVHWUDQVDFWLRQV 01$*&<',&6 Produced with Lone Wolf Transact 717 N Harwood St, Suite 2200, Dallas, TX 75201 https://www.lwolf.com Page 38 of 40