This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Minnesota Agreement to Sell and Purchase Customer Accounts
Category:
State:
Multi-State
Control #:
US-01393BG
Format:
Word;
Rich Text
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FAQ
Which of the following best defines the "Law of Agency"? The fiduciary responsibility requires that the agent must always act in the best interest of the principal.
According to Minnesota law (largely written by Realtors); When dual agency occurs, the salesperson (or salespersons) and the brokerage firm are legally prohibited from, advocating for one party to the detriment of the other. MINN. STAT. 82.67.
Common interest ownership associations created after June 1, 1994 are automatically required to participate in this act. The same goes for condos, regardless of when they were formed. Single-family or townhome associations created before June 1, 1994 must opt in.
The UCC was originally published in 1952 and was adopted by the State of Minnesota in 1965. It has been adopted in every state except Louisiana, with minor variations between states.
Which of the following statements best describes Minnesota agency disclosure requirements? Agency disclosure is required for residential real property transactions and licensees are required to provide this disclosure on a form that contains signature lines.
Because the parties may have conflicting interests, broker and its salespersons are prohibited from advocating exclusively for either party. Broker cannot act as a dual agent in this transaction without the consent of both seller(s) and buyer(s).
A licensee is required to disclose all material facts. A material fact is any information about the property which could affect a seller's willingness to sell or a buyer's willingness to buy. Material facts must be disclosed to both clients and customers.
Minnesota Statutory Cancellation Application Pursuant to Minnesota Statutes, Section 559.217, Subd. 2, either the buyer, or the seller, may cancel a purchase agreement for residential real property pursuant to Minnesota Statutes, Section 559.217.
Dual agency is illegal in eight states: Alaska, Colorado, Florida, Kansas, Maryland, Oklahoma, Texas and Vermont. The other states have different laws governing the disclosure of dual agency and the behavior of dual agents.
Which of the following best describes a "person" as defined in Minnesota license law? "Person" means an individual, association, estate, trust, partnership, firm, company, or corporation.