Minnesota State Real Estate Practice Test

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Who must sign and date the agency disclosure?

Only the licensee
Only the buyer
The seller/landlord and buyer/tenant, as well as the disclosing licensee
Only the seller

The correct answer is: The seller/landlord and buyer/tenant, as well as the disclosing licensee

The requirement for multiple parties to sign and date the agency disclosure is rooted in the concept of transparency and informed consent within real estate transactions. This practice ensures that all parties involved—sellers, landlords, buyers, and tenants—are fully aware of their respective rights and the nature of the agency relationship. Having the seller or landlord, the buyer or tenant, and the disclosing licensee all sign the agency disclosure form protects all stakeholders. It clarifies the duties of the licensee toward each party, establishes the terms of representation, and confirms that each party is informed about who the agent represents. This comprehensive acknowledgment helps to avoid misunderstandings and potential conflicts, providing legal safeguards for both the agents and the clients they serve. The participatory approach also reinforces the notion that both buyers and sellers should have a clear understanding of their agency relationships to make informed decisions in the transaction process. Transparency is essential in maintaining ethical standards in real estate practices.