Question

When must a Minnesota licensee disclose to the owner of real property that the licensee is a real estate agent salesperson, and in what capacity the licensee is acting, if the licensee, acquires, or intends to acquire, any interest in the owner's property?

A) Only if the licensee acquires an interest in the property.
B) Only if the licensee intends to acquire an interest in the property.
C) The licensee is not required to disclose this information.
D) The licensee must disclose this information regardless of acquiring or intending to acquire an interest in the property.

Answer 1

A Minnesota licensee must disclose to the owner of real property that they are a real estate agent salesperson and in what capacity they are acting, regardless of acquiring or intending to acquire an interest in the property.

Step-by-step explanation:

The correct answer is D) The licensee must disclose this information regardless of acquiring or intending to acquire an interest in the property.

According to Minnesota law, a licensee must disclose to the owner of real property that they are a real estate agent salesperson and in what capacity they are acting, if they acquire or intend to acquire any interest in the owner's property. This means that even if the licensee has not yet acquired an interest in the property but intends to in the future, they are still obligated to make this disclosure to the owner.

For example, if a real estate agent salesperson plans to purchase a property from the owner, they must inform the owner of their status as a licensee and the role they are playing in the transaction. This disclosure helps ensure transparency and allows the owner to make an informed decision.