1. SELLER’S/LANDLORD’S BROKER
Representing and acting for the seller/landlord only. May be a listing agent or any agent licensed to the listing broker.
2. BUYER’S/TENANT’S BROKER
Representing and acting for the buyer/tenant only. As with a listing contract with sellers/landlords, an agreement for buyer/tenant representation must be in writing.
3. DUAL AGENT
One licensee representing both the seller/landlord and the buyer/tenant as clients in one transaction, or two agents licensed to the same broker – one of whom represents the seller/landlord and one of whom represents the buyer/tenant – in one transaction. In a dual agency, all licensees are deemed to represent both the seller/landlord and buyer/tenant. This relationship requires full disclosure and informed consent of both parties. Dual agents have a limited role, must not advocate or negotiate for either party, and must not act to the detriment of either party.
A real estate licensee who performs services for a buyer/tenant, a seller/landlord or both in a transaction but does not represent either in a fiduciary capacity as a buyer’s/tenant’s broker, seller’s/landlord’s broker or dual agent. Facilitators may perform services for consumers, but do not represent them. Facilitators are bound by license law and common law, but owe only the fiduciary duty of confidentiality unless other fiduciary duties are agreed to between licensee and consumer.
The Minnesota Association of REALTORS® is the largest professional trade association in the state with more than 17,000 members who are active in all aspects of the real estate industry.