Agency Relationship and Responsibility
 

Overall course objective: This course will explain the contractual relationships that exist in real estate transactions in relation to agency law, including the relationships and corresponding representation requirements for a real estate agent. During the course, students will learn about topics related to agency law, including fiduciary duties owed to the represented client and agency law contracts and agreements. Dual agency and facilitator responsibilities will also be examined.

Section One – Agency Law and Disclosure
 

Chapter 1: Agency Law in Minnesota
Upon completion of this chapter, the student will understand the history of agency law in Minnesota and be able to identify the set of relationships in agency law.
 

Chapter 2: Agency Disclosure in Minnesota
After completing this chapter, the student will recall the necessary documents to fulfill agency disclosure requirements.
 

Section Two – Agency Relationship
 

Chapter 1: Seller’s Broker
After completing this chapter, the student will recall how agency representation for the seller is established and the details of compensation for the agent. 
 

Chapter 2: Buyer’s Broker
Upon completion of this chapter, the student will know the contracts used to establish buyer representation and when the contracts must be signed.
 

Chapter 3: Dual Agency
After completion of this chapter, the student will recall the conditions of dual agency and the disclosures required in this type of relationship.
 

Chapter 4: Facilitator
During this chapter, the student will examine the role of facilitator and the responsibilities of this role.
 

Section Three – Fiduciary Duties

Chapter 1: Disclosure
The student will review the duty of disclosure of material facts and examine scenarios that pertain to disclosure responsibilities.
 

Chapter 2: Reasonable Care
In this chapter, the student will examine the duty of reasonable care and consider practical applications.
 

Chapter 3: Confidentiality
After completion of this chapter, the student will recall the importance of keeping price, terms, and motivation confidential.
 

Chapter 4: Obedience
In this chapter, the student will briefly review the requirement to carry out client instructions that comply with the law.
 

Chapter 5: Loyalty
Upon completion of this chapter, the student will understand that he or she must always act in the client’s best interest.
 

Chapter 6: Accounting
After completing this chapter, the student will understand the duty of accounting and examine a case study about pocket listings.
 

Summative Assessment
After completing all the course materials, the student will participate in a cumulative, summative course assessment that will allow the student to recall the learning objectives of this course.