Course Content
I. Welcome and Course Objectives
II. Elements of a Binding Contract
A. Licensees may draw up contracts (M.S. 481.02, Subd. 3a)
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B. Enforceability
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D. Assignability
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III. Agency Relationships in Real Estate Transaction
A. MN Law
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B. Disclosure only, not a contract for representation
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IV. Disclosure Issues
A. Seller Disclosure Statute (M.S. 513.55)
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B. Licensee’s material fact disclosure obligations (M.S. 82.68, Subd. 3)
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C. Other Disclosure Obligations
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V. Representation Contracts and Facilitator Services Agreements
A. Timing of entering into a representation contract (Post Settlement)
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B. Required Elements
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VI. Showing and Broker to Broker Compensation Agreement
A. Secures compensation
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B. Specific buyer
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C. One-year time frame
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VII. Residential Purchase Agreement
A-S: Residential Purchase Agreement: Key Components from Offer to Closing
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VIII. Counter Offers and Addenda
A. Termination of original offer
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B. Signatures required on purchase agreement
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IX. Common Contingencies
A. Financing
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B. Inspection
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