Minnesota State Real Estate Practice Test

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Prepare for the Minnesota Real Estate Exam. Study with flashcards and multiple choice questions. Each question includes hints and explanations. Gain confidence and pass your exam!

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What must be included in a listing agreement according to Minnesota regulations?

The physical address of the broker’s office
The full list of previous sales
The seller's specific terms and list price
The commission structure for all brokers involved

The correct answer is: The seller's specific terms and list price

The inclusion of the seller's specific terms and list price in a listing agreement is crucial according to Minnesota regulations. This ensures that the agreement clearly outlines the seller's expectations and desired outcomes for the sale of the property. By stating the specific terms and list price, both the seller and the broker have a clear understanding of what is being asked, which facilitates effective marketing and negotiation strategies. This clarity helps in aligning the seller's goals with the broker's efforts, enhancing the potential for a successful transaction. Including the seller's terms and pricing is particularly important for enabling potential buyers to understand what the seller is willing to accept, which can expedite the selling process. Without this information, the listing could lack the necessary details to attract appropriate offers from potential buyers.