Minnesota State Real Estate Practice Test

Which of the following statements about acceptance of an offer is TRUE?

1. An oral acceptance is sufficient

2. A written acceptance is necessary for commission claims

3. Only the seller's acceptance matters

4. Acceptance can be revoked immediately

The correct answer is: A written acceptance is necessary for commission claims

The statement about acceptance of an offer that is true is that a written acceptance is necessary for commission claims. In real estate transactions, especially in Minnesota, documentation plays a crucial role in establishing agreements between parties. While oral agreements can offer some level of understanding, they typically lack the legal enforceability required for commission claims and other important aspects of real estate contracts. A written acceptance not only serves to confirm the agreement clearly but also provides a record that can be referred back to if disputes arise. This documentation is vital for agents to prove they were entitled to a commission based on the contractual obligations that were acknowledged in writing. Other statements highlight common misconceptions. For instance, although oral acceptance is sometimes permitted in informal contexts, it may not hold up in situations demanding formal proof, such as commission claims. Likewise, while both parties' acceptances are important, the seller's acceptance alone is not sufficient in situations involving offers and counteroffers where both buyers and sellers need to agree to the terms. Finally, acceptance cannot be revoked once communicated effectively; it is considered binding upon acceptance.