Neither agreement answers every transaction-cost question on its own. Read the compensation formula together with the described services, payment-trigger events, expiration, cancellation and any override clause, then ask for the proposed payment scenarios in dollars.
For sellers, the listing agreement must address the compensation formula, the events that entitle the broker to compensation, expiration, cancellation terms and any override clause. Minnesota Statutes § 82.70, subdivision 4 separately says a seller may authorize the seller's broker in the listing agreement to disburse part of that broker's compensation to another broker, including a buyer's broker solely representing the buyer. That is an authorization choice, not an automatic payment rule.
For buyers, Minnesota law requires a signed buyer's broker agreement before a licensee performs acts as a buyer's representative. The agreement must identify compensation or its calculation basis, services, triggering events, expiration, cancellation and any override clause. Ask the broker to show how payments or credits from every possible source would affect the amount you could owe under that agreement.
National REALTOR® practice changes took effect on August 17, 2024. For covered agents and MLS participants, written buyer agreements are required before in-person or live virtual tours; those agreements must objectively state compensation and say that broker fees are negotiable. Offers of compensation can no longer be communicated through an MLS, although sellers may still choose to offer compensation off-MLS.
Do not compare percentages without comparing the base and the service. A flat fee, percentage, hourly amount, à-la-carte package and performance-based formula can produce different totals and obligations. Ask for a dollar example using your expected price, then model seller proceeds or buyer cash exposure under more than one scenario.
Also separate broker compensation from referral economics. A lead or referral platform may be paid by an agent under a separate arrangement. That does not automatically change your contract price, but it is reasonable to ask whether a referral fee exists and whether it affects which agents were presented to you.
Minnesota Top Agents does not use a broker's proposed commission to calculate an editorial score. An agent cannot pay to raise a rank or reverse a limitation, and any paid placement must remain labeled and outside the numbered editorial order.