MN Real Estate License Law – Questions and Answers Rated A+

MN Real Estate License Law – Questions and Answers Rated A+ What's the purpose of real estate license law? To protect consumers How is license law governed? By laws and regulations Which entity is in charge of licensing real estate professionals in Minnesota? The Department of Commerce's Licensing Unit What authority does the commissioner of commerce have? To hold hearings, examine records and documentation, subpoena witnesses, require sales reports, require the payment of investigative costs, and issue injunctions and cease and desist orders By when must Minnesota licensees respond to a request by the commissioner of commerce? 30 days Are penalties for license law civil or criminal? License law violations are considered gross misdemeanors, so penalties may be civil or criminal. What's the maximum civil penalty for a license law violation? $10,000 Who may limited brokers represent? Only themselves How long is the initial license period for a salesperson or a broker? Two years By when must renewal requirements be met? By June 15 of the renewal year What is the continuing education requirement for renewal in Minnesota? Thirty hours per renewal cycle (every two years), with a minimum of 15 hours taken in the first year. Brokers must take one of those hours per year as broker-specific coursework What's a trust fund (as commonly used in real estate)? Money or other item of value accepted by a real estate licensee on behalf of a party to the transaction. How is the Real Estate Recovery Fund funded? License and renewal fees What are the categories of appraiser licensure, in order from least to most qualified? Trainee, licensed residential appraiser, certified residential