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MN COURSE 1 EXAM PREP: LICENSING, AGENCY, AND CONTRACTS EXAM 2024/2025
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MN COURSE 1 EXAM PREP: LICENSING, AGENCY, AND CONTRACTS EXAM 2024/2025
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MN COURSE 1 EXAM PREP: LICENSING, AGENCY, ANDCONTRACTS EXAM 2024/2025
How many hours of education must an applicant for a salesperson's license take in Minnesota before
sitting for the exam? - Precise Answer ✔✔30 (Course 1)
How many hours of education must an applicant for a salesperson's license take in Minnesota before
applying for a license? - Precise Answer ✔✔90 (Courses 1, 2, and 3)
What's a passing percentage for the Minnesota salesperson license exam? - Precise Answer ✔✔75%
How is the Minnesota Salesperson Course 1 course final administered? - Precise Answer ✔✔It must be
proctored.
How many pieces of ID must an applicant bring to the testing center? - Precise Answer ✔✔Two; one
must be government issued, and both must be in the legal name that will appear on the applicant's
license.
What is a REALTOR®? - Precise Answer ✔✔A member of the National Association of REALTORS®
Salespersons must receive all compensation for brokerage activities only through their _______. -
Precise Answer ✔✔Broker
If a salesperson wanted to specialize in farm properties, what additional licensure is needed? - Precise
Answer ✔✔None; as long as the salesperson can provide competent service, no additional education or
certification is required for specialization.
If Amy wants to perform brokerage services, what must she have? - Precise Answer ✔✔A real estate
license; if Amy is a salesperson, she must also have a sponsoring broker whose license she works under
, What is a code of ethics? - Precise Answer ✔✔A set of ethical standards that professionals agree to
abide by (an example is the National Association of REALTORS® Code of Ethics)
What's the purpose of real estate license law? - Precise Answer ✔✔To protect consumers
How is license law governed? - Precise Answer ✔✔By laws and regulations
Which entity is in charge of licensing real estate professionals in Minnesota? - Precise Answer ✔✔The
Department of Commerce's Licensing Unit
What authority does the commissioner of commerce have? - Precise Answer ✔✔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? - Precise
Answer ✔✔30 days
Are penalties for license law civil or criminal? - Precise Answer ✔✔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? - Precise Answer ✔✔$10,000
Who may limited brokers represent? - Precise Answer ✔✔Only themselves
How long is the initial license period for a salesperson or a broker? - Precise Answer ✔✔Two years
By when must renewal requirements be met? - Precise Answer ✔✔By June 15 of the renewal year
What is the continuing education requirement for renewal in Minnesota? - Precise Answer ✔✔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
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