Minnesota · statute · Minn. Stat. ch. 82 · 36 active provisions
Subdivision 1. Scope. For the purposes of this chapter the terms defined in this section have the meanings given to them. Subd. 1a. Automated valuation model. For purposes of this chapter, "automated valuation model" means a computerized model used by mortgage originators and secondary market issuers to determine the c…
Unless a person is licensed or otherwise required to be licensed under this chapter, the term real estate broker does not include: (a) a licensed practicing attorney if the attorney complies in all respects with the trust account provisions of this chapter; (b) a receiver, trustee, administrator, guardian, executor, or…
Subdivision 1. Amounts. The following fees shall be paid to the commissioner: (a) a fee of $150 for each initial individual broker's license, and a fee of $100 for each renewal thereof; (b) a fee of $70 for each initial salesperson's license, and a fee of $40 for each renewal thereof; (c) a fee of $85 for each initial…
Subdivision 1. Qualification of applicants. An applicant for a real estate broker or real estate salesperson license shall be at least 18 years of age at the time of making application for said license. Subd. 2. Application for license; contents. (a) An applicant for a license as a real estate broker or real estate sal…
Subdivision 1. Generally. Each applicant for a license must pass an examination conducted by the commissioner. The examinations shall be of sufficient scope to establish the competency of the applicant to act as a real estate broker or a real estate salesperson. Subd. 2. Examination eligibility; revocation. No applican…
Subdivision 1. Prelicense education. Prelicense education for a real estate salesperson must consist of Course I, Course II, and Course III as described in this section. Prelicense education for a real estate broker must consist of the broker course as described in this section. Subd. 2. Course I. (a) Introduction to R…
(a) All real estate salespersons and all real estate brokers shall be required to successfully complete 30 hours of real estate continuing education, either as a student or a lecturer, in courses of study approved by the commissioner, during the initial license period and during each succeeding 24-month license period.…
Subdivision 1. Duration. The renewal of a salesperson's license is not effective beyond a date two years after the granting of the salesperson's license unless the salesperson has furnished evidence of compliance with section 82.61. The commissioner shall cancel the license of a salesperson who fails to comply with sec…
Subdivision 1. Generally. The commissioner shall issue a license as a real estate broker or real estate salesperson to any person who qualifies for the license under the terms of this chapter. Subd. 2. Additional broker's license. An individual who holds a broker's license in the broker's own name or for or on behalf o…
The requirements of sections 82.59, subdivision 8, and 82.61 may be waived for individuals of other jurisdictions, provided: (1) a written reciprocal licensing agreement is in effect between the commissioner and the licensing officials of that jurisdiction, (2) the individual is licensed in good standing in that jurisd…
Subdivision 1. License required. Except as otherwise provided in subdivision 6, a person shall not act as a real estate closing agent unless licensed as provided in this section. The commissioner shall issue a license as a closing agent to a person who qualifies for the license under the terms of this chapter. Subd. 2.…
Subdivision 1. Change of application information. Notice in writing or in the format prescribed by the commissioner shall be given to the commissioner by a licensee of any change of information contained in the license application on file with the commissioner, including but not limited to personal name, trade name, ad…
Subdivision 1. Listing agreements. (a) Requirement. Licensees shall obtain a signed listing agreement or other signed written authorization from the owner of real property or from another person authorized to offer the property for sale or lease before advertising to the general public that the real property is availab…
Subdivision 1. Agency disclosure. A real estate broker or salesperson shall provide to a consumer in the sale and purchase of a residential real property transaction at the first substantive contact with the consumer an agency disclosure form in substantially the form set forth in subdivision 3. The agency disclosure f…
Subdivision 1. Agent of broker disclosure. A salesperson shall only conduct business under the licensed name of and on behalf of the broker to whom the salesperson is licensed. An individual broker shall only conduct business under the brokerage's licensed name. A broker licensed to a business entity shall only conduct…
(a) Any advertising by a licensee must clearly and conspicuously display the real estate brokerage name. (b) If a salesperson or broker is part of a team or group within the brokerage, the licensee may include the team or group name in the advertising only under the following conditions: (1) the inclusion of the team o…
Subdivision 1. Licensee to receive only from, or authorized by, broker. Unless authorized in writing by the real estate broker to whom the licensee is licensed or to whom the licensee was licensed at the time of the transaction, a licensee shall not pay and a licensee shall not accept a commission, compensation, referr…
Subdivision 1. Written offers. All written offers to purchase or lease shall be promptly submitted in writing to the seller or lessor. Subd. 2. Nondisclosure of terms of offer. A licensee shall not disclose the terms of an offer to another prospective buyer or the licensee representing or assisting the buyer prior to t…
Subdivision 1. Delivery. Each real estate broker, real estate salesperson, or closing agent shall furnish parties to a transaction a true and accurate copy of any document pertaining to their interests as the commissioner through appropriate rules may require. Subd. 2. Examination of records. The commissioner may make…
Subdivision 1. Access to governing statutes and rules. Every real estate office and branch office shall have a current copy of this chapter and chapter 83 and the rules adopted under those chapters, available for the use of licensees. Access to the statutes and rules required by this section may be made available throu…
Subdivision 1. Requirements. A person licensed under this chapter or chapter 82B may prepare and provide a broker price opinion and a broker may charge and collect a fee for it if the license of that licensee is active and in good standing. Subd. 2. Duties of licensee. Notwithstanding any provision of the laws of this…
If a broker advertises or offers a guaranteed sale program, or other program whereby the broker undertakes to purchase real property in the event he or she is unable to effectuate a sale to a third party within a specified period of time, a written disclosure that sets forth clearly and completely the general terms and…
Subdivision 1. Generally. All trust funds received by a broker or the broker's salespeople or closing agents shall be deposited, as provided in subdivision 5, in a trust account, maintained by the broker for such purpose in a bank, savings association, credit union, or an industrial loan and thrift company with deposit…
Subdivision 1. Compliance. Loan brokers shall comply with the requirements of subdivisions 2 to 7. Subd. 2. Contract provisions. A loan broker shall enter into a written contract with each customer and shall provide a copy of the written contract to each customer at or before the time of receipt of any fee or valuable…
Subdivision 1. Definitions. (a) For purposes of this section, the terms in this subdivision have the meanings given them. (b) "Closing agent" has the meaning given in section 82.55, subdivision 4. (c) "Collected funds" means funds deposited, finally settled, and credited to the closing agent's escrow account. (d) "Fede…