82.55 DEFINITIONS. 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 collateral worth of a […]
82.56 EXCEPTIONS. 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 other person appointed […]
82.57 LICENSE FEES. 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) […]
82.58 LICENSING: APPLICATION. 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 […]
82.59 LICENSING; EXAMINATIONS AND INSTRUCTION. 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 applicant shall […]
82.60 EDUCATION; COURSE CURRICULUM. 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 […]
82.61 LICENSING: CONTINUING EDUCATION AND INSTRUCTION. (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 […]
82.62 LICENSING: RENEWAL. 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 section 82.61. Subd. […]
82.63 LICENSING; OTHER REQUIREMENTS. 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 […]
82.64 RECIPROCITY. 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 jurisdiction, and (3) the licensing requirements […]
82.641 REAL ESTATE CLOSING AGENT LICENSING. 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 […]
82.65 NOTICE TO COMMISSIONER. 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, address, […]
82.66 CONTRACTS. 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 available for sale or lease. […]
82.67 AGENCY DISCLOSURE REQUIREMENTS. 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 form […]
82.68 OTHER DISCLOSURE REQUIREMENTS. 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 […]
82.69 ADVERTISING REQUIREMENTS. (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 […]
82.70 COMPENSATION. 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, […]
82.71 NEGOTIATIONS. 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 […]
82.72 RECORDS. 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 examinations within or outside of […]
82.73 STANDARDS OF CONDUCT. 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 […]
