82.735 BROKER PRICE OPINION; REQUIREMENTS; DUTIES OF LICENSEE; REGULATIONS. 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 […]
82.74 GUARANTEED SALE PROGRAMS. 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 […]
82.75 TRUST ACCOUNT REQUIREMENTS. 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 […]
82.76 LOAN BROKERS. 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 […]
82.77 TABLE FUNDING. 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) “Federally insured financial institution” […]
82.78 RENTAL SERVICES. Subdivision 1. License. A rental service shall obtain a real estate broker’s license before engaging in business or holding itself out as being engaged in business. No person shall act as a real estate salesperson on behalf of a rental service without first obtaining a real estate salesperson’s license on behalf of […]
82.80 UNCLAIMED PROPERTY ACT COMPLIANCE. Upon the initial application for a real estate broker’s license and upon each annual application for renewal, the applicant or broker shall be required to inform the commissioner of compliance with the requirements set forth in chapter 345 relating to unclaimed property. History: 2004 c 203 art 2 s 60
82.81 PROHIBITIONS. Subdivision 1. License required. No person shall act as a real estate broker or real estate salesperson unless licensed as provided in this section. Subd. 2. Misrepresenting status as licensee. No persons shall advertise or represent themselves to be real estate brokers or real estate salespersons unless licensed as provided in this section. […]
82.82 DENIAL, SUSPENSION AND REVOCATION OF LICENSES. Subdivision 1. General authority. The commissioner may by order deny, suspend or revoke any license or may censure a licensee if the commissioner finds (1) that the order is in the public interest, and (2) that the applicant or licensee or, in the case of a broker, any […]
82.83 PENALTY. Any person who violates any provision of this chapter, or any rule or order of the commissioner, shall be guilty of a gross misdemeanor. History: 1973 c 410 s 16; 2004 c 203 art 2 s 61
82.84 PUBLICATION OF INFORMATION. The commissioner may publish by newspaper, newsletter or otherwise information to assist in the administration of this chapter, or to educate and protect the public regarding fraudulent, deceptive or dishonest practices. The commissioner may also publish materials for the benefit of license applicants. History: 1973 c 410 s 13; 2004 c […]
82.85 CIVIL ACTIONS. Subdivision 1. Compensation actions; proof of license. No person shall bring or maintain any action in the courts of this state for the collection of compensation for the performance of any of the acts for which a license is required under this chapter without alleging and proving that the person was a […]
82.86 REAL ESTATE EDUCATION, RESEARCH AND RECOVERY FUND. Subdivision 1. Administration. There is established a “real estate education, research and recovery fund” to be administered by the commissioner of commerce. The commissioner of management and budget shall be the custodian of the fund and shall operate under the direction of the commissioner. Subd. 2. Creation. […]
82.87 COMPUTATION OF TIME. Subdivision 1. Days. Where performing or doing any act, duty, matter, payment, or thing is ordered or directed, and the period of time or duration for performing or doing it is prescribed and fixed by law, rule, or order, the time, except as otherwise provided in subdivision 2, is computed so […]
82.88 NONRESIDENT SERVICE OF PROCESS. Subdivision 1. Appointment of agent. Every nonresident, before being licensed as a real estate broker, real estate salesperson, or real estate closing agent shall appoint the commissioner and a successor or successors in office as true and lawful attorney, upon whom may be served all legal process in any action […]
82.89 RULEMAKING POWERS. The commissioner may promulgate such rules as are reasonably necessary to carry out and make effective the provisions and purposes of this chapter. History: 1973 c 410 s 12; 1985 c 248 s 70; 2004 c 203 art 2 s 61
