Minnesota real estate license
Real estate is one of important investment sectors in Minnesota. Many people join real estate sector for making lucrative career. For becoming real estate agent or broker, there are some requirements that have to be fulfilled.These include real estate exams, real estate classes and education, real estate experience, continuing education etc.
Real estate sector in Minnesota is regulated by Minnesota Department of Commerce. It is also the licensing authority in the state. Its office is located in St Paul. As per the study conducted, there are more than 25000 real estate professionals regulated by above department. There are basically 3 pre-licensing courses that have to be taken by a person for getting real estate license in Minnesota. Course 1 has to be passed successfully for taking all real estate exams. Course 2 and Course 3 pre-licensing courses can be taken after or before the exams.
All applicants are required to pass both parts of real estate examination and within one year of passing the examination, they can apply for the real estate license. If any person is not able to apply for the real estate license within one year of passing the exam, course 1 has to be completed again. For maintaining an active real estate sales person license, all real estate sales persons are required to be associated with a real estate broker in the state.
Application fee for getting real estate license in Minnesota is $100. Application form for the license can be downloaded from the web site of department. It should be understood here that when a person gets a real estate license in Minnesota, he must complete 30 hours of real estate continuing education successfully during the initial period. Similarly, continuing education has to be completed in each succeeding 24-month period of real estate license.
For getting the real estate broker license in Minnesota, applicant needs to successfully complete the real estate broker education course that is provided by many approved real estate schools. Applicant must have 2 years experience as real estate salesperson for becoming real estate broker. There are some circumstances in which waivers are provided with respect to above requirement. Applicant should fill and submit appropriate waiver form before taking the real estate broker education and examination. State of Minnesota has reciprocity agreements with 7 other states. All real estate brokers in Minnesota have to maintain a special interest bearing trust account. Real estate broker license fee in Minnesota is $180 and it is required to be paid along with the license application.
Application for the license must be filed by a person within one year of completing the real estate broker examination. Real estate broker license are issued for a term of 2 years. They expire on June 30th.There are many real estate schools in Minnesota that can be contacted for getting pre-licensing education. Minnesota Real Estate School Online is one of leading real estate schools that offers pre-license real estate education, continuing real estate education etc. All the real estate courses provided by this school have been approved by Minnesota Real Estate Commission.
Other Articles
