Minnesota Real Estate Exam Prep Questions & Answers 2026 – Minnesota Real Estate License Exam Study Guide

Minnesota Real Estate Exam Prep Questions and Answers
2026 | Minnesota Real Estate License Exam Study Guide &
Practice Test


WhoxappointsxthexCommissionerxofxCommerce?x-
xcorrectxanswerx ✅ThexGovernor


WhatxarexthexCommissioner'sxresponsibilities?x-
xcorrectxanswerx ✅Approvesxlicensexeducation;xadministersxlicensexlaw;xmakesx
rulesxandxregulations;xissuesxlicenses;xconductsxinvestigationsxandxholdsxhearing;xor
derxdisciplinaryxactionxagainstxlicensees;xdoesxNOTxarbitratexdisputesxbetweenxlice
nsees


Whatxarexthexpenaltiesxforxviolatingxonesxrealxestatexlicense?x-
xcorrectxanswerx ✅Denialxofxlicensure;xcensurex(writtenxcitation);xcivilxfinesxnot
xtoxexceedx$10,000xperxviolation;xlicensexsuspension;xlicensexrevocation




Whoxmustxhavexaxrealxestatexlicense?x-
xcorrectxanswerx ✅Anyxpersonxwhoxforxanotherxandxaxfee.x(Anyonexwhoxlists,xse
lls,xexchanges,xmanages,xbuys,xrentsxauctions,xorxnegotiatesxoptionsxonxrealxestatexo
rxaxbusinessxopportunityxorxaxbusiness,xorxitsxgoodwill,xinventoryxorxfixtures.)


Whoxarex"agents"xandx"licensees"?x-
xcorrectxanswerx ✅Realxestatexbrokerages,xindividualxbrokers,xsalespersonsxcoll
ectively.


WhoxdoesxNOTxneedxaxrealxestatexlicense?x-
xcorrectxanswerx ✅Attorneys;xcourt-
appointedxpersonsx(trustees,xexecutors,xpersonalxrepresentatives,xetc.);xcemeteryxow

,nersxsellingxburialxplots;xresidentialxbuildingxemployeesxorxmanagersxleasingxreside
ntialxunits;xpublicxofficersxperformingxofficialxduties;xauctioneers;xthosexwhoxsellxfr
anchises;xlicensedxsecuritiesxbrokersxorxagents;xsalexofxmanufacturedxhomesxnotxatta
chedxtoxland


TxorxF.xPrivatextrusteesxmanagingxorxsellingxtrust-
ownedxpropertiesxmustxhavexaxrealxestatexlicense.x-xcorrectxanswerx ✅True


Whatxisxaxloanxbroker?x-
xcorrectxanswerx ✅Realxestatexlicenseesxwhoxforxanotherxandxaxfeexnegotiatexloa
nsxsecuredxbyxrealxestate.


Whenxshouldxaxloanxbrokerxdepositxfundsxintoxanxescrowxaccount?x-
xcorrectxanswerx ✅Withinx48xhoursxofxreceivingxfunds.


Howxlongxdoesxaxborrowerxhavextoxrescindxfunds?x-
xcorrectxanswerx ✅3xbusinessxdays.


Standardxofxconductxforxloanxbrokersxincludes:x-
xcorrectxanswerx ✅Depositingxfundsxinxescrowxaccountsxwithinx48xhours;xhavex
axwrittenxcontractxwithxeachxcustomerxandxaxreceiptxforxfees;xborrowerxhasx3xbusine
ssxdaysxtoxrescind;xmaintainxseparatexrecordsxforxeachxcustomer;xprovidexaxwrittenxa
ccountingxofxdisbursementsxatxleastxmonthly.


TxorxF.xAnyxpersonxmakingxfivexorxmorexrealxestatextransactionsxperxyearxmustxhave
xaxrealxestatexlicense.x-xcorrectxanswerx ✅True


HowxmanyxrealxestatextransactionsxcanxanxindividualxmakexwithinxaxyearxandxNOTx
needxaxlicense?x-xcorrectxanswerx ✅4xorxfewer

,Thosexinxthexbusinessxofxbuildingxforxresalexnotxtoxexceedx___________xtransaction
sxinxanyx12-monthxperiod.x-xcorrectxanswerx ✅25


Whatxisxaxlimitedxbrokerxlicense?x-
xcorrectxanswerx ✅Canxbuyxorxsellxanxunlimitedxnumberxofxproperties;xmayxnotx
representxothersxnorxemployxorxsupervisexrealxestatexlicensees;xnoxrequiredxcourses,x
examsxorxexperience;xlicensexapplicationxandxfeesxsubmittedxtoxDeptxofxCommerce.


TxorxF.xRentalxagentsxmustxbexrealxestatexlicensees.x-xcorrectxanswerx ✅True


TxorxF.xAnyonexcanxsetxupxaxrentalxservice.x-
xcorrectxanswerx ✅False.xRentalxservicesxmustxbexrunxbyxaxlicensedxrealxestatexb
rokerage.


Rentalxservicexguidelines.x-
xcorrectxanswerx ✅Mustxhavexunitxowner'sxwrittenxpermissionxtoxprovidexinfor
mationxtoxothers;xmayxnotxadvertisexinxaxmisleadingxmannerxregardingxfees,xservices
,xavailablexspace,xorxrentalxterms.


TxorxF.xAxlicensedxattorney,xbrokerxorxsalespersonxmayxchargerxaxfeexforxclosingxaxtr
ansaction.x-xcorrectxanswerx ✅True


HowxcanxonexobtainxaxrealxestatexCLOSINGxagentxlicense?x-
xcorrectxanswerx ✅Eightxhoursxofxapprovedxeducation;xlicensexapplicationxandxf
eesxsubmittedxtoxDept.xofxCommerce.x(Noxexam)

, PerxTRIDx(TruthxinxLendingxDisclosure),xallxsettlementxfeesxmustxbexdisclosedxinxw
ritingxatxleastx________xdaysxbeforexclosing?x-
xcorrectxanswerx ✅3xbusinessxdays


Whoxisxthexlicensingxauthority?x-
xcorrectxanswerx ✅MinnesotaxDepartmentxofxCommerce


Howxoldxmustxyouxbextoxgetxaxrealxestatexlicense?x-
xcorrectxanswerx ✅18+xatxtimexofxapplication


Howxmanyxhoursxofxeducationxrequiredxforxaxrealxestatexsalesperson?x-
xcorrectxanswerx ✅90xhours


Salespersonxrequirements:x-xcorrectxanswerx ✅CompletexCoursex1x(30xhours);
Passxbothxexamsx(Nationalxandxstate)
CompletexCoursex2xandx3x(30xhoursxeach)
SubmitxlicensexapplicationxthroughxaxMinnesotaxbrokeragexwithinx1xyearxofxpassing
xexams.




Axcandidatexhasx__________xtoxapplyxforxaxlicensexafterxpassingxexams.x-
xcorrectxanswerx ✅1xyear


Whatxisxthexadditionalxeducationxandxexperiencexrequirementsxforxaxbrokerxlicense?x
-
xcorrectxanswerx ✅3xyearsxofxexperiencexasxaxlicensedxrealxestatexsalesperson;x3
0-hourxbroker'sxcourse;xbrokerxlicensexexam


Whoxholdsxandxrenewsxlicenses?x-xcorrectxanswerx ✅Thexbrokerage.