Minnesota Real Estate Exam with
complete solutions 2025
CORRECT ANSWER-$10,000 on civil fines per transaction
Does the commerce hear disputes between the broker and salesperson? - CORRECT
ANSWER-No
Who must have a real estate license in Minnesota? - CORRECT ANSWER-"For another
and for a fee"
List, sell, exchanges, or negotiates
Exceptions to people needing a real estate license? - CORRECT ANSWER-Court
Appointed
Practicing Attorney
Fees received prior to loan funding must be deposited in an escrow account
___________ after receipt. - CORRECT ANSWER-48 Hours
How many properties may a person sell prior to needing a license in a 12 month span? -
CORRECT ANSWER-5 or more (needs a license) - 4 or less (is okay)
How many properties may a construction company build and resale in a 12 month
period? - CORRECT ANSWER-May not exceed 25
Limited Broker's License - CORRECT ANSWER-No limitations on buying or selling, but
may not employ salesperson
How old must one be at age of application? - CORRECT ANSWER-18
Is a high school diploma required to get a salesperson license? - CORRECT ANSWER-
No
Upon death how long may a temporary brokers license last? - CORRECT ANSWER-45
days
, What happens to salespersons license if the broker's is suspended or revoked? -
CORRECT ANSWER-Theirs becomes ineffective
Principal (Primary) Broker - CORRECT ANSWER-The broker on whose behold
salesperson are licensed to act
What day do salespersons licenses expire? - CORRECT ANSWER-June 30 every 24
months
When is the timely renewal date for license? - CORRECT ANSWER-June 15
Who renews the license of a salesperson? - CORRECT ANSWER-The Primary Broker
How many hours of continuing education must be completed in the first 12 months after
renewal? - CORRECT ANSWER-15 hours
If a violation is committed, how many days in advance must you notify the commissioner
of Commerce? - CORRECT ANSWER-10 days
How many days in advance must you notify the Commissioner of Commerce of an
address or name change? - CORRECT ANSWER-10 days
Commingling - CORRECT ANSWER-Mixing personal money with other peoples money
Conversion - CORRECT ANSWER-Spending other peoples money
What responsibility does the broker have to the salesperson? - CORRECT ANSWER-
Total, they are in charge of all actions of their salespersons
How long must a broker keep records? - CORRECT ANSWER-6 years
When must documents be delivered to parties? - CORRECT ANSWER-Upon signing or
as soon as available
Who pays the salesperson? - CORRECT ANSWER-Their Broker
Holdover Clause - CORRECT ANSWER-Automatic renewal is not allowed, must have
an exact expiration date
Override Clause - CORRECT ANSWER-- Protects the Broker
- Protected buyers list
Duration of override Clause for residential real estate? - CORRECT ANSWER-6 months
unless party signs a new broker
complete solutions 2025
CORRECT ANSWER-$10,000 on civil fines per transaction
Does the commerce hear disputes between the broker and salesperson? - CORRECT
ANSWER-No
Who must have a real estate license in Minnesota? - CORRECT ANSWER-"For another
and for a fee"
List, sell, exchanges, or negotiates
Exceptions to people needing a real estate license? - CORRECT ANSWER-Court
Appointed
Practicing Attorney
Fees received prior to loan funding must be deposited in an escrow account
___________ after receipt. - CORRECT ANSWER-48 Hours
How many properties may a person sell prior to needing a license in a 12 month span? -
CORRECT ANSWER-5 or more (needs a license) - 4 or less (is okay)
How many properties may a construction company build and resale in a 12 month
period? - CORRECT ANSWER-May not exceed 25
Limited Broker's License - CORRECT ANSWER-No limitations on buying or selling, but
may not employ salesperson
How old must one be at age of application? - CORRECT ANSWER-18
Is a high school diploma required to get a salesperson license? - CORRECT ANSWER-
No
Upon death how long may a temporary brokers license last? - CORRECT ANSWER-45
days
, What happens to salespersons license if the broker's is suspended or revoked? -
CORRECT ANSWER-Theirs becomes ineffective
Principal (Primary) Broker - CORRECT ANSWER-The broker on whose behold
salesperson are licensed to act
What day do salespersons licenses expire? - CORRECT ANSWER-June 30 every 24
months
When is the timely renewal date for license? - CORRECT ANSWER-June 15
Who renews the license of a salesperson? - CORRECT ANSWER-The Primary Broker
How many hours of continuing education must be completed in the first 12 months after
renewal? - CORRECT ANSWER-15 hours
If a violation is committed, how many days in advance must you notify the commissioner
of Commerce? - CORRECT ANSWER-10 days
How many days in advance must you notify the Commissioner of Commerce of an
address or name change? - CORRECT ANSWER-10 days
Commingling - CORRECT ANSWER-Mixing personal money with other peoples money
Conversion - CORRECT ANSWER-Spending other peoples money
What responsibility does the broker have to the salesperson? - CORRECT ANSWER-
Total, they are in charge of all actions of their salespersons
How long must a broker keep records? - CORRECT ANSWER-6 years
When must documents be delivered to parties? - CORRECT ANSWER-Upon signing or
as soon as available
Who pays the salesperson? - CORRECT ANSWER-Their Broker
Holdover Clause - CORRECT ANSWER-Automatic renewal is not allowed, must have
an exact expiration date
Override Clause - CORRECT ANSWER-- Protects the Broker
- Protected buyers list
Duration of override Clause for residential real estate? - CORRECT ANSWER-6 months
unless party signs a new broker
