MN Course 1 Exam Prep: Licensing, Agency, and Contracts Questions and Answers;(perfect guide for your final)

How many hours of education must an applicant for a salesperson's license take in Minnesota before sitting for the exam? - 30 (Course 1) How many hours of education must an applicant for a salesperson's license take in Minnesota before applying for a license? - 90 (Courses 1, 2, and 3) What's a passing percentage for the Minnesota salesperson license exam? - 75% How is the Minnesota Salesperson Course 1 course final administered? - It must be proctored. How many pieces of ID must an applicant bring to the testing center? - Two; one must be government issued, and both must be in the legal name that will appear on the applicant's license. What is a REALTOR®? - A member of the National Association of REALTORS® Salespersons must receive all compensation for brokerage activities only through their _______. - Broker If a salesperson wanted to specialize in farm properties, what additional licensure is needed? - None; as long as the salesperson can provide competent service, no additional education or certification is required for specialization. If Amy wants to perform brokerage services, what must she have? - A real estate license; if Amy is a salesperson, she must also have a sponsoring broker whose license she works under What is a code of ethics? - A set of ethical standards that professionals agree to abide by (an example is the National Association of REALTORS® Code of Ethics