MN Course 1 Exam Prep: Licensing, Agency, and Contracts Questions and Answers Already Passed

MN Course 1 Exam Prep: Licensing, Agency, and Contracts Questions and Answers Already Passed 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) What's the purpose of real estate license law? To protect consumers How is license law governed? By laws and regulations Which entity is in charge of licensing real estate professionals in Minnesota? The Department of Commerce's Licensing Unit What authority does the commissioner of commerce have? To hold hearings, examine records and documentation, subpoena witnesses, require sales reports, require the payment of investigative costs, and issue injunctions and cease and desist orders By when must Minnesota licensees respond to a request by the commissioner of commerce? 30 days Are penalties for license law civil or criminal? License law violations are considered gross misdemeanors, so penalties may be civil or criminal. What's the maximum civil penalty for a license law violation? $10,000 Who may limited brokers represent? Only themselves How long is the initial license period for a salesperson or a broker? Two years By when must renewal requirements be met? By June 15 of the renewal year What is the continuing education requirement for renewal in Minnesota? Thirty hours per renewal cycle (every two years), with a minimum of 15 hours taken in the first year. Brokers must take one of those hours per year as broker-specific coursework What's a trust fund (as commonly used in real estate)? Money or other item of value accepted by a real estate licensee on behalf of a party to the transaction. How is the Real Estate Recovery Fund funded? License and renewal fees What are the categories of appraiser licensure, in order from least to most qualified? Trainee, licensed residential appraiser, certified residential appraiser, certified general appraiser How is the Real Estate Recovery Fund overseen? The fund's custodian is the commissioner of management and budget, and the fund is administered