Minnesota Real Estate License Law for Brokers
Minnesota real estate practice is governed by Minnesota Statutes Chapter 82 and administered by the Department of Commerce. This chapter covers the primary-broker firm-responsibility concept, the broker experience gate, and supervisory duties.
The Department of Commerce and Chapter 82
The Minnesota Department of Commerce, through the Commissioner, licenses and regulates real estate brokers and salespersons under Chapter 82. Anyone who, for compensation, deals in real estate for others must be licensed unless an exemption applies. The Commissioner may investigate complaints, deny or revoke licenses, and impose penalties.
The Primary Broker
Minnesota requires each licensed brokerage to designate a primary broker who is responsible for the firm's licensed activities, supervision of affiliated licensees, and handling of trust-account money. This firm-responsibility concept concentrates accountability in one responsible broker. Affiliated licensees act for and in the name of the brokerage, and compensation flows through the broker.
Broker Experience and Supervision
A broker candidate generally must have been actively licensed for at least three of the prior five years and complete a 30-hour broker course, subject to a limited experience waiver under Minnesota Statutes Section 82.59, subdivision 5. Once licensed, the primary broker's ongoing duty is to supervise affiliated licensees and safeguard trust funds; failure to do so is a common basis for discipline.