Interests in Real Property in Minnesota
The second state area covers ownership and the interests a Minnesota transaction runs into: conveyances by spouses (Minn. Stat. 507.02 and 500.19), subdivided lands (ch. 83), common interest ownership (chs. 515, 515A and 515B), real estate taxes and special assessments (ch. 279), and landlord and tenant law (ch. 504B).
Spouses, co-ownership and severance
If the owner is married, no conveyance of the homestead is valid without the signatures of both spouses, except a purchase money mortgage under Minn. Stat. 507.03, an interspousal conveyance under 500.19, subd. 4, or a joint tenancy severance under 500.19, subd. 5 (507.02). A spouse may sign through a duly appointed attorney-in-fact. A grant to two or more people creates a tenancy in common unless joint tenancy is expressly declared (500.19, subd. 2), and Minnesota has abolished the common law unities requirement for creating a joint tenancy (subd. 3). A severance by one joint tenant is effective only if the instrument is recorded, or is executed by all the joint tenants, or the severance is court-ordered, or it follows a joint tenant's bankruptcy; a dissolution decree severs joint tenancy interests between the parties unless the decree says otherwise (subd. 5).
Subdivided lands
Chapter 83 makes it unlawful to offer or sell an interest in subdivided lands in Minnesota unless the interest is registered with the commissioner or the land or transaction is exempt under section 83.26 (83.23, subd. 1). Registration is by notification for subdivisions of not more than 100 lots, units, parcels or interests, on 20 days' advance filing and a $150 fee, or by qualification with a public offering statement. "Subdivided land" means real estate wherever located, improved or unimproved, divided or proposed to be divided for sale or lease, including timeshare interests and units in a common interest community (83.20, subd. 11) — so out-of-state land offered to Minnesota buyers is within the chapter.
Common interest communities
The Minnesota Common Interest Ownership Act, chapter 515B, and not chapters 515 and 515A, governs every common interest community created in Minnesota on and after June 1, 1994, and reaches earlier communities through the rules in 515B.1-102(b). On a resale by a unit owner who is not a declarant, the owner must furnish the buyer, before execution of any purchase agreement or otherwise before conveyance, the declaration, articles, bylaws, rules and amendments, the master association documents where applicable, and a resale disclosure certificate from the association dated not more than 90 days before the purchase agreement or the conveyance, whichever is earlier (515B.4-107(a)). The association must furnish that certificate within ten days of a unit owner's request and may charge a reasonable fee (paragraph (d)), and a purchaser is not liable for unpaid assessments the certificate omits (paragraph (e)). Recording the declaration perfects the association's assessment lien with no further filing, and that lien ranks behind encumbrances recorded before the declaration, any first mortgage on the fee, and real estate tax liens (515B.3-116).
Taxes, assessments and tenancies
Where the tax on a parcel exceeds $100, half is due before May 16 and the remainder before the following October 16, with penalties running from each due date at two percent on homestead and four percent on nonhomestead property (Minn. Stat. 279.01, subd. 1). Under chapter 504B a residential security deposit is expressly not received in a fiduciary capacity within the meaning of the trust funds definition in 82.55, subd. 26, and bears simple noncompounded interest at one percent per annum (504B.178, subd. 2). Within three weeks after the tenancy ends and after receiving the tenant's mailing address the landlord must return the deposit with interest or furnish a written statement of the specific reason for withholding, and the landlord carries the burden of proving that reason (subd. 3).
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State-specific details
State exam facts
- State regulator
- Minnesota Department of Commerce
- Exam vendor
- PSI
- Prelicensing education
- 30-hour broker course, including 3 hours of fair housing, completed within 12 months before application (beyond the salesperson courses)
- Passing score
- 75% on the uniform portion and 75% on the state portion
- Scored questions
- 135
- Time limit
- 240 minutes
Who regulates real estate brokers in Minnesota?
The Minnesota Department of Commerce licenses real estate brokers and salespersons under Minnesota Statutes chapter 82. The Department contracts with PSI to deliver the licensing exams; PSI's Minnesota candidate information bulletin is number 10954.
What experience do I need before the Minnesota broker exam?
Minn. Stat. § 82.59, subd. 4(b) requires proof of at least three years of actual experience as a licensed real estate salesperson within the previous five-year period, in Minnesota or in another state with comparable requirements, or that you are otherwise similarly qualified in the commissioner's opinion by reason of education or practical experience. Subdivision 5 lets the commissioner waive the experience requirement for someone with a real estate degree from an accredited college or university, a licensed practicing attorney whose practice involves real estate law, or a public officer whose official duties involve real estate law or real estate transactions; a granted waiver lapses if you do not pass the broker examination within one year. You must also complete a 30-hour broker course, three hours of it fair housing, within the 12 months before you apply.
How is the Minnesota broker exam structured?
PSI's examination summary table gives the broker exam as a general portion of 75 items scored to 80 points in 2.5 hours plus a Minnesota state portion of 60 items worth 60 points in 1.5 hours — 135 scored items over 4 hours. The general broker exam includes some items scored up to two points, which is why 75 items are worth 80. You must score 75% on each portion to pass, and a candidate who passes one portion retakes only the other. Five to ten unscored experimental questions may also appear and will count against your time.
What does the Minnesota state portion cover?
PSI's Minnesota state content outline lists four areas: real estate brokerage license law (Minn. Stat. §§ 82.55–82.86 plus the commissioner's authority in chapter 45), interests in real property (conveyance by spouses, subdivided lands, common interest ownership under chapter 515B, property taxes, and landlord-tenant law), conveyance procedures and protection of parties (Torrens registration, mortgage registry and deed tax, statutory home warranties, the Minnesota Human Rights Act, the statute of frauds, and well, septic and storage-tank disclosures), and financial instruments (mortgage foreclosure and redemption, contracts for deed, homestead exemptions, and mechanic's liens). Note that PSI prints per-area numbers of 25, 10, 9 and 6 that add up to 50 rather than the 60 items it declares for the state portion, so treat those figures as relative emphasis rather than as item counts.
Sources: https://test-takers.psiexams.com/api/content/bulletin/10954, https://www.revisor.mn.gov/statutes/cite/82.59, https://mn.gov/commerce/licensing/list/real-estate/
In the Minnesota Real Estate Broker guide: A 60-question national practice exam, with a key that explains all four options and not just the right one. Practice here stays free.