Becoming a licensed real estate agent in Minnesota takes commitment and diligence. In order to become licensed, you must complete 90 hours of prelicensing education, pass the state exam (scoring 75% or better), and associate yourself with a broker before beginning selling property.
Before selecting your brokerage, it is advisable to interview several and compare commission structures, training opportunities, and culture before selecting one as your sponsoring broker who will then submit your license application directly to the Commerce Department.
Educational Requirements
Minnesota real estate license applications can be complex affairs that necessitate the fulfillment of specific educational and licensing requirements. Understanding these processes and requirements as an aspiring agent is vital in order to take full advantage of all opportunities that await you as a professional agent. Whether looking into real estate either part-time or full-time, below information will guide your decisions and simplify licensing procedures.
Step one is meeting basic eligibility requirements, such as possessing either a high school diploma or GED certificate and being at least 18 years old. After you’ve verified your eligibility, step two requires enrolling and successfully completing prelicensing education. Prelicensing courses consist of 90 hours designed to equip you with state-specific principles and practices necessary for success in real estate salesperson exams administered by PSI. Once finished, take and pass PSI’s Real Estate Salesperson Exam administered. The exam consists of two sections, the General section and State section. The General section features 80 questions over 2.5 hours while State portion contains 40 questions that must be completed in 1.5 hours to pass the test. You must earn at least 75% to pass. Many agents find taking an exam challenging; therefore it may be beneficial to take a prep course to help make test day more manageable.
Once you’ve passed the exam, the initial real estate license application must be submitted via your sponsoring broker to the Department of Commerce for processing. They will conduct a background check as part of this application process, so any criminal convictions must be disclosed as part of this disclosure process.
Once your background check has been approved, you can submit your license application and pay the $180 fee ($180 plus a $10 technology surcharge). After submitting, your application must be reviewed; PULSE Portal allows users to track its progress. Once approved, you’ll be ready to begin work as a real estate professional in Minnesota.
Brokerage Requirements
Once you’ve been licensed as a real estate salesperson for at least two years, then applying to become a broker in Minnesota is possible. Requirements for becoming a broker include meeting certain educational prerequisites, submitting a sponsoring broker application form, passing both national and state real estate exams as well as passing a background check.
For this requirement to be met, you’ll need to complete 90 hours of pre-licensing courses approved by the Minnesota Department of Commerce with an education provider approved by Pearson VUE and cover topics like agency representation, anti discrimination laws and federal fair housing laws. In order to take part in Pearson VUE’s state-specific real estate exam containing two sections; an 80 multiple choice question national section covering general real estate principles while 50 Minnesota specific questions from specific laws and practices will need to be passed in both sections in order to pass. To pass, you’ll need an overall score of at least 75% in both sections in order to pass both sections successfully – see Chapter 6.
Once you’ve passed the exam, submit your broker license application through the Department of Commerce’s PULSE Portal. Along with providing evidence that you completed a background check with the state Bureau of Criminal Apprehension or FBI and paying an application fee (real estate brokers’ application fees are $180 plus $10 technology surcharge).
As part of meeting state education and licensure requirements, you will also need a sponsoring agent and broker who will supervise your activities. When selecting a broker make sure that their experience level and commission split are satisfactory as these factors will directly influence how much money you earn.
If you’re ready to get started in real estate brokerage, our recommendation would be selecting a broker who offers an equal split on commissions and doesn’t charge monthly desk fees. From there, build your business through hard work – from setting daily goals and using scheduling apps or calendars, to reading more books about real estate and finding mentors that can guide and advise throughout your career journey.
Exam Requirements
Once completed with pre-licensing education courses, candidates must then take the state real estate exam. The licensing department advises all candidates to familiarize themselves with its format, structure and scoring rules prior to taking the test. Once ready to schedule their exam through Pearson VUE by visiting their website; please note that fees vary according to location – fees for taking exams vary and must be paid when scheduling it.
Once an exam is successfully taken, candidates will immediately receive the results and, if successful, can expect their license application to be processed within a year by the license department. Candidates should keep in mind that if they fail the test they may incur additional charges in order to retake it.
Once applicants pass the real estate exam, they must then provide their background check and fingerprints to Minnesota’s licensure department for review. Once fingerprinting is complete with an approved vendor such as IdentoGO paying the appropriate fee they can then submit their license application with the Department of Commerce.
Licensing can be challenging, but the rewards can make the effort worth while. Prospective agents should interview multiple brokerages until they find one that best meets their needs based on commission structures, splits, training opportunities and company culture. Once candidates find their perfect broker sponsoring broker will handle all paperwork to activate an agent’s license with Minnesota real estate commission.
Minnesota real estate agents must fulfill both educational and licensing requirements to be licensed, as well as 30 hours of continuing education every two years. This must include courses on fair housing and agency law as well as courses related to fair housing. Continuing education requirements can be found here on the licensing department’s website. In order for an individual to succeed as a Minnesota real estate agent, effective time management strategies are key; setting daily priorities using calendars or planning apps as well as reading relevant books about real estate can all help expand knowledge while increasing performance levels are all necessary steps for success. For more information visit their licensing department’s website here.
Licensing Requirements
Steps are needed in Minnesota to become licensed to sell real estate. First, meet basic eligibility requirements by being at least 18 years old and a legal US citizen or resident; next complete pre-licensing education of 90 hours with an approved school; this education prepares you for taking and passing the state licensing exam; after passing, affiliate with a broker who will submit your license application to the Commerce Department on your behalf.
When selecting a real estate course, take a close look at its curriculum, school reputation and whether or not they provide additional study materials to prepare for state exams. Compare several courses until one aligns with your learning preferences and professional goals; furthermore ask the school if they share their “pass rate”, this will show what percentage of their students pass their first attempt on state examination.
Once you have met all of the educational requirements, it’s time to pay the fee and schedule the state licensing exam through Pearson VUE – passing with at least 75% will entitle you to apply for your license via PULSE portal.
As you begin your career as a licensed real estate agent, it is crucial that you spend some time becoming acquainted with your local market. This can be accomplished by touring homes in your area, studying real estate sales statistics and getting to know those whom you will serve. In addition, it will be essential that you learn how to connect with clients effectively so they can make informed decisions when buying or selling their homes.
Staying current with industry developments requires staying informed by attending real estate conferences and seminars in your local area, while some agents decide to obtain licenses in additional states in order to expand their clientele beyond local boundaries.