Minnesota law mandates that prospective real estate agents complete 90 hours of pre-license education courses covering national and state laws, licensing requirements and real estate practices.
Candidates must also pass a background check, which serves to protect the public by assuring them that individuals licensed are acting ethically. To facilitate this process, fingerprinting and official documentation documenting incidents that have taken place must also be obtained and processed as soon as possible.
Qualifications
Becoming a real estate agent in Minnesota involves fulfilling eligibility requirements, attending pre-licensing education classes, passing the state exam and finding a sponsoring broker. Furthermore, background checks must also be performed and an application submitted with the Commerce Department. Unlike many careers that require college degrees, real estate can provide flexible employment for full or part time work as an entrepreneur and allows individuals to be their own bosses.
Pre-licensing education in Minnesota entails 90 hours of comprehensive training designed to prepare agents for professional success in real estate. When selecting a program, ensure it matches with both your learning style and professional goals – including course content, format, school reputation, exam prep materials etc. As there are various options for Minnesota real estate education courses it’s wise to do your research first before making a commitment.
Once your pre-licensing education is complete, you must pass the Minnesota real estate licensing exam. This exam consists of two parts – general and state portions. To pass, at least 75% of questions must be answered correctly in both sections. You can take the exam at any Pearson VUE center across Minnesota with valid government ID and an appointment confirmation in hand.
After passing an exam, you must associate with a licensed real estate broker to receive your license. This requires applying to the Commerce Department and paying any associated fees; additionally, 30 hours of continuing education every two years are mandatory to keep your license active; continuing education ensures you stay abreast of industry trends and laws while helping build a rewarding real estate career.
Pre-license education
Minnesota state laws set forth certain essential requirements that must be fulfilled before an individual can become a real estate agent, including completion of 90 hours of pre-license education, passing the licensing exam and having an appointed sponsoring broker. Once these prerequisites are fulfilled, real estate can become an exciting career path with average annual salaries between $37,200 to $96,530; those in the top 10% may make even more.
An ideal real estate pre-license course of study will cover a range of subjects, such as property laws and contract types, along with how to analyze and market properties. Most courses last about 30 hours in duration and are either offered online or in classroom settings – be sure that the state approves of them either way!
Once you’ve completed all of the required pre-license coursework, it’s time to take the licensing exam. In order to earn your license, both national and state portions must be passed successfully in order to obtain it; national comprises 80 multiple-choice questions you must complete in 2.5 hours while state contains 50 questions specific to Minnesota real estate practices – you must score at least 75% across both sections for success.
After passing your licensing exam, the next step should be completing a background check. This must include providing fingerprints and paying a fee. In addition to that step, submitting signed and completed licensing applications is necessary before joining a brokerage that will actively help clients purchase or sell homes – selecting an ideal brokerage is key to your success.
State exam
Before selling real estate, taking and passing the state exam is one of the final steps before starting sales activities in Minnesota. You can take it either online through PSI or at one of Minnesota’s testing centers. Both the national and state portions must be passed for your license to be issued; taking an exam cram course to prepare may help improve your chances of passing this important test – practice as much as you can while familiarizing yourself with Minnesota real estate rules will likely ensure its success!
Once you have passed the state exam and fulfilled all licensing requirements, the next step in attaining your license will be affiliation with a real estate broker. This step is legally mandated as it fulfills a condition of your license. A sponsoring broker will submit your application to the Minnesota Department of Commerce while paying your $130 fee which includes both an education, research, and recovery fund and technology surcharge fee.
Choose the ideal broker is essential to being successful as a real estate agent in Minnesota. Make sure to interview several brokers and inquire about their commission structures, splits, sales quotas and marketing strategies as well as reputation and company culture. Also inquire as to the level of support offered to their agents.
If you already hold a real estate license from another state, you may qualify for a Minnesota state license through the reciprocity program. The Commerce Department will review your application to see if you can work legally in Minnesota – this process may take up to several weeks but when completed by your sponsoring broker you should receive notification that it’s time to start practicing as a real estate agent in Minnesota!
Brokerage
Once you’ve successfully completed a pre-licensing education course and passed the real estate exam, the next step in your licensing journey should be finding a broker to affiliate with. Minnesota law stipulates that this step be completed with someone holding an active real estate license – the sponsoring broker being accountable for submitting your real estate salesperson license request via MCD PULSE portal.
As part of your search for a brokerage, be sure to ask about their commission structure and splits as well as whether or not they charge monthly desk fees. Furthermore, ask about education and training opportunities they offer before seeking one with a strong local presence.
As a new agent, it’s essential that you take time to develop your network and sphere of influence. Connecting with people and keeping in touch via emails, birthday cards and other forms of contact is crucial in becoming a successful real estate professional.
Establishing your credibility is another essential element of the licensing process, taking time but essential for becoming a successful realtor in Minnesota. You can do this by touring properties in your neighborhood, researching current market trends and making potential clients aware that you’re the go-to person for all their real estate needs.
Finally, you must complete 90 hours of pre-licensing courses. In these classes, you’ll gain knowledge about the real estate industry and its regulations; take practice exams; and prepare for the state exam administered by Pearson VUE which consists of two parts – general and state sections. You must score at least 75% to pass.
Continuing education
Minnesota real estate agents have an earning potential that depends heavily upon their level of expertise and number of transactions completed. Earning potential can also be affected by their choice of brokerage and commission structure that governs earnings that remain with the sponsoring broker. Selecting the ideal brokerage can help an agent reach their career goals and become an award-winning producer. Interview brokers to identify those whose culture, values and support systems will align with your agent’s goals. Once an agreement has been reached, typically their sponsoring broker will handle all necessary paperwork necessary to activate a license with their state real estate commission.
Minnesota Real Estate Salespersons must complete 30 hours of continuing education (CE) every two years in order to retain their real estate licenses, covering specific topics such as agency law, fair housing laws and ethics. CE courses must be completed during each licensing period without carrying over into subsequent ones.
Once you have completed pre-licensing education, the next step is taking and passing the state exam. The state exam consists of two sections – national and Minnesota specific. National contains 80 multiple choice questions on general real estate principles while 50 questions relate specifically to Minnesota laws and regulations. Exams usually last four hours with at least 75% passing being required in order to pass.
Real estate exam prep courses provide students with high-quality study materials and experienced instructors, and typically boast over 91% pass rates – at an incredibly affordable cost!