MINNESOTA REAL ESTATE EXAM 100 QUESTIONS &
CORRECT ANSWERS LATEST 2025
What is the maximum fine amount that the Department of Commerce may issue?
- ANSWER-$10,000 on civil fines per transaction
Does the commerce hear disputes between the broker and salesperson? -
ANSWER-No
Who must have a real estate license in Minnesota? - ANSWER-"For another and
for a fee"
List, sell, exchanges, or negotiates
Exceptions to people needing a real estate license? - ANSWER-Court Appointed
Practicing Attorney
Fees received prior to loan funding must be deposited in an escrow account
___________ after receipt. - ANSWER-48 Hours
How many properties may a person sell prior to needing a license in a 12 month
span? - ANSWER-5 or more (needs a license) - 4 or less (is okay)
How many properties may a construction company build and resale in a 12 month
period? - ANSWER-May not exceed 25
, Limited Broker's License - ANSWER-No limitations on buying or selling, but may
not employ salesperson
How old must one be at age of application? - ANSWER-18
Is a high school diploma required to get a salesperson license? - ANSWER-No
Upon death how long may a temporary brokers license last? - ANSWER-45 days
What happens to salespersons license if the broker's is suspended or revoked? -
ANSWER-Theirs becomes ineffective
Principal (Primary) Broker - ANSWER-The broker on whose behold salesperson are
licensed to act
What day do salespersons licenses expire? - ANSWER-June 30 every 24 months
When is the timely renewal date for license? - ANSWER-June 15
Who renews the license of a salesperson? - ANSWER-The Primary Broker
How many hours of continuing education must be completed in the first 12
months after renewal? - ANSWER-15 hours
CORRECT ANSWERS LATEST 2025
What is the maximum fine amount that the Department of Commerce may issue?
- ANSWER-$10,000 on civil fines per transaction
Does the commerce hear disputes between the broker and salesperson? -
ANSWER-No
Who must have a real estate license in Minnesota? - ANSWER-"For another and
for a fee"
List, sell, exchanges, or negotiates
Exceptions to people needing a real estate license? - ANSWER-Court Appointed
Practicing Attorney
Fees received prior to loan funding must be deposited in an escrow account
___________ after receipt. - ANSWER-48 Hours
How many properties may a person sell prior to needing a license in a 12 month
span? - ANSWER-5 or more (needs a license) - 4 or less (is okay)
How many properties may a construction company build and resale in a 12 month
period? - ANSWER-May not exceed 25
, Limited Broker's License - ANSWER-No limitations on buying or selling, but may
not employ salesperson
How old must one be at age of application? - ANSWER-18
Is a high school diploma required to get a salesperson license? - ANSWER-No
Upon death how long may a temporary brokers license last? - ANSWER-45 days
What happens to salespersons license if the broker's is suspended or revoked? -
ANSWER-Theirs becomes ineffective
Principal (Primary) Broker - ANSWER-The broker on whose behold salesperson are
licensed to act
What day do salespersons licenses expire? - ANSWER-June 30 every 24 months
When is the timely renewal date for license? - ANSWER-June 15
Who renews the license of a salesperson? - ANSWER-The Primary Broker
How many hours of continuing education must be completed in the first 12
months after renewal? - ANSWER-15 hours
