Unit 1: Licensing Legislation and Rules

Question 1

What chapter of the Minnesota Statues deals with real estate licensing laws?

Answer 1

Chapter 82

Question 2

Who oversees real estate industry?

Answer 2

Minnesota Department of Commerce

Question 3

Who is the Minnesota Department of Commerce head?

Answer 3

Commissioner of Commerce

Question 4

T/F The Commissioner of Commerce is appointed by the state governor.

Answer 4

True

Question 5

What are the 5 responsibilities of the Commissioner of Commerce?

Answer 5

1. Administer and enforce real estate license law
2. Issue licenses
3. Hold hearings and issue injunctions
4. Take disciplinary action
5. Make rules and regulations

Question 6

What disputes does the Commissioner of Commerce not handle?

Answer 6

Any disputes between licensees or hear ethics charges.

Question 7

What 3 disciplinary actions can the Commissioner of Commerce take against a licensee?

Answer 7

1. Deny, suspend, or revoke a license
2. Censure a license
3. Impose a civil penalty up to $10,000