Unit 1: Licensing Requirements, Renewal, & Transfer Flashcards
What are the 6 requirements for a salesperson’s license?
- 18 years old (at application)
- 90 hours of education (3 30-hour courses)
- Examination
- Written application & fee
- BCA criminal background check
- Tax Clearance Certificate
T/F In the state of Minnesota, there is no high school diploma or degree requirement needed to get a license.
True
When is a 45-day broker permit issued to a qualified salesperson?
Upon death or incapacity of a broker.
What happens to the salesperson’s license if their broker’s license is suspended or revoked?
The license is ineffective.
Who holds a salesperson license?
The broker
Who renews eligible salesperson’s licenses?
The broker
What date do licenses expire?
June 30 at the end of each 24 month license period.
When is the timely renewal deadline?
June 15
How many hours of continuing education do new licensees have to complete for renewal?
30 hours
After the 1st renewal, how many of the continuing education hours need to be completed each year?
15 hours
What is defined as the 1st license period?
Initial activation date - 2nd June 30th
How many hours of agency and fair housing is needed per licensing period?
1 hour of each
How many hours of module education is needed annually by the Commissioner?
3.75 or 7.5 hours
What are the steps needed to transfer a real estate license?
- Salesperson fills in form and signs
- Broker 1 signs form and destroys license
- Broker 2 signs form within 5 days
- Form and fee are sent to the Commissioner within 72 hours
How many signatures are needed to transfer a license?
3 signatures
