Jennifer recently completed 90 hours of DOC-approved pre-license education in Minnesota and passed both the national and state portions of the PSI salesperson examination. She has received her passing score report. What must Jennifer do next to legally begin conducting real estate activities in Minnesota?
Correct Answer
A) Jennifer must submit her license application to the Minnesota Department of Commerce and affiliate with a licensed broker before conducting any real estate activities.
Passing the PSI examination does not automatically activate a Minnesota real estate license. Under Minn. Stat. Ch. 82 and DOC procedures, Jennifer must submit a completed license application to the Minnesota Department of Commerce, pay the required fees, and affiliate with a licensed Minnesota broker before she may lawfully conduct real estate activities. The examination passing score report is a prerequisite for application, not the license itself.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
Advertising regulations govern how real estate licensees may market properties and services, requiring truthful, non-deceptive advertising that includes proper identification of the brokerage.
Antitrust violations in real estate occur when competing brokerages or agents engage in practices that restrain trade, reduce competition, or harm consumers through collusion. These violations are governed by the Sherman Antitrust Act and can result in severe penalties.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
In Wyoming real estate practice, a first-time salesperson applicant completes coursework. What should the licensee remember?
A Wyoming licensee is reviewing an out-of-state salesperson applicant prepares for testing. What is the best answer?
In Wyoming real estate practice, a salesperson applicant age is reviewed. What should the licensee remember?
A responsible broker in Wyoming asks about a nonresident applicant provides home-state evidence. Which answer follows Wyoming law?
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- → For the Wyoming salesperson state portion, a licensee asks how long Wyoming renewal periods are. Which statement is correct?
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