Under Minnesota Statute Chapter 82, a real estate broker who holds client funds must deposit those funds into a trust account. Which state agency is responsible for overseeing compliance with trust account requirements for Minnesota real estate licensees?
Correct Answer
B) Minnesota Department of Commerce, Real Estate Division
Under Minn. Stat. Ch. 82, the Minnesota Department of Commerce, Real Estate Division (MN DOC) is the primary regulatory body overseeing real estate licensees, including enforcement of trust account rules. The MN DOC has the authority to audit trust accounts, investigate complaints, and discipline licensees who mishandle client funds.
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Related Topics & Key Terms
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Related Concepts
Market allocation is an illegal antitrust practice in which competing real estate brokerages agree to divide markets among themselves by geographic area, property type, or price range, thereby eliminating competition.
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
More Practice Of Real Estate Questions
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