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Minnesota · State License Law — free study notes for the real estate licensing exam.
🏛️ State License Law 📍 MinnesotaIn Minnesota, client and escrow money such as earnest money must be held in the broker's designated trust account, kept separate from the broker's own operating funds to prevent commingling. The broker bears ultimate responsibility for proper handling, recordkeeping, and timely deposit of these trust funds. To maintain an active license, Minnesota salespersons must renew on schedule with the Department of Commerce and complete the required continuing education during each license period to stay current with law and practice.
Yes. State License Law is a scored domain on the Minnesota real estate licensing exam, and this topic appears in the state license-law portion.
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Minnesota applies its own license law on top of the national portion. This page covers the Minnesota rules specifically, which is what the state section of your exam tests.