How to Get a Real Estate License in Minnesota
Table of Contents
- Who is Eligible for a Real Estate License in Minnesota?
- Attend Real Estate School
- Complete the Minnesota State Real Estate Licensing Exam
- Find a Real Estate Mentor
- Apply for a Minnesota Real Estate License
- How to Renew a Minnesota Real Estate License
Who is Eligible for a Real Estate License in Minnesota?
A Minnesota real estate license is something that most people are eligible to apply for. Eligible applicants must be at least 18 years old. Minnesota does not require applicants to have a college degree, high school diploma, or GED. However, someone who has been convicted of a felony is disqualified from becoming an agent. Some disqualifying crimes include grand and petty theft, embezzlement, fraud, perjury, and tax evasion.
Attend Real Estate School
The pre-licensing education course that a prospective real estate agent chooses is the most important resource that they will have available when it comes to preparing for the Minnesota Salesperson Real Estate licensing exam. While there are plenty of additional study resources available, choosing a reputable course taught by a knowledgeable instructor can be a big advantage when it comes to taking the licensing exam. Thankfully, there is a wide range of high-quality pre-licensing education courses to choose from.
When choosing a pre-licensing education course, students will choose between an in-person or an online course. Both options offer their own unique set of pros and cons. In the end, however, deciding which option is best ultimately comes down to personal preferences. Online courses are convenient and allow students to learn at their own pace. Many people, however, find they learn better when receiving in-person instruction.
After selecting between an in-person or online pre-licensing education course, the next step is for students to find the perfect course to help prepare them for the Minnesota Salesperson Real Estate Licensing Exam. Speaking with former students who already completed the course is an excellent way to learn more about the quality of education provided. It may also be possible to find online reviews for a course that can be used to help guide the selection process.
Real estate course length differs for every state, but in Minnesota, students need to complete three 30-hour courses. The courses are called Course I, Course II, and Course III. Students can choose to purchase all three classes at once or separately as they complete each one.
Get a Real Estate Scholarship
Attending a pre-licensing education course to become a real estate agent in Minnesota certainly isn't as costly as attending a four-year college or university. However, it can still be a big expense. However, just like there are scholarships for traditional education, there are also scholarships available to students who wish to receive their Minnesota real estate license.
Students accepted for one of these scholarships will typically cover all the costs associated with pre-licensing education. Scholarships are usually available to students who have not yet begun their pre-licensing education, but some are also open to students already enrolled in a pre-licensing course but have not yet received their real estate license. If a student is accepted for a scholarship after they have already enrolled in a pre-licensing course, all the expenses they have already paid will be reimbursed. Any unpaid expenses will be covered, as well.
Anyone looking for a scholarship to help cover the expenses of real estate school should certainly check out the real estate scholarships offered by Kris Lindahl Real Estate. Through one of these scholarships, students can take the plunge into starting a brand new career as a real estate agent. However, the number of spots available for their scholarships is limited, so act quickly for the best chances at securing one.
Complete the Minnesota State Real Estate Licensing Exam
The Minnesota Salesperson Real Estate licensing exam is a standardized exam with 130 questions divided into two segments covering both state requirements and general requirements, which focuses on national laws and regulations. Students are given four hours to complete this exam: 2.5 hours to complete the general portion of the test and 1.5 hours to complete the state portion. The general portion contains 80 questions, while the state portion contains 50. A score of at least 75% is required on both portions to pass the exam. Results are given immediately after completing the exam.
In many ways, passing the Minnesota Salesperson Real Estate licensing exam is the final hurdle for those hoping to become a Minnesota real estate agent. While the majority of students who make it far enough to qualify for this final, all-important exam do indeed pass, there are always those who don't as well. To ensure a real estate career that starts without disruption, it's important to prepare for this licensing exam.
By far, the most important step when it comes to preparing for the Minnesota Salesperson Real Estate licensing exam is choosing the right pre-licensing course. A student who chooses a reputable course taught by an instructor who knows what it takes to prepare students for their licensing exam will have a much better chance of passing the exam on the first attempt.
Students who want to ensure they are properly prepared for the exam can take advantage of additional resources. Practice exams are available for students to take and test their knowledge. Taking a practice exam is a great way for students to discover the areas that require extra attention while studying. There are also books and online materials designed to help prepare students for the Minnesota Salesperson Real Estate licensing exam worth exploring.
Above all else, it's important to come into the exam confident and prepared. The Minnesota Salesperson Real Estate licensing exam requires plenty of study and preparation to pass. While there is no set limit on the number of times that someone can attempt this exam, passing the Minnesota Salesperson Real Estate licensing exam on the first attempt allows students to save money since there is a $65 fee required each time they attempt the exam.
Find a Real Estate Mentor
Before a student can acquire a Minnesota real estate license, they must first be associated with a sponsoring broker who is a current and active real estate agent in the state. This is legally required. If a new agent tries to apply for their license without finding a sponsoring broker, the application will be denied.
Keep in mind that the selected sponsoring broker will be the person who serves as their mentor to help guide them through the early stages of their career. They are also likely to be the new real estate agent's first employer since most real estate agents start out working under their sponsoring broker. With this in mind, students need to choose a sponsoring broker whose personality aligns with their own and a sponsoring broker who can provide them with the invaluable hands-on education they need to excel as a Minnesota real estate agent.
Apply for a Minnesota Real Estate License
After a student has passed the Minnesota Salesperson Real Estate licensing exam, the final step before becoming a real estate agent is to apply for a real estate license. This application is submitted to the Minnesota Commerce Department and costs $100 to submit. If the applicant used a real estate scholarship, it will typically cover this cost.
Can a Real Estate License Application be Denied?
In most cases, if a student passes the Minnesota Salesperson Real Estate licensing exam, they can look forward to their application for a real estate license being accepted. However, there are some instances where this application will be denied. Failure to disclose criminal convictions or pending criminal charges is one reason why a Minnesota real estate application can be denied. Anyone who has been convicted of a felony or certain misdemeanor charges may also have their real estate application denied.
How to Renew a Minnesota Real Estate License
A Minnesota real estate license expires on June 30th in the second year from the date that the license was issued. For example, if a Minnesota real estate license is issued on July 15, 2021, it will expire on June 30, 2023.
To be eligible for license renewal, real estate agents must first complete 30 hours of continuing education courses. After these continuing education courses are complete, real estate agents can apply for license renewal through the Minnesota Commerce Department.
Working as a Minnesota real estate agent is a rewarding career with plenty of opportunities for advancement. While there are several steps required to attain a Minnesota real estate license, it's something anyone can do if they are motivated and put in the time and effort required.