The state of Minnesota licenses nearly 25,000 companies and individuals in the real estate profession here. That includes real estate agents, brokers, closing agents abstracters and real estate companies. The state also licenses nonbank residential mortgage originators, mortgage company loan officers, and mortgage servicing companies.
There are continuing education requirements REALTORS® must meet to keep their licenses current. Minnesota Association of REALTORS® Senior Vice President Linda Modlinski breaks down what’s required – under a law that took effect in 2011.
As part of the continuing education that is due each license year, resident licensees in Minnesota must complete a module training course. This module is part of the 15 hours that are due each year within the two year license cycle, not in addition to it.
For the 2012-13 year, which begins on July 1, 2012 and ends on June 30, 2013, all licensees must complete a module which includes two topics: Minnesota Contracts and Distressed Properties. The total number of credit hours is 7.5.
To obtain credit for the module, a licensee must attend two sessions, with each session being comprised of 3.75 hours, and pass the examination after each session. One session will cover the Contracts topic content and the other session will cover the Distressed Properties topic content. The examination after each session will consist of 25 multiple-choice and true/false questions, which are randomly selected from a pool of 100 questions. The passing score for each test is 18 or more correct answers. The sessions can be taken in any order, but credit will be given only after both sessions have been taken and the licensee has successfully completed the exams.
A licensee must take both modules from the same real estate education provider approved by the Department of Commerce who has received approval for the course. MNAR is such a provider and we have a staff of experienced, well qualified instructors who will be teaching the module sessions. We will again be partnering with Local Associations, giving our members a variety of opportunities to take the classes throughout the state in a classroom environment. MNAR’s on-line education provider, ContinuingEdExpress will also be offering the course on-line, which you can access on the Education page at http://www.mnrealtor.com .
Please keep in mind the current 2012 module is Residential Leasing, which is a 3.75 hour course, and this requirement must be completed by June 30, 2012. The only exceptions for completing this requirement are for commercial-only licensees. All other Minnesota resident licensees will be required to complete the leasing module and extensions will NOT be granted by the Department of Commerce. Brokers and salespersons who do not complete the current requirement by June 30, 2012, the licensee’s real estate license will be terminated by the Department of Commerce. Without a license, you will be unable to conduct ANY real estate related activities and all REALTOR® Association services, including MLS, will be suspended. A terminated license will remain inactive until such time as the licensee completes the module requirement and makes application to reactive the license. Additional fees will be charged.
If you have any questions concerning this requirement, please feel free to contact Linda at firstname.lastname@example.org.
The Minnesota Association of REALTORS® is the largest professional trade association in the state with more than 19,000 members who are active in all aspects of the real estate industry.