REALTOR Question: What About My Broker?

inactive license for real estateInactive Real Estate or Broker License

The Minnesota Association of REALTORS® is here as a resource to help answer your real estate questions. We recently received this question about what happens if your broker’s license is inactive:

“I am a real estate agent and the status of my broker’s license went inactive because he failed to complete all of his continuing education credits.   That affected my license and the licenses of all agents affiliated with my broker and we now have inactive licenses.  My broker completed his agency and fair housing requirements and re-applied for his license yesterday.  Will my license and the licenses of all the other agents associated with the company be updated to active when my broker’s license is re-issued?”

MNAR Senior Vice President Linda Modlinski has the answer:

No.  We have been advised by the MN Department of Commerce that there isn’t any process that allows for an agent licensed under a broker to be automatically updated.  Rather, you and each licensee will have to re-apply for a new, active license after your broker has been issued his new active license.  The time for the DOC to process these applications is approximately fifteen (15) business days (which equates to about 3 weeks from the time of application).  This means that it will take approximately 3 weeks for your broker to receive his new license from the date he re-applied  plus an additional 3 weeks for your to receive your new active license after you made application.  There is an additional application fee charged by the State of MN that you will have to pay.

Please remember that during this period when your license is inactive, you cannot conduct or perform any real estate related activities! If you have questions on real estate and your business, please contact us at info@mnrealtor.com.

 

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. REALTORS® are dedicated to home ownership and helping people looking to buy and sell homes in Minnesota.

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