Options for your License

Your license does not just have to be "Active" or "InActive" in Minnesota.

 

Option 1: Active

• You are licensed as an active real estate salesperson or broker with a licensed real estate brokerage

• You can actively representing buyers and sellers

• Some of the requirements to maintain include:

  • Membership in the Board of REALTORS

  • Independent Contactor/compensation agreement

  • Errors & Omissions and/or liability insurance premiums

  • License renewal fees

  • Continuing Education

  • Lockbox key & dues associated with the electronic keys

  • MLS quarterly dues

  • Brokerage/office fees associated with your individual broker

  • Marketing expenses such as business cards, signs, mailings, etc.

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Option 2: InActive

• You may place your license in “inactive” status through the MN Department of Commerce for up to 2 years without having to re-take the exam

Requirements​​​

• You cannot represent clients while your license is inactive nor can you receive referral fees ( NO $)

• If you want to reactivate within the two years, you will have to complete the continuing education requirements and pay the license renewal fees.

• If you are reactivating with an active brokerage, you will have to reactivate your membership with the local/state/national associations of REALTORS and pay prorated dues.

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Option 3: Referral Agent through License Care Taker

• Receive Referral Commissions - MAKE $
• Your license remains active through the MN Department of Commerce (with License Care Taker as your broker**)

• ​This is an appropriate choice if you want to utilize your license to purchase your own investment properties or collect referral fees

• You cannot represent buyers and sellers

• BUT you can transfer your license back to an Active Broker at any time​​

Requirements & costs to maintain:

• Same renewal fees paid to Commerce at time of license renewal

• Continuing Education requirements remain the same

• $250 annual fee due to License Care Taker (that is the only fee)

• Signed Referral Agreement with MNStar Realty

• We report your status to the association as an associate with a LFRO brokerage, making you eligible for annual and quarterly dues exclusion

**License Care Taker is a fully-licensed real estate company with the Minnesota Department of Commerce and is allowed to function as a “Limited Function Referral Office” (LFRO) by the St. Paul and Minneapolis Area Associations of REALTORS.

You can transfer your license to License Care Taker at any time during the year, at the time of renewal, or at the end of the year when annual dues are owed.

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