Minnesota Real Estate License

Minnesota Statutes Chapter 82. Real Estate Brokers and Salespersons 

• Corporations
• General Partnerships 
• Limited Liability Companies 
• Limited Liability Partnerships

• A business entity applying for a license shall have at least one responsible person individually licensed to act as broker for the business entity. Each responsible person who intends to act as a broker shall obtain a license.
• An application for a business entity license shall be verified by a responsible person for the business entity.
• The application of all responsible persons of a business entity who intend to act as brokers on behalf of a business entity shall accompany the initial license application of the business entity. Responsible persons intending to act as brokers subsequent to the licensing of the business entity shall procure an individual real estate broker's license prior to acting in the capacity of a broker. No responsible person who maintains a salesperson's license may exercise any authority over any trust account administered by the broker nor may they be vested with any supervisory authority over the broker.

• All trust funds received by a broker or the broker's salespeople or closing agents shall be deposited, as provided in subdivision 5, in a trust account, maintained by the broker for such purpose in a bank, savings association, credit union, or an industrial loan and thrift company with deposit liabilities designated by the broker or closing agent, except as such money may be paid to one of the parties pursuant to express written agreement between the parties to a transaction.
• The depository bank shall be a Minnesota bank or trust company or any foreign bank and shall authorize the commissioner to examine its records of such deposits upon demand by the commissioner. The industrial loan and thrift company shall be organized under chapter 53. The savings association or credit union shall be organized under the laws of any state or the United States.

All companies must have at least one elected officer who is individually licensed to act as the primary broker.

Nonresident real estate companies must obtain a Certificate of Authority from the Minnesota Secretary of State and email it to licensing.commerce@state.mn.us after the license application is submitted.

If you meet the requirements to waive the trust account notice, a completed Trust Account Notice Waiver Certification form must be emailed to  licensing.commerce@state.mn.us