Minnesota By The Numbers

Match the following

Legislation is BLANK, Minnesota License Law Act​ ​ ​

• Chapter 72
• Chapter 81
• Chapter 71
• Chapter 82

Civil fines through the department of commerce go up to?

• $15,000

• $20,000

• $10,000

• 5,000

Within how many days should a written notice to the commissioner go out for license infractions, closing trust accounts, and office moving etc?

• 30 Days

• 10 Days

• 45 Days

• 7 Days

How long should trust account records be maintained

• Six Years

• Ten Years

• Two Years

• Five Years

What percentage may a licensee receive of direct expense reimbursements?

• The amount set by broker

• 60%

• 90%

• 100%

A seller is liable for inaccurate well disclosure for 2 years

• True

• False

Override may not exceed how many months?

• 6 Months

• 3 Months

• 9 Months

• 1 Month

Override may not exceed how many long, if the business was sold?

• 6 months

• 2 years

• 30 days

• 1 year

How long within expiration must a protective list be given for an override?

• 24 hours

• 7 days

• 72 Hours

• 48 hours

No license is needed if

• One sells 4 of fewer properties in one year

• One sells 5 of fewer properties in one year

• One sells 1 properties in one year

• One sells 2 of fewer properties in one year