MN RE Broker study plan

Outline the Minnesota licensing framework, including broker and salesperson qualifications, application steps, and renewal cycles

Explain the composition and authority of the Minnesota Real Estate Commission and the Commissioner's enforcement powers

Differentiate between statutes, rules, and advisory opinions that govern licensees, citing at least three examples

Describe advertising and solicitation rules, including team names and social media use, under Minnesota law

Summarize prohibited acts and disciplinary grounds, including trust account violations, misrepresentation, and unlicensed activity

Explain continuing education requirements, including topic mandates and record retention

Describe brokerage entity licensing and the requirements for branch offices and assumed names

Identify the steps for handling a complaint investigation and the licensee's response obligations

Define agency relationships under Minnesota law, including seller's broker, buyer's broker, dual agency, and facilitator

List fiduciary duties and explain how each applies in a transaction scenario

Explain the timing and content requirements for agency disclosure and the dual agency consent form

Describe the duties owed when acting as a facilitator and how they differ from traditional agency

Identify the mandatory elements of a Minnesota purchase agreement and the standard addenda used in residential transactions

Explain the purpose and deadlines of the inspection, financing, and title contingency clauses

Describe the handling of earnest money, including escrow and dispute procedures

Summarize disclosure obligations for sellers and the role of the broker in facilitating disclosures

Distinguish types of ownership (severalty, joint tenancy, tenancy in common, marital property) and their effect on transfer

Explain the elements of a valid deed, types of deeds, and the Minnesota recording system

Outline the mortgage loan process, including pre-approval, underwriting, and closing disclosure timelines

Identify common financing types (conventional, FHA, VA, MHFA) and their closing requirements

Apply the sales comparison approach to select and adjust comparables for a subject property

Calculate gross rent multiplier and explain when the income approach is appropriate

Explain the role of a broker price opinion versus an appraisal and the limits on providing valuations

Describe market conditions and external obsolescence and their effect on pricing strategy

Explain Minnesota zoning enabling statutes, nonconforming uses, and the variance process

Identify environmental hazards and disclosure obligations, including lead-based paint, radon, and methamphetamine contamination

Summarize fair housing protected classes under federal and Minnesota law and prohibited practices in advertising and showing

Describe consumer protection requirements, including advertising accuracy and the handling of buyer funds

Explain broker supervision duties, including written policies, training, and oversight of salespersons

Describe trust account requirements, including commingling prohibitions, recordkeeping, and reconciliation

Outline transaction file retention requirements and the documents that must be kept

Review advertising and social media policies from a broker supervision perspective