Real Estate Limited Broker
Agency contact information:
Commerce, Minnesota Department of
85 7th Place East, Suite 500
St. Paul, MN 55101
(651) 539-1599 | (800) 657-3978 (MN only, outside Metro area)
(651) 539-0107 (fax)
Contact Info: firstname.lastname@example.org
The Minnesota Department of Commerce is the chief regulator for the banking, energy, insurance, real estate, securities, telecommunications industries and also operates Minnesota's Unclaimed Property.
Resident and Non-Resident Limited Broker License
To apply for one of these license types go to Pearson VUE PULSE portal submit an application electronically.
After selecting "Minnesota Department of Commerce" as the program and "Real Estate" as the board, click on "Submit a Resident License Application" or "Submit a Non-Resident License Application" and follow the necessary steps. After the application has been approved, you can make profile changes, print your own license, and process your own renewals. Please remember that it is the responsibility of the licensee to maintain license information through the PULSE portal.General Application Information for a Resident or Non-Resident Limited Broker License
The license fee is $210. In addition, the online system vendor also charges processing fees. The term of a broker license is two years, expiring on June 30.
A limited broker is required to maintain an interest-bearing trust account.
If the limited broker meets the requirements to waive the trust account notice, a completed Trust Account Notice Waiver Certification form may be attached to the limited broker application, in place of obtaining a trust account. The Trust Account Notice Waiver Certification form must be faxed to (651) 284-4207 along with a copy of the application confirmation page. The application will not be processed until the appropriate documents are received.
A limited broker is authorized to conduct real estate transactions as principal only.
A limited broker license does not authorize the licensee to:
manage or sell property on behalf of others,
employ salespersons or agents,
conduct any residential mortgage activities, or
conduct commercial mortgage loan activities (other than commercial mortgage loan brokering).
A limited broker license issued to:
an individual will authorize only the individual to act on the individual's own behalf,
a partnership will authorize only the general partners to act on behalf of the partnership,
a corporation will authorize only the elected officers to act on behalf of the corporation, and
an LLC or trust will authorize only the elected or managing members to act on behalf of the LLC or trust.
A limited broker's license also authorizes the licensee to engage in negotiation of commercial mortgage loans as principal only. A limited broker's license does not authorize the licensee to engage in negotiation of any residential mortgage loans.
Mortgage Loan Activities
"Making" a mortgage loan means to advance funds in connection with a mortgage.
"Brokering" a mortgage loan means assisting a borrower in obtaining a mortgage loan (including soliciting, placing, or negotiating a mortgage loan).
If you are "making"or "brokering" a Residential Mortgage Loan, you must obtain a Residential Mortgage Loan Originator or Servicer license or exemption.
If you are "making" a Commercial Mortgage Loan, please contact the Commerce Banking Division to discuss whether your specific activities require a license.
Contact the Commerce Banking & Financial Exams Division at email@example.com or (651) 296-2135 for information about Residential Mortgage Originators and Servicers, Industrial Loan & Thrifts, Debt Prorate Agencies, Consumer Small Loan Lenders (payday lenders), Regulated Loan Companies, Motor Vehicle Sales Finance Companies, Accelerated Mortgage Payment Providers, Currency Exchanges, and Money Transmitters, and for information about license applications, renewals, and registration for these entities or individuals.
If you are "brokering" a Commercial Mortgage Loan, you must obtain a Limited Broker license.
Contact the Commerce Licensing Division at firstname.lastname@example.org (651) 296-6319 for information about how to obtain a Real Estate Broker license or a Limited Broker license.
Renew a Limited Broker License
Prior to each renewal period, reminder postcards are sent to the Limited Broker. The renewal postcards direct the Limited Broker to the Pearson VUE PULSE portal and provide any other necessary information that may be required to renew online.
Limited Broker license fee - $210
Business Entity Limited Broker fee - $150
Technology surcharge (individual licensees only) - $40 per initial license and renewal.
Licensing surcharge to be assessed
The Minnesota Legislature passed legislation requiring a 10% surcharge of no less than $5 and no more than $150 on each business, commercial, professional or occupational license. The funding from this surcharge will go to MN.IT Services (formerly Office of Enterprise Technology (OET)), which is establishing an electronic licensing system for the state. The surcharge will be in place through June 30, 2015. See Minn. Stat. § 16E.22.
Period of Issuance:
2 years, expiring on June 30.
Length of Determination Process:
2 - 4 weeks