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Limited Broker
If you will engage in transactions as principal only, or if you will solely engage in negotiations of mortgage loans other than residential mortgage loans as defined below, you can apply for a limited real estate broker's license. For the purposes of limited broker licensure, "residential mortgage loan" means a loan secured primarily by either: (1) a mortgage on residential real property; or (2) certificates of stock or other evidence of ownership interest in and proprietary lease from corporations, partnerships, or other forms of business organizations formed for the purpose of cooperative ownership of residential real property. A salesperson may not be licensed to act on behalf of an individual holding a limited broker's license. A responsible person of a business entity licensed as a limited broker may act on behalf of that business entity without being subject to the licensing requirements.
Trust Account
Every applicant for a limited broker’s license must provide a notice of trust account status, including the trust account numbers, the effective date, and the name of the financial institution. An applicant for a limited broker's license may apply for a waiver of these notice requirements, however, if the applicant will not receive any trust funds. To apply for a waiver of the trust account notice requirements, submit the form that is available at https://mn.gov/commerce-stat/pdfs/re-trust-account-waiver.pdf.