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Exam Review

Key Facts: MN Real Estate Exam

120 Q

Exam Length

PSI MN candidate bulletin

80 + 40

National + State Split

PSI MN candidate bulletin

75%

Passing Score (Each Section)

MN Dept of Commerce

90 hrs

Pre-License Education

MN Dept of Commerce Chapter 82.58

$65

Exam Fee (PSI)

PSI MN fee schedule

30 hrs/2yr

CE Renewal Requirement

MN Stat 82.61

Minnesota requires 90 hours of pre-license education (Course I must be completed before scheduling the PSI exam). The PSI exam has 80 national questions (150 min) + 40 state questions (90 min) = 120 total; 75% required on each section. Key MN topics: MN Dept of Commerce (not a separate real estate commission) regulates under Chapter 82; trust accounts at FDIC-insured MN banks with monthly reconciliation; agency disclosure at first substantive contact; facilitator (not dual agent) is MN's unique transaction brokerage option; contract for deed cancellation = 60-day cure period (MN Stat 559.21); foreclosure redemption = 6 months (12 months for agricultural/10+ acres); well disclosure certificate required at closing (103I.235); deed transfer tax = 0.33%; MN Human Rights Act (Chapter 363A) adds sexual orientation, gender identity, marital status, public assistance to protected classes.

Sample MN Real Estate Practice Questions

Try these sample questions to review concepts for the MN Real Estate exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 341+ question experience with AI tutoring.

1Which Minnesota state agency is responsible for regulating real estate licensees and enforcing Chapter 82?
A.Minnesota Department of Commerce
B.Minnesota Real Estate Commission
C.Minnesota Department of Labor and Industry
D.Minnesota Secretary of State
Explanation: The Minnesota Department of Commerce is the primary regulatory body for real estate licensees under Minnesota Statutes Chapter 82. Unlike many states that have a separate real estate commission, Minnesota consolidates real estate oversight within the Department of Commerce, which has authority to issue, suspend, and revoke licenses.
2What is the minimum age requirement to obtain a Minnesota real estate salesperson license under Chapter 82?
A.18 years old
B.19 years old
C.21 years old
D.20 years old
Explanation: Minnesota Statutes Chapter 82 requires applicants to be at least 18 years of age to qualify for a salesperson license. This is consistent with the national standard, ensuring that licensees have reached the age of majority and can legally enter into contracts on behalf of clients.
3How many total hours of pre-license education are required for a Minnesota real estate salesperson license?
A.90 hours
B.60 hours
C.75 hours
D.120 hours
Explanation: Minnesota requires 90 hours of approved pre-license education before sitting for the salesperson examination. This requirement is divided into a structured curriculum that must begin with Course I (30 hours), which must be completed before taking any subsequent courses. This is one of the higher pre-license requirements in the country.
4In Minnesota's 90-hour pre-license education requirement, which course must be completed first?
A.Course I (30 hours), which must be completed before other courses
B.Course II (30 hours), which covers contracts and agency
C.Any of the three courses in any order
D.Course III (30 hours), which covers financing
Explanation: Minnesota requires that Course I, which covers the fundamentals of real estate principles and practices, must be completed first before a student may proceed to the remaining pre-license courses. This sequencing ensures candidates have a foundational understanding of real estate before advancing to more complex topics.
5Under Minnesota Statutes Chapter 82, what are the minimum experience requirements to qualify for a broker license?
A.3 years of active licensed experience plus 30 hours of broker pre-license education
B.2 years of active licensed experience plus 60 hours of broker pre-license education
C.5 years of active licensed experience with no additional education required
D.1 year of active licensed experience plus 90 hours of broker pre-license education
Explanation: To qualify for a Minnesota broker license, an applicant must have at least 3 years of active experience as a licensed salesperson and complete 30 hours of broker-specific pre-license education. This ensures brokers have sufficient practical experience before taking on the responsibility of supervising salespersons and operating a brokerage.
6What is the continuing education requirement for Minnesota real estate licensees during each 2-year renewal period?
A.30 hours, including 15 hours in the first year of the renewal period
B.20 hours with no annual requirement
C.30 hours equally split between the two years
D.24 hours with 12 hours required each year
Explanation: Minnesota Statute 82.61 requires 30 hours of continuing education per 2-year renewal period, but mandates that at least 15 of those hours must be completed in the first year of the renewal period. This front-loading requirement ensures licensees stay current throughout the entire renewal cycle rather than cramming all education in the final months.
7Under Minnesota CE requirements, which mandatory topics must be included in continuing education courses each renewal period?
A.1 hour of agency law, 1 hour of fair housing, and a 3.75-hour module course each year
B.2 hours of agency law and 2 hours of ethics each renewal period
C.4 hours of fair housing and 4 hours of contracts per renewal period
D.3 hours of agency law and 3 hours of disclosure per renewal period
Explanation: Minnesota's CE requirements include specific mandatory topics: at least 1 hour on agency law, at least 1 hour on fair housing, and a 3.75-hour module course must be completed each year. These requirements ensure that all active licensees maintain competency in the most critical areas of real estate practice, especially agency relationships and anti-discrimination law.
8Under Minnesota Statute 82.75, where must a real estate broker maintain client trust account funds?
A.In an FDIC-insured financial institution located in Minnesota
B.In a bank, savings association, credit union, or industrial loan and thrift company that is a Minnesota institution or any out-of-state ("foreign") bank, provided the depository allows the commissioner to examine the records
C.In a state-chartered Minnesota credit union only
D.In a separate account at any licensed depository institution
Explanation: Minnesota Statute 82.75 requires trust funds to be deposited in a bank, savings association, credit union, or industrial loan and thrift company that is a Minnesota bank or trust company or any foreign (out-of-state) bank, as long as the depository authorizes the commissioner to examine the trust account records on demand. Contrary to a common misconception, Minnesota law does NOT require the depository institution to be physically located in Minnesota.
9How often must a Minnesota broker perform trust account reconciliations under Chapter 82.75 and the Department of Commerce's broker practice rules?
A.Monthly
B.Quarterly
C.Annually
D.Every two weeks
Explanation: Minnesota Statute 82.75 requires brokers to maintain a monthly balance of the trust account, and the Department of Commerce's real estate broker practice rules require a full reconciliation of the check register, client subsidiary ledgers, and bank statement on a monthly basis. Regular monthly reconciliation helps detect discrepancies, prevents commingling of funds, and protects client monies from misappropriation. This is a non-negotiable duty of the broker that cannot be delegated away entirely.
10Under Minnesota Statute 82.75, how many days' written notice must a broker give the commissioner before closing an existing trust account?
A.10 days
B.30 days
C.5 business days
D.15 days
Explanation: Minnesota Statute 82.75, subdivision 6, requires a broker to give the commissioner ten days' written notice before closing an existing trust account. Opening a trust account, by contrast, is disclosed when the broker applies for or renews a license, and any other change in trust account status must be reported to the commissioner immediately.

About the MN Real Estate Exam

The Minnesota real estate salesperson exam covers national real estate fundamentals plus Minnesota-specific topics including MN Department of Commerce licensing requirements under Chapter 82, agency disclosure laws (Chapter 82.68), trust account management (Chapter 82.67), MN Human Rights Act fair housing (Chapter 363A), well and environmental disclosures, deed transfer tax (0.33%), contract for deed law, and Minnesota foreclosure procedures.

Exam sponsor: Minnesota Department of Commerce / PSI. The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Questions

120 questions

Time Limit

4 hours total

Passing Score

75% on each section

Exam / Certification Fees

$65

Exam sponsor website

Reported exam pass rate: 55%. estimated first-time pass rate (MN Dept of Commerce / PSI 2024-2025) This describes exam candidates, not OpenExamPrep users or results from using our resources. Exam sponsor website

Fees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.

Our practice resources: topics covered

We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.

50%

MN License Law & MN Dept of Commerce

Chapter 82 licensing requirements (age 18+, 90-hr pre-license with Course I first), salesperson vs broker (3 years active + 30 hrs broker education), trust accounts (82.67 - FDIC-insured MN banks, monthly reconciliation), agency disclosure (82.68 - at first substantive contact), facilitator role, advertising rules, prohibited acts (82.82), disciplinary process, license renewal (30 hrs CE per 2 years), Pulse Portal

20%

Interests in Real Property

Ownership types (joint tenancy, tenancy in common, fee simple, life estate), MN Human Rights Act (Chapter 363A — sexual orientation, gender identity, marital status, public assistance recipient, beyond federal), environmental disclosures (Chapter 103I wells, septic systems, radon, lead paint, meth contamination under 152.0275), MN Statute 327A new home warranties (1yr/2yr/10yr)

20%

Conveyance Procedures & Protection

Deed requirements (Chapter 507), deed transfer tax (0.33% of consideration, Chapter 287), mortgage registry tax (0.23%), property tax classification (homestead/non-homestead), Chapter 279 delinquent taxes, seller disclosure (MN Stat 513.52), well disclosure certificate (103I.235), landlord-tenant (Chapter 504B — 2-month security deposit cap, 21-day return), Torrens title (Chapter 508)

10%

Financial Instruments

Contract for deed (seller retains legal title, MN Stat 559.21 — 60-day cure period), MN mortgage foreclosure (Chapter 580 — 6-month redemption standard, 12-month for agricultural or 10+ acres or less than 1/3 paid), mortgage registry tax, sheriff's sale, redemption rights, equitable mortgage doctrine

Preparing for the MN Real Estate Exam

What You Need to Know

  • Passing score: 75% on each section
  • Exam length: 120 questions
  • Time limit: 4 hours total
  • Exam / certification fees: $65 Official sources

Using Our Practice Resources

  • Work through all 341 available questions
  • Review every answer and explanation
  • Track weak areas and revisit them
  • Use our AI tutor for tough concepts

MN Real Estate: Suggested Study Strategy

1Know that Minnesota has NO separate real estate commission — the MN Department of Commerce (not a Real Estate Commission) regulates all licensees under Chapter 82
2Understand Minnesota's unique 'facilitator' role: unlike a dual agent, a facilitator provides real estate services without representing either party — disclosure of this role is required
3Master the trust account rules under Chapter 82.67: accounts must be at FDIC-insured MN financial institutions, monthly reconciliation required, and the Dept must be notified within 10 days of opening or closing an account
4Know the agency disclosure timing: Chapter 82.68 requires disclosure at 'first substantive contact' — earlier than many other states
5Study the contract for deed cancellation process: MN Stat 559.21 requires a written notice of cancellation, after which the buyer/vendee has 60 days to cure the default for residential properties
6Remember MN's foreclosure redemption periods: generally 6 months, but 12 months for agricultural property, property larger than 10 acres, or if less than one-third of the original debt has been paid
7Know the MN Human Rights Act (Chapter 363A) additional protected classes beyond the federal Fair Housing Act: sexual orientation, gender identity, marital status, and receipt of public assistance

Frequently Asked Questions

How many questions are on the Minnesota real estate salesperson exam?

The Minnesota real estate salesperson exam has 120 questions: 80 on the national portion (150 minutes) and 40 on the Minnesota state-specific portion (90 minutes), for a total of 4 hours. You must pass each section with a score of 75% — that means at least 60 correct on the national portion and at least 30 correct on the state portion. PSI administers the exam in person at testing centers statewide or via online proctoring.

What education is required for a Minnesota real estate license?

Minnesota requires 90 hours of MN Department of Commerce-approved pre-license education divided into three 30-hour courses. Course I must be completed AND the proctored exam passed before you can schedule the PSI licensing exam. Courses II and III may be completed before or after the exam but must be completed before applying for the license. After passing the exam, you must apply for your license within 12 months, affiliate with a licensed MN broker, and submit a background check.

What are the unique aspects of Minnesota real estate law?

Minnesota's real estate regulation has several unique features: (1) There is no separate Real Estate Commission — the MN Department of Commerce regulates licensees under Chapter 82; (2) Minnesota has a 'facilitator' role (similar to a transaction broker) where an agent provides services without representing either party; (3) Agency disclosure must be given at first substantive contact under Chapter 82.68; (4) Trust accounts must be held at FDIC-insured Minnesota institutions with monthly reconciliation; (5) The Minnesota Human Rights Act (Chapter 363A) adds protections for sexual orientation, gender identity, marital status, and receipt of public assistance beyond the federal Fair Housing Act.

What is Minnesota's continuing education requirement for license renewal?

Minnesota real estate licensees must complete 30 hours of CE per 2-year renewal period. At least 15 hours must be completed in the first year of each renewal period. Required topics include at least 1 hour of agency representation and disclosure law, 1 hour of fair housing, and a required module course (3.75 hours/year, topic set by the Department). Licenses are renewed through the Pulse Portal at pulseportal.com.