Minnesota License Law
A Minnesota licensee who receives client funds must deposit them into a trust account:
AWithin 30 days of receipt
BWithin a reasonable time, generally by the next business day✓ Correct
CAt the time of closing only
DOnly if the amount exceeds $5,000
Explanation
Minnesota license law requires that earnest money and other client funds be deposited into a licensed broker's trust account within a reasonable time—generally interpreted as by the end of the next business day after receipt. Timely deposit protects clients and avoids commingling.
Related Minnesota Minnesota License Law Questions
- A Minnesota real estate agent receives a large cash payment from a buyer at closing. Under the Bank Secrecy Act, what reporting obligation exists?
- What is the minimum continuing education requirement for Minnesota real estate licensees during each renewal period?
- Under Minnesota law, the Department of Commerce may investigate a licensee based on:
- Under MN Statutes Chapter 82, how many hours of pre-license education must a salesperson candidate complete before sitting for the state exam?
- In Minnesota, a newly licensed salesperson must complete an additional 'skills course' within:
- The Minnesota real estate salesperson exam contains how many questions?
- Under Minnesota law, a real estate licensee must maintain errors and omissions (E&O) insurance as a condition of:
- The Minnesota Department of Commerce may place a licensee's license on 'probation' which means:
Practice More Minnesota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Minnesota Quiz →