Minnesota License Law
A Minnesota real estate broker closes their business and retires. What must they do with client trust account funds?
AThey can keep them since the brokerage is closing
BAll client funds must be properly disbursed or transferred before the license is surrendered✓ Correct
CFunds can be donated to charity after 1 year of inactivity
DThe funds automatically transfer to the state of Minnesota
Explanation
When a Minnesota broker closes their business, they must ensure all client trust account funds are properly disbursed per the terms of each transaction or returned to the appropriate parties. Only when all client funds are properly accounted for can the broker surrender their license.
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