Minnesota License Law
A Minnesota real estate licensee receives a referral fee from a mortgage lender for sending clients to them. Under RESPA, this arrangement is:
APermitted if disclosed to the client
BProhibited unless a bona fide service is performed✓ Correct
CAlways permitted between licensed professionals
DPermitted if under $100
Explanation
RESPA (Real Estate Settlement Procedures Act) prohibits kickbacks and unearned referral fees between settlement service providers. A referral fee from a lender is prohibited unless the licensee actually performs a bona fide service. Minnesota law also prohibits undisclosed compensation arrangements. Violation can result in license discipline.
Related Minnesota Minnesota License Law Questions
- Under the Minnesota Real Estate License Law, 'commingling' refers to:
- A Minnesota licensee's broker license expires but the broker continues operating for 30 days without renewing. What is the consequence?
- Under Minnesota law, a real estate licensee convicted of a felony must:
- Minnesota real estate licenses must be renewed every:
- Under MN Chapter 82, which of the following is grounds for license discipline by the Department of Commerce?
- A Minnesota real estate licensee who advertises on the internet must include:
- Under Minnesota license law, a real estate salesperson may accept compensation only from:
- Under Minnesota rules, which document must a brokerage maintain for each trust account?
Practice More Minnesota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Minnesota Quiz →