Minnesota License Law
Under MN Chapter 82, a Minnesota real estate broker must keep transaction records for at least:
A1 year
B3 years✓ Correct
C6 years
D10 years
Explanation
Minnesota requires real estate brokers to retain transaction records for a minimum of three years. This includes purchase agreements, listing agreements, closing statements, and other transaction documents.
People Also Study
Related Minnesota Questions
- The Minnesota Real Estate License Law requires a broker to maintain transaction records for at least:Minnesota License Law
- A Minnesota licensee who changes employing brokers must notify the Department of Commerce within:Minnesota License Law
- What is the maximum fine the Minnesota Department of Commerce can impose on a licensee for a single violation of MN Chapter 82?Minnesota License Law
- In Minnesota, a listing agreement that creates an agency relationship requires the broker to act in the seller's best interest. This includes which of the following duties?Agency
- A Minnesota broker is found to have violated Chapter 82. Which penalty is NOT within the Department of Commerce's authority to impose?Minnesota License Law
- Minnesota's Agricultural Land Preservation program provides tax benefits to landowners who agree to keep their land in agricultural use for at least 8 years. This program is commonly called:Land Use & Zoning
- A Minnesota purchase agreement requires the seller to pay for a pre-listing inspection report. After the report reveals significant defects, the seller wants to cancel the listing. Under the terms of the purchase agreement, the seller:Contracts
- A Minnesota buyer's purchase agreement requires the seller to provide a survey. The survey reveals a 2-foot encroachment of the neighbor's fence onto the subject property. How must this be resolved before closing?Escrow & Title
Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
State-Specific Concepts
License Law
Practice More Minnesota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Minnesota Quiz →