Minnesota License Law
Under MN Chapter 82, an individual who is exempt from the real estate licensing requirement includes a(n):
APerson who earns a fee for finding tenants for landlords
BAttorney acting as an agent for a client in an isolated real estate transaction✓ Correct
CProperty manager working for a third-party owner
DAuctioneer who specializes in selling real property
Explanation
Attorneys who perform real estate activities in the course of their law practice (not as a separate real estate business) are generally exempt from the real estate licensing requirement in Minnesota. The exemption recognizes that attorneys are already regulated by the state bar.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
State-Specific Concepts
License Law
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