GOOD NEWS
There are several options for the placement of your new, active, or inactive real estate license in the state of Minnesota.
What this means to you, is that during the year, as well as at license renewal time, you have several choices for your license status depending upon how you intend to utilize your real estate license.
ACTIVE STATUS
REFERRAL AGENT THROUGH OPTION REALTY
We are pleased to announce that, Option Realty, Inc. has been a licensed real estate company since 2001 and is allowed to function in a Limited Function Referral Office status with the Minneapolis Area Association of Realtors.
There are several options for the placement of your new, active, or inactive real estate license in the state of Minnesota.
What this means to you, is that during the year, as well as at license renewal time, you have several choices for your license status depending upon how you intend to utilize your real estate license.
ACTIVE STATUS
- You will be licensed as an active real estate salesperson or broker with a licensed real estate brokerage.
- This is the appropriate choice if you are actively representing Buyers and Sellers.
- Membership in the Board of Realtors if your Broker belongs to the association
- Errors and Omissions or Liability Insurance premiums
- Independent Contractor/Compensation Agreement
- License Renewal Fees & Continuing Education
- Lockbox key and dues associated with the Lockbox
- Multiple Listing Fees
- Business Cards
- Education and Participation necessary to represent your clients best interests
- Brokerage fees associated with individual Brokers
REFERRAL AGENT THROUGH OPTION REALTY
We are pleased to announce that, Option Realty, Inc. has been a licensed real estate company since 2001 and is allowed to function in a Limited Function Referral Office status with the Minneapolis Area Association of Realtors.
- You will be licensed as a referral agent with Option Realty, Inc.
- This is an appropriate choice if you utilize your license to purchase investment properties or occasionally collect referral fees and do not actively represent clients
- License Renewal Fees & Continuing Education
- $99.00 the annually, due upon licensing (which is refunded if you generate a referral that results in a referral fee in excess of that amount)
- Signed licensed referral agent agreement with Option Realty, Inc.
- We report your status to the National Association of Realtors as an associate of a Limited Function Referral Office (LFRO) for your board dues exclusion.
- You may place your license “on ice” (inactive) with the State of Minnesota for a 2 year period without having to pass the written 2 part exam. (National and Minnesota laws)
- During the time you are inactive, you cannot represent clients or receive brokerage fees.
- You will have to have completed the appropriate continuing education requirements prior to reactivating your license after having it held by the state and pay the appropriate licensing renewal fees.
- Detailed information on reactivation, changes or Minnesota Department of Commerce licensing requirements are available on www.comerce.state.mn.us click licenses on the top bar, then real estate on the left-hand side.