License Options

                                                               GOOD NEWS!

“Active” and “inactive” are not the only license options.

There is actually a third option for currently-licensed real estate salespersons and brokers in the state of Minnesota.

Option 1: ACTIVE STATUS

You are licensed as an active real estate salesperson or broker with a licensed real estate brokerage

This is the appropriate option if you are actively representing buyers and sellers

Some of the requirements to maintain active status include:

Membership in the Board of REALTORS

Independent Contactor/compensation agreement

Errors & Omissions and/or liability insurance premiums

License renewal fees

Continuing Education

Supra lockbox & monthly fees associated with the lockbox

MLS quarterly fees

Brokerage/office desk fees associated with your individual broker

Marketing expenses such as business cards, signs, mailings, etc. 

Option 2: INACTIVE STATUS

You may have your license in “inactive” status through the MN Department of Commerce for up to 2 years without having to re-take the exam

Requirements:

You cannot advertise or represent clients while your license is inactive, nor can you receive referral fees ( NO $)

If you want to reactivate within the two years, you have to be current on all the continuing education requirements and pay the license renewal fees.

If you are reactivating with an active brokerage, you will have to reactivate your membership with the local/state/national associations of REALTORS and pay prorated dues and a reinstatement fee.

Option 3: REFERRAL-ONLY OPTION THROUGH HOLD MY LICENSE, LLC

Receive Referral Commissions – MAKE $

Your license remains active through the MN Department of Commerce (with Hold My License, LLC as your broker**)

This is an appropriate choice if you want to refer clients to licensed agents and collect referral fees

You cannot represent buyers and sellers

BUT you can transfer your license back to Twin Cities Homes  Realty or any other active brokerage at any time

Requirements & costs to maintain:

Same renewal fees paid to Commerce at time of license renewal

Continuing Education requirements remain the same

$200 annual fee due to Hold My License, LLC (that is the only fee)

Signed Referral Agreement with Twin Cities Homes Realty.

We report your status to the association as an associate with a LFRO brokerage, making you eligible for annual and quarterly dues exclusion

**HOLD MY LICENSE, LLC is a fully-licensed real estate company with the Minnesota Department of Commerce and is allowed to function as a “Limited Function Referral Office” (LFRO) by the St. Paul and Minneapolis Area Associations of REALTORS.

You can transfer your license to Hold My License, LLC at any time during the year, at the time of renewal, or at the end of the year when annual dues are owed.

Next: How to transfer your license