Real Estate Licensing Renewal / Department of Commerce Alert

23 Jun

The following alert was sent today by the Minnesota Association of Realtors® to its members, identifying that in the event of the looming Minnesota state government shut-down, license renewals (which were due on June 15th to be timely) may come to a grinding halt.  This impacts many industries licensed and regulated by the MN Department of Commerce, not the least of which is the real estate industry.

Brokers and agents – please note this issue, beware of the potentially enormous consequences of failure to timely renew, and get your license renewal processed ahead of June 30th!!  See below.

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TIMELY LICENSE RENEWALS:  The timely renewal of all real estate licensees who were eligible for renewal this year was due on June 15th.  If a licensee did not have all his required real estate education credits and his/her real estate broker was unable to renew the license, that individual MAY NOT continue to transact business, either as a real estate broker or salesperson, after June 30, 2011.

If the licensee takes his continuing education during the period of June 15 and June 30th in an effort to re-apply for his/her license, please understand there could be a delay in receiving the renewal if there is a government shutdown.  A real estate course provider legally  has ten (10) days to upload the completion of the continuing education credits to the Department of Commerce electronic data base.  If a licensee waits until the last minute to take his or her continuing education, the completion of the education may not be upload to the Pulse Portal system before June 30th.  If a government shutdown occurs, the Pulse Portal system will not be operational beginning on July 1st and the application for a license renewal CAN NOT be processed.  The licensee will be considered unlicensed and CAN NOT CONTINUE TO TRANSACT REAL ESTATE BUSINESS.

Additionally, should a government shutdown occur, a current licensee will be unable to transfer his license from one brokerage to another.  Nor will the real estate examination for new licensees be available until the government services are re-instated.

Please Note:  This is not an official message from the MN Department of Commerce.  This is MNAR’s interpretation of statutes and is sent to our members to create an awareness of how the potential shutdown could impact the real estate industry.

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This blog entry is written by Brad Boyd, a Shareholder at Thomsen Nybeck. Brad is the chair of the firm’s Transactional Group, and his practice focuses primarily in Real Estate, Real Estate Brokerage, Business and Corporate law, and Wind Energy Law.  Brad provides legal advice, guidance, and representation related to risk management in a wide variety of real estate and business law matters.  He is counsel to the Minnesota Association of Realtors, many individual Realtors and brokerages, business clients and individuals.

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5 Responses to “Real Estate Licensing Renewal / Department of Commerce Alert”

  1. George Bigelow June 24, 2011 at 3:08 am #

    Brad,

    Thank you for your timely and informative updates. They are quite helpful.

    The TN legal updates are a welcome oasis!

    George

  2. ruben June 28, 2011 at 11:18 pm #

    Thanks for the update! Was helpful.

    Thank You,
    Ruben

  3. chlorophillx July 1, 2011 at 4:59 am #

    Thank you!

  4. realestatee August 17, 2011 at 12:56 pm #

    Hi…
    This is great! I am going to recommend this to all of my clients.
    Thanks you for sharing such a useful information.

  5. realestateeusa August 19, 2011 at 12:01 pm #

    This is great! I am going to recommend this to all of my clients.
    Thanks you for sharing such a useful information.

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