Property Management requirements in Minnesota
Must Minnesota property management companies have a real estate broker's license?
YES. Key components of property management (renting and managing) are considered real estate brokerage services under existing Minnesota real estate licensing laws. If a property manager is going to lease, rent, list, procure prospects or negotiate, assist, or offer to perform any of those acts, he or she will need a broker's license. A salesperson working under a broker may engage in such activities.
Are there any exceptions to the requirement that a Minnesota property manager have a real estate broker's license?
YES. For example, employees of the owner or manager of a residential building who lease residential units in the building are exempt from the license requirement.
For more information about these and other Minnesota property management requirements and exceptions, please contact the Minnesota Department of Commerce/Real Estate Division.
Before hiring a property manager to manage your Minnesota rental property, you should always check that he or she is licensed appropriately. You can check the license status of Minnesota property managers and the Minnesota's License Lookup Directory.
Must Minnesota community association managers have a real estate broker's license?
NO. A broker's license is not required to manage community associations in Minnesota. However, The Department of Commerce has stated that if an association management company is engaged in trust activities or if it is signing contracts, then it must have a real estate broker license.
Minnesota Real Estate Broker Licensing Requirements
Minnesota real estate broker licensing requirements include:
Minnesota Real Estate Salesperson Licensing Requirements
For more information about these and other licensing requirements, please contact the Minnesota Department of Commerce/Real Estate Division. The licensing section of that website includes information about broker licensing and salesperson licensing.
IMPORTANT: This information is intended for informational purposes only and under no circumstances should it be considered legal advice or relied upon without first confirming its contents with your state real estate commission. Laws are updated frequently, and this information may not reflect the current law in your state. To confirm the specific requirements for each state, please contact your state real estate commission.