A salesperson working with a buyer for the first time must give the buyer a disclosure that includes
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This page provides new salespersons with important information they need when they start their real estate career. Show
The Real Estate Agents Act 2008The purpose of the Real Estate Agents Act 2008 (the Act) is to promote and protect the interests of consumers engaged in real estate transactions and to promote public confidence in the performance of real estate agency work. To achieve this, the Act regulates real estate agents, branch managers, and salespersons and provides accountability through a licensing regime and disciplinary process that is independent, transparent and effective. Read the Real Estate Agents Act 2008 here. Code of professional conduct and client careThe Real Estate Agents Act (Professional Conduct and Client Care) Rules 2012 (Code of Conduct) set out the standard of professional conduct and client care required of agents, branch managers and salespersons. It is important to note that the Code of Conduct must be read in conjunction with the Real Estate Agents Act 2008 and accompanying regulations and that it does not repeat the duties and obligations that are included in the Act and regulations. The Code of Conduct applies to all aspects of real estate agency work and will be used as a reference point for disciplinary action. Read the Code of Conduct here. Evidence of your licenceYou must provide evidence of your licence to any person who asks to see it, to confirm you are licensed under the Act. Members of the public can also check your details on the online public register of licensees. Your licence number is recorded on your evidence of licence, please include this in any correspondence with us. You have been sent a digital copy of your evidence of licence but you can also log in to the licensee portal to download it. It is a good idea to save a copy of this to your smartphone. Your supervision requirementsSalespersons must be supervised whether or not the salesperson is engaged as an employee or as an independent contractor. Agents who engage a salesperson as an independent contractor are still liable for the acts and omissions of the salesperson in the same manner, and to the same extent, as if they were an employee (section 51(3) of the Act). Once your supervisor is satisfied that you are conducting real estate agency work in a competent and legal manner they can allow you more latitude. Read more about supervision here. Six-month sale and purchase agreement probationA newly licensed salesperson (who has less than six months of real estate agency work experience) cannot prepare sale and purchase agreements or advise either clients or customers about legal rights and obligations incidental to the preparation of these agreements Continuing professional development (CPD)Continuing professional development (CPD) helps reinforce knowledge and addresses topical issues, trends and legislation changes. CPD contributes directly to raising industry standards by ensuring licensees understand their role and the rules and regulations so they can carry out their work accordingly.
Read more about your CPD obligations here. Guides for buyers and sellers
We publish two important guides for buyers and sellers of residential property — the agency agreement guide and the sale and purchase agreement guide.
You must also get each person to sign an acknowledgement that they have received the appropriate guide. Learn more about these guides here. Updating your details with usWe record a range of information about licensees on our public register. If your circumstances change you are required to inform us within 10 working days. Changes of circumstances you must inform us about are:
Failure to notify us of a change of circumstance may result in your details appearing incorrectly on the public register or you not receiving important communications from us. Read more on managing your licence here. Renewing your licenceYou are responsible for maintaining your own licence and you cannot carry out real estate agency work if you do not have a licence. You must apply to the Registrar to renew your licence each year before it expires. Providing your renewal application is received by the expiry date you will be able to continue working in the industry until a decision has been made on your application. Read more on renewing your licence here. Suspending your licenceIf you are not doing real estate agency work you can choose to suspend your licence. There is no limit on the length of time you can suspend your salesperson’s licence.  You must not carry out any real estate work while your licence is suspended and you cannot suspend a licence retrospectively. We do not refund the balance of your licence levies when you suspended your licence. However, any time remaining on your licence will be held in credit until you return to the industry. Read more about suspending your licence here. Getting ahead with settled.govt.nzREA's settled.govt.nz helps guide consumers through the home buying and selling process. Settled.govt.nz provides comprehensive independent information and guidance for home buyers and sellers. We encourage all licensees – and especially those working in the residential sector – to share settled.govt.nz or individual pages on the site with consumers (both buyers and sellers). Consumers will be better informed, make better decisions and have fewer issues, which means they make fewer complaints. You'll benefit by being seen to share relevant, professional, independent information with them. How useful is this page?Can a Realtor represent buyer and seller in MN?The broker may represent the Buyer only, and not the Seller, even if he or she is being paid in whole or in part by the Seller.
What is true of dual agency disclosure in Minnesota quizlet?What is true of dual agency disclosure in Minnesota? It's required for all parties to a potential dual agency residential transaction.
What's the term for someone who has agency representation with the licensee?Client. Someone who has agency representation with the real estate salesperson or broker.
Which of the following statements best describes Minnesota agency disclosure requirements?Which of the following statements best describes Minnesota agency disclosure requirements? Agency disclosure is required for residential real property transactions and licensees are required to provide this disclosure on a form that contains signature lines.
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