“Fair” Well to Summer!

Mike Brennan

By Mike Brennan

The state fair is the unofficial end of summer in Minnesota, which means it’s also time for announcing the required module for 2017-2018! Have you ever had to deal with a client who could not attend a closing and needed someone to sign on their behalf? Have you experienced dealing with the survivors of a deceased homeowner and the occasional struggles which can accompany this?

We have good news and better news.

The good news is this year’s required module covers all the intricacies of dealing with these topics. The class will review the laws and requirements pertaining to real estate transactions involving special entities as parties in real estate transactions. It will focus on issues that arise for real estate licensees from the time of customer inquiries through entering into a purchase agreement. Special entities covered will include powers of attorney, trusts, estates, guardianships, conservatorships, divorces and corporate entities.

By understanding what is required by law involving special entities in a real estate transaction, agents will be able to navigate and learn how to identify issues related to these special circumstances and what to do when they arise.

The better news is that this course covers agency law, its history, foundation, and Minnesota License rules regarding relationships in a real estate transaction. This course will also look at federal fair housing law, its history, rules, and regulations. Prohibitions under the federal Fair Housing Act and the Minnesota Human Rights Act will be covered. So, licensees will fulfill their biennial requirement of one hour of agency and one hour of fair housing.

In any given year, Minnesota has approximately 75 fair housing complaints. Compared to other states of similarly populated states, Minnesota is in the middle. Some states are lower and some are substantially higher. Typically, the most commonly cited protected classes are based on disability and race. We may be able to extrapolate that there is a cause/effect due to the education requirement in Minnesota which allows us to have a low-to-middle level amount of complaints. Regardless of whatever the reason is for complaints, we still have work to do to lower the numbers.

Representation is sometimes confused with drafting offers, opening doors, negotiation repairs and similar duties. Many times, licensees confuse their personal goals with the desires and goals of the client. In real estate continuing education classes, I have heard agents state that every seller’s goal is sell for the highest, while every buyer desires to get it for the lowest price possible. In dealing with clients, it’s important to remember who is in charge, what vows we owe them and how to deliver quality service. By taking an agency hour, we review the important responsibilities and obligations and the proper way to discharge our duties.

Here’s the best part of the required module for this year. There is only one half-day class lasting 3.75 hours. This course will ful-fill the course requirements for brokers and sales agents.

Mike Brennan, DREI candidate (Distinguished Real Estate Instructor) has been teaching license and continuing education courses for over 12 years. Mike teaches at the MN Realty School and has been in the real estate business for over 20 years, first as a sales agent, then broker and now instructor. Author of many courses, Mike was a nominee for Inman News’ Most Influential in the United States in the real estate business. Mike teaches license courses and is actively involved in the development of CE classes, required modules and the real estate industry. For more information, call (651) 644-5856 or visit www.mnrealtyschool.com.