The REALTOR New Year

Mike Brennan

By Mike Brennan

Happy New Year! The new license period has started effective July 1 and so has a new requirement for continuing education.

For the period of July 1, 2017 to June 30, 2018, there is one 3.75-hour module course that both salespersons and brokers must complete. Completion of this course will satisfy all the following: 1-Hour Fair Housing, 1-Hour Agency Law, and the 1-Hour Broker Module Requirement. In other words, there will be no separate broker module course for 2017-2018.

Please note that commercial-only salespersons and brokers are exempt from these module requirements and must apply for the commercial-only waiver when the broker submits verification of this between April 1 and June 30 each year on Pulse Portal at www.pulseportal.com.

The topic for this general module course for 2017-2018 is: Agency, Fair Housing & Special Entities Authority.

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. Additionally, 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.

After attending this class, real estate licensees will:

• Understand agency law and MN license rules on agency relationships.

• Learn about the Federal Fair Housing Act.

• Understand the Minnesota Human Rights Act.

• Understand prohibited acts under fair housing law.

• Understand of what is required by law involving special entities in a real estate transaction, including: powers of attorney, trusts, estates, guardianships, conservatorships, divorces and corporate entities.

• Learn how to identify issues related to these special circumstances and what to do when they arise.

• Be better equipped to serve buyers and sellers in today’s complex real estate transactions.

This course is part of the 15 hours of continuing education that are due each year, not in addition to them. To get credit for the general module, you will need to pass an examination taken at the end of the course. The examination will cover the module content. Each examination will consist of 20 multiple choice and true/false questions randomly selected from a pool of at least 50. The passing score is 14 or more correct. The examination questions were written by subject matter experts in consultation with the Department of Commerce. The Department of Commerce, in consultation with a statewide real estate trade association and a statewide private continuing education provider, determines the specific topic(s) covered by the module(s) each license year and the number of credit hours allocated to each module.

This years required module is expected to be an informative and educational one which will provide insights to the complexities of dealing with special authorities.

This course will be offered by multiple educational providers starting soon.

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.