GOOD NEWS!

“Active” and “inactive” are not the only license options.

There is actually a third option for currently-licensed real estate salespersons and brokers in the state of Minnesota.

  1. ACTIVE STATUS
    • You are licensed as an active real estate salesperson or broker with a licensed real estate brokerage
    • This is the appropriate option if you are actively representing buyers and sellers
    • Some of the requirements to maintain active status include:
      • Membership in the Board of REALTORS
      • Independent Contactor/compensation agreement
      • Errors & Omissions and/or liability insurance premiums
      • License renewal fees
      • Continuing Education
      • Supra lockbox & monthly fees associated with the lockbox
      • MLS quarterly fees
      • Brokerage/office desk fees associated with your individual broker
      • Marketing expenses such as business cards, signs, mailings, etc.
  2. INACTIVE STATUS
    • You may have your license in “inactive” status through the MN Department of Commerce for up to 2 years without having to re-take the exam
    • Requirements:
      • You cannot advertise or represent clients while your license is inactive, nor can you receive referral fees
      • If you want to reactivate within the two years, you have to be current on all the continuing education requirements and pay the license renewal fees.
      • If you are reactivating with an active brokerage, you will have to reactivate your membership with the local/state/national associations of REALTORS and pay prorated dues and a reinstatement fee.
  3. REFERRAL-ONLY OPTION THROUGH MARATHON REFERRAL ASSOCIATES, LLC
    • Your license remains active through the MN Department of Commerce (with Marathon Referral Associates, LLC as your broker**)
    • This is an appropriate choice if you want to refer clients to licensed agents and collect referral fees
    • You cannot represent buyers and sellers
    • BUT you can transfer your license back to Marathon Realty or any other active brokerage at any time
    • Requirements & costs to maintain:
      • Same renewal fees paid to Commerce at time of license renewal
      • Continuing Education requirements remain the same
      • $100 one-time fee due to Marathon Referral Associates, LLC (no annual company fees after that)
      • Signed Referral Agreement with Marathon Referral Associates, LLC
      • We report your status to the association as an associate with a LFRO brokerage, making you eligible for annual and quarterly dues exclusion

**Marathon Referral Associates, LLC is a fully-licensed real estate company with the Minnesota Department of Commerce and is allowed to function as a “Limited Function Referral Office” (LFRO) by the St. Paul and Minneapolis Area Associations of REALTORS.

You can transfer your license to Marathon Referral Associates, LLC at any time during the year, at the time of renewal, or at the end of the year when annual dues are owed.

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