The Option Realty Process
Call or- email Option Realty Inc to discuss your current license situation.
We will see what we can do to.
Request a copy of the Referral Agent Independent Cont
We will gather the necessary information from you by phone & process your license online with the MN Department of Commerce.
At the time we are completing the online transfer, reinstatement, or new application there will be a fee assessed by the Department of Commerce. You can provide your credit card number and I will put it directly into the pulse portal site or if you prefer, Option Realty Inc can pay for the transfer or application fee, and you can send a check reimbursing the company.
If you are an active Agent now and you want to transfer your license the transfer happens immediately. I will send a copy of your new license to your current Broker so they can notify the Association of Realtors that you will no longer be a member of the association and will be excluded from association, lockbox electronic key or MLS fees.
HOW LONG DOES IT TAKE?
A transfer happens immediately, however if you are applying for a new license or a reinstatement the application approval process is a 7 to 10 business day timeline.
If you are applying for your license for the first time, reinstating or reinstating your license, copies of continuing ed certificates & Attestation form will have to be provided during the online process.
New Agent applicant completion (By Option Realty Inc) of the online application process with the state, a confirmation number will be issued to you, and you will be able to check the status of your application online.
HOW MUCH DOES IT COST?
There is a $99 annual fee to Option Realty Inc, however, there are several exceptions:
If your Broker refers you, the $99.00 will be waived.
If you are not referred by a Broker, the $99 will be collected and when you generate a referral it will be refunded to you.
HOW DOES IT WORK?
When you generate a referral, you can provide us with the information, and we will fill out a referral form for you and the other Agent to sign. This will ensure that you will be paid the amount that you agreed upon at the time you generated the referral.
You will receive a continuing education and renewal notification from Option Realty Inc in the first quarter of every year letting you know how many credits you need and whether or not it is your year to renew.
You are only required to renew your license every other year, so when it is your non-renewal year there will be no fee to the state.
License Status Choices
ACTIVE STATUS – WITH MLS ACCESS
This is the appropriate choice if you are actively representing buyers and sellers.
You are licensed as an active real estate salesperson/broker with a licensed real estate company belonging to MLS.
Requirements:
Annual membership dues in the Association of Realtors if the Broker belongs to the association.
Quarterly MLS fees
Errors and omissions or liability insurance premium
Lock box key and monthly fees associated with the lock box. Business cards
Training classes and participation in company events to represent your client's best interests.
You will be expected to sell properties.
Annual continuing education, completion of the mandatory module & license renewal every 2 years
REFERRAL AGENT (LFRO) - OPTION REALTY, INC
This is an appropriate choice if you utilize your license to purchase investment properties or occasionally collect referral fees and do not actively represent Clients.
Requirements
Annual continuing education, completion of the mandatory module & license renewal every 2 years
Status is reported to the Association of Realtors as an LFRO referral Agent, and you will be exempt from paying dues.
BROKER LICENSE
This is an appropriate choice if you want to open a Brokerage or be your own Broker.
Requirements
License renewal fees and continuing education
Obtain your Broker’s license and conduct business under your own name /company.
The state requires must have three years of salesperson experience prior to becoming a Broker
You will have to take a 30-hour Broker course and pass the Broker exam; you will then register at the state as a Broker/ Brokerage
LIMITED BROKER LICENSE
A limited Brokers license authorizes the licensee to engage in real estate transactions as a principle only.
No salesperson may be licensed to act on behalf of a limited Broker license.
An officer of a corporation or partner of a partnership licensed as a limited Broker may act on behalf of that corporation or partnership without being subject to licensing requirements.
A limited Brokers license also authorizes the licensee to engage in negotiation of commercial mortgage loans as a principal only.
A limited Brokers license does not authorize the licensee to engage in negotiation of any residential mortgage loans.
INACTIVE STATUS
The term used for this is “on ice.”
Your license will be inactive with the state of Minnesota for a maximum of a two consecutive years, without having to pass the written two-part exam national and Minnesota law’s requirements.
Requirements
During the time you are inactive, you cannot represent clients or receive Brokerage fees you will have to have completed the appropriate continuing education requirements.
Prior to reactivating your license after having it held by the state, you pay the appropriate licensing fees to reinstate your license.
For detailed information regarding MN Licensing information visit:
https://mn.gov/commerce/licensing/
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