Minnesota Disclosures, Escrow/Trust Funds & Key Numbers

📋 The 1-minute cheat sheet

• Pre-license education: 90 hours = three 30-hour courses (Course I, II, III).
• Minnesota is NOT a community property state; it is an equitable distribution / common-law property state.
• Sellers of residential property generally must provide a written disclosure of the property's condition.
• Material facts known to the licensee that affect the property must be disclosed to the parties.
• Client and earnest money / trust funds must be held in the broker's trust (escrow) account, not commingled.
• Commingling client trust funds with the broker's own operating money is prohibited.
• Salespeople work under and are supervised by a licensed broker who is responsible for trust-account handling.
• Confirm current disclosure forms, exemptions, and trust-account rules with the Minnesota Department of Commerce.