Minnesota Interstate Real Estate Guide
Out of State Licensee (OSL) Participation in deals:  
Physical Location State

Minnesota​ Out of State Broker Cooperation

- An out-of-state licensee can receive commission split from Minnesota licensee so long as no work is performed within Minnesota.
- It is unclear whether an out-of-state licensee could bring a commission lawsuit. 

BIZ BROKER STATE
Minnesota Real Estate License Types
Minnesota​ ​​Real Estate Exam Providers
Minnesota​ ​Real Estate Waivers
Real Estate Salesperson
Real Estate Broker
​Real Estate Broker - Limited
​PSI Exams
Real Estate Experience Waiver
We Need Brokers!

Minnesota​ Real Estate Reciprocity

​Colorado, Iowa, Nebraska, North Dakota, Oklahoma, South Dakota and Wisconsin*

* Must reside in one of these states to be eligible.
Confirmed by Minnesota Department of Commerce

Specific to Minnesota​ Real Estate 

- Broker must apply for a Business Entity License before applying for a Broker License

Minnesota​ Reverse Reciprocity

​These states specifically mention Minnesota in their Reciprocity: 
Iowa, Nevada (Salesperson), North Dakota

These States recognize any other State licenses but may have additional requirements: 
​Alaska, Alabama, Colorado, Georgia, Idaho, Indiana, Kansas, Kentucky, Maine, Nebraska, North Carolina, Rhode Island, South Dakota, Tennessee, Vermont, Washington

Minnesota​ Real Estate Customs

Title companies, lenders, real estate agents, and attorneys may conduct closings.
Conveyance is by warranty deed. Although deeds of trust are authorized, mortgages are the customary security instruments.
This is a strong abstract state. Typically a buyer will accept an abstract and an attorney’s opinion as evidence of title, even though the lender may require title insurance. People in the Minneapolis-St. Paul area use the Torrens system.
Minnesota uses ALTA policies.
Buyers pay the lender’s and owner’s title insurance premiums and the mortgage tax.
Sellers usually pay the closing fees and the transfer taxes. 

BIZ BROKER STATE

The rules are very clear in this State that a Business Broker must hold a real estate license to sell a business.
82.55 DEFINITIONS.
Subd. 19. Real estate broker; broker.
"Real estate broker" or "broker" means any person who:

(d) for another and for commission, fee, or other valuable consideration or with the intention or expectation of receiving the same directly or indirectly lists, sells, exchanges, buys, rents, manages, offers or attempts to negotiate a sale, option, exchange, purchase or rental of any business opportunity or business, or its good will, inventory, or fixtures, or any interest therein;   From 2017 Minnesota Statutes