Table of Contents
                                                         Title 46
                           PROFESSIONAL AND OCCUPATIONAL STANDARDS
                                               Part LXVII.  Real Estate
                                                Subpart 1.  Real Estate
            Chapter 1.     Authority...............................................................................................................................1
              §101.      Adoption....................................................................................................................................1
            Chapter 3.     Initial License Applications..................................................................................................1
              §301.      Forms.........................................................................................................................................1
              §303.      Sponsorship...............................................................................................................................1
              §305.      Documentation..........................................................................................................................1
              §307.      Names on Licenses, Registrations and Certificates; Trade Names...........................................2
            Chapter 5.     Examinations.........................................................................................................................2
              §501.      Authorization.............................................................................................................................2
              §503.      Disqualification of Applicants...................................................................................................2
              §505.      Prohibited Activities..................................................................................................................3
              §507.      Failure of Examination..............................................................................................................3
            Chapter 7.     Fees.......................................................................................................................................3
              §701.      Duration of Fees........................................................................................................................3
              §705.      Returned Checks........................................................................................................................3
            Chapter 9.     Renewal of Licenses, Registrations and Certificates............................................................3
              §901.      Timely Submission of License, Registration, or Certificate Renewal......................................3
              §907.      Education Hours Required for Renewal....................................................................................3
            Chapter 15.    Transfers and Terminations...................................................................................................4
              §1501.     Forms.........................................................................................................................................4
              §1503.     Fee Exemptions.........................................................................................................................4
              §1505.     Purchase or Acquisition of Agencies.........................................................................................4
              §1507.     Change of Licensing Status.......................................................................................................5
            Chapter 17.    Termination Responsibilities................................................................................................5
              §1701.     Relinquishment of Business Related Property and Data...........................................................5
              §1703.     Financial Obligations; Commissions and Dues; Disputes.........................................................6
            Chapter 18.    Broker Responsibilities.........................................................................................................6
              §1801.     Broker Supervision....................................................................................................................6
              §1803.     Record Keeping.........................................................................................................................6
              §1805.     Compensation............................................................................................................................6
            Chapter 19.    Real Estate Teams and Groups..............................................................................................6
              §1901.     Definitions.................................................................................................................................6
              §1903.     Sponsorship...............................................................................................................................7
              §1905.     Team or Group Names...............................................................................................................7
              §1907.     Team or Group Leaders.............................................................................................................7
              §1909.     Team Advertising.......................................................................................................................7
              §1911.     Disputes.....................................................................................................................................7
            Chapter 21.    Concurrent Licenses and Registrations.................................................................................7
              §2101.     Broker or Salesperson License; Timeshare Interest Salesperson Registration..........................7
            Chapter 23.    Branch Offices......................................................................................................................8
              §2301.     Branch Office License...............................................................................................................8
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           Chapter 25.     Advertising; Disclosures; Representations...........................................................................8
              §2501.    Disclosures and Representations...............................................................................................8
              §2503.    Owner Authorization.................................................................................................................8
              §2505.    Accuracy in Advertising............................................................................................................9
              §2507.    Advertisements of Residential Property....................................................................................9
              §2509.    Advertisements by Franchise Organizations.............................................................................9
              §2511.    Agent Owner-Licensed Agent...................................................................................................9
              §2515.    Internet Advertising...................................................................................................................9
           Chapter 26.     Residential Property Management......................................................................................10
              §2603.    Management Authorization.....................................................................................................10
              §2605.    Trust Funds, Deposits, and Accounts for Property Management............................................10
              §2607.    Property Management Records...............................................................................................10
              §2609.    Exemptions..............................................................................................................................11
           Chapter 27.     Escrow and Trust Accounts.................................................................................................11
              §2701.    Resident Broker Requirements................................................................................................11
              §2703.    Non-Resident Broker Requirements........................................................................................11
              §2705.    Change in License Status; Associate Broker and Inactive Broker Requirements...................11
              §2707.    Branch Office Accounts..........................................................................................................12
              §2708.    Signatory Rights on Checking Accounts.................................................................................12
              §2709.    Additional Accounts................................................................................................................12
              §2711.    Non-Interest Bearing Checking Accounts...............................................................................12
              §2713.    Personal Funds in Escrow and Trust Checking Accounts.......................................................12
              §2715.    Withdrawal..............................................................................................................................12
              §2717.    Deposits...................................................................................................................................13
              §2719.    Account Closing......................................................................................................................13
              §2721.    Transfer of Trust Funds on Sale or Acquisition of Agency.....................................................13
           Chapter 29.     Disbursement of Escrow Deposits......................................................................................13
              §2901.    Escrow Disputes......................................................................................................................13
           Chapter 31.     Change of Address and/or Telephone Number...................................................................14
              §3101.    Reporting Change of Address and/or Telephone Number.......................................................14
           Chapter 35.     Disclosure by Licensee.......................................................................................................14
              §3501.    Licensee as Principal in a Real Estate Transaction.................................................................14
              §3503.    Buyer Broker Compensation; Written Disclosure and Acknowledgment...............................14
           Chapter 36.     Residential Property Disclosure..........................................................................................14
              §3601.    Property Disclosure Document for Residential Real Estate....................................................14
           Chapter 37.     Agency Disclosure..............................................................................................................14
              §3701.    Agency Relationships in Real Estate Transactions.................................................................14
              §3703.    Agency Disclosure..................................................................................................................14
              §3705.    Dual Agency Disclosure..........................................................................................................15
           Chapter 38.     Mold Disclosure..................................................................................................................15
              §3801.    Mold Informational Pamphlets................................................................................................15
           Chapter 39.     Presentation of Offers and Counter Offers.........................................................................15
              §3900.    Purchase Agreement Forms.....................................................................................................15
              §3901.    Timely Presentation of Offers and Counter Offers..................................................................15
              §3903.    Negotiations in Exclusive Agency Contracts..........................................................................16
              §3905.    Transactions.............................................................................................................................16
              §3907.    Rejection of Offers and Counter Offers..................................................................................16
              §3909.    Broker's Authority to Reject Offers or Counter Offers...........................................................16
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           Chapter 41.     Investigations and Hearings................................................................................................17
              §4101.    Complaints...............................................................................................................................17
              §4103.    Addition of Respondents to Investigations.............................................................................17
              §4105.    Executive Director May Authorize Investigations and Cease and Desist Orders...................17
              §4107.    Adjudicatory Proceedings.......................................................................................................17
              §4109.    Appellate Proceedings.............................................................................................................18
              §4111.    Stay of Enforcement................................................................................................................18
              §4113.    Costs of Adjudicatory Proceedings.........................................................................................18
           Chapter 43.     Licensee, Registrant, and Certificate Holder Responsibilities............................................18
              §4301.    Knowledge of the Law............................................................................................................18
           Chapter 45.     Franchise Operations..........................................................................................................19
              §4501.    Registration of Franchise Name..............................................................................................19
              §4503.    Registration of Franchise Operation........................................................................................19
              §4505.    Application for Registration....................................................................................................19
              §4507.    Agent for Service of Process...................................................................................................19
              §4509.    Annual Registration.................................................................................................................19
              §4511.    Renewal Requirements............................................................................................................19
              §4513.    Penalty.....................................................................................................................................20
              §4515.    Violations of Law....................................................................................................................20
           Chapter 47.     Waiver of Renewal Requirements.......................................................................................20
              §4701.    Veteran Waiver........................................................................................................................20
           Chapter 49.     Reciprocity..........................................................................................................................20
              §4901.    Licensing.................................................................................................................................20
              §4903.    Requirements for License........................................................................................................20
              §4905.    Non-resident Licensee.............................................................................................................20
           Chapter 51.     Out-of-State Broker Cooperation........................................................................................21
              §5101.    Broker Cooperation.................................................................................................................21
              §5103.    Referral Fees............................................................................................................................21
              §5105.    Jurisdiction over Out-of-State Activities.................................................................................21
           Chapter 53.     Real Estate Schools.............................................................................................................21
              §5301.    Approval of schools.................................................................................................................21
              §5303.    Certifications; Applications and Procedures...........................................................................21
              §5305.    Surety Bonds...........................................................................................................................22
              §5307.    Certificates of Authority; Initial and Renewal Certifications..................................................22
              §5309.    Colleges and Universities, Vocational-Technical Schools, and School Boards......................22
              §5311.    Designated School Director; Duties........................................................................................22
              §5313.    Facilities and Inspections........................................................................................................23
              §5315.    Record Keeping.......................................................................................................................23
              §5317.    Tuition, Fees, and Contracts....................................................................................................23
              §5319.    Pre-license Instructors; Initial and Renewal Applications; Guest Lecturers...........................23
              §5321.    Prohibitions.............................................................................................................................24
              §5323.    Change of Address...................................................................................................................24
              §5325.    School Advertising..................................................................................................................24
              §5327.    Investigations and Hearings....................................................................................................25
              §5329.   Suspension or Revocation of a School Certificate of Authority or Pre-license Instructor 
                       Certification..............................................................................................................................25
              §5331.    Pre-license Education Courses Offered by Real Estate Schools.............................................25
              §5333.    Methods of Instruction; Classroom Training, Distance Education.........................................26
              §5335.    Certificates of Completion......................................................................................................26
              §5337.    Course Reporting Schedules and Attendance..........................................................................27
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           Chapter 55.     Real Estate Vendors; Post-licensing and Continuing Education.........................................27
              §5501.    Real estate Vendor Approval; Applications and Procedures...................................................27
              §5503.    Surety Bonds...........................................................................................................................27
              §5505.    Real Estate Vendor Certifications; Initial and Renewal Certificates.......................................27
              §5507.    Designated Contact Person; Duties.........................................................................................28
              §5509.    Inspections and Monitoring of Approved Vendors and Courses.............................................28
              §5511.    Record Keeping.......................................................................................................................28
              §5513.    Post-license and Continuing Education Instructors.................................................................28
              §5515.    Supplemental Post-License/Continuing Education Instructors...............................................29
              §5517.    Change of Address...................................................................................................................29
              §5519.    Vendor Advertising..................................................................................................................29
              §5521.    Investigations and Hearings....................................................................................................29
              §5523.   Suspension or Revocation of a Vendor Certification or Post-License/Continuing
                       Education Instructor Approval..................................................................................................29
              §5525.    Course Approval; Applications and Procedures......................................................................30
              §5527.    Post License Education Courses..............................................................................................30
              §5529.    Continuing Education Courses................................................................................................30
              §5531.    Mandatory Courses..................................................................................................................30
              §5533.    Methods of Instruction............................................................................................................31
              §5535.    Certificates of Completion......................................................................................................31
              §5537.    Course Reporting; Schedules and Attendance.........................................................................31
              §5539.    Non-certified Real Estate Education Vendors.........................................................................32
           Chapter 57.     Timeshares..........................................................................................................................32
              §5701.    Requirements for Processing...................................................................................................32
              §5703.    Receipt of Application.............................................................................................................32
              §5705.    Bonds.......................................................................................................................................32
              §5707.    Fees..........................................................................................................................................32
              §5709.    Automatic Suspension for Non-Renewal................................................................................32
              §5711.    Terminations............................................................................................................................33
              §5715.    Establishment of Escrow Account...........................................................................................33
              §5717.    Affidavit of Authority..............................................................................................................33
              §5719.    Escrow Account Closing.........................................................................................................33
              §5721.    Maintaining an Escrow Account.............................................................................................33
              §5723.    Change of Address...................................................................................................................33
              §5725.    Payment to Non-Registrants....................................................................................................33
              §5727.    Developer Records..................................................................................................................33
                                                Subpart 2.  Appraisers
           Chapter 101.    Authority.............................................................................................................................35
              §10101.   Adoption..................................................................................................................................35
           Chapter 103.    License Requirements.........................................................................................................35
              §10301.   Applications/Renewals............................................................................................................35
              §10303.   Examination.............................................................................................................................35
              §10305.   Fees..........................................................................................................................................35
              §10308.   Appraiser Trainees...................................................................................................................36
              §10309.   Application for Experience Credit...........................................................................................36
              §10311.   Residential Experience Requirements.....................................................................................37
              §10313.   General Experience Requirements..........................................................................................37
              §10315.   Appraisal Review Requirements.............................................................................................37
              §10319.   Temporary Practice License....................................................................................................38