How To get MLS Access in Minnesota with a Limited Broker’s License

How to Get MLS Access in Minnesota

This is one of the most important steps you can take to ensure your success as a real estate investor.  You NEED access to the MLS.  You do not need to be a Realtor to gain access.  You can even list properties without being a real estate agent.

As an investor what you need is direct access to the same tool that Realtors use, called NorthStarMLS at www.northstarmls.com.   Below is a guide on how to get access to the MLS in Minnesota.  The first step in this process is becoming a Limited Broker.

 

Broker | Limited

  1. Submit the license application at www.pulseportal.com
  2. The license fee is $180.
  3. If the limited broker meets the requirements to waive the trust account notice, a completed Trust Account Notice Waiver Certification . The form must be attached to the online limited broker application. The application will not be processed until the appropriate documents are attached.
  4. A limited broker is authorized to conduct real estate transactions as principal only.
    • A limited broker license does not authorize the licensee to:
    • manage or sell property on behalf of others,
    • employ salespersons or agents,
    • conduct any residential mortgage activities, or
    • conduct commercial mortgage loan activities (other than commercial mortgage loan brokering).
  5. A limited broker license issued to:
    • an individual will authorize only the individual to act on the individual’s own behalf,
    • a partnership will authorize only the general partners to act on behalf of the partnership,
    • a corporation will authorize only the elected officers to act on behalf of the corporation, and
    • an LLC or trust will authorize only the elected or managing members to act on behalf of the LLC or trust.
  6. A limited broker’s license also authorizes the licensee to engage in negotiation of commercial mortgage loans as principal only. A limited broker’s license does not authorize the licensee to engage in negotiation of any residential mortgage loans.

LIMITED BROKER’S LICENSE If you will engage in transactions as principal only, or if you will solely engage in negotiations of mortgage loans other than residential mortgage loans as defined below, you can apply for a limited real estate broker’s license. For the purposes of limited broker licensure, “residential mortgage loan” means a loan secured primarily by either: (1) a mortgage on residential real property; or (2) certificates of stock or other evidence of ownership interest in and proprietary lease from corporations, partnerships, or other forms of business organizations formed for the purpose of cooperative ownership of residential real property. A salesperson may not be licensed to act on behalf of an individual holding a limited broker’s license. A responsible person of a business entity licensed as a limited broker may act on behalf of that business entity without being subject to the licensing requirements. Fee The fee for an initial limited broker license totals $180 ($150 plus $30 for the real estate education, research and recovery fund). Applying for Your License There are no prelicense education, prelicense examination, or continuing education requirements for a limited broker’s license, but you must apply for a business entity license (as an individual proprietor or some other type of business entity) and pay the associated fee.

Directions (How-to Guide)

You can submit an application by following these steps:

▪ Visit pulseportal.com. Make sure the pop-up blocker in your browser is turned off.

▪ Select “Minnesota Department of Commerce” from the “Choose a Program” dropdown menu.

▪ Select “Real Estate” from the “Choose a Board” dropdown menu.

▪ Select “Submit License Application” from the list under “Licensing Services.”

▪ Select “Organization” from the “Entity Type” dropdown menu.

▪ Select “Limited Broker” from the “License Type” dropdown menu. 46

▪ Select the entity’s resident state from the “Resident State” dropdown menu.

▪ Enter the entity’s Federal Employer Identification Number in the “EIN” field.

▪ If the company was previously licensed, enter the requested information in the “Previous License Number” and “Previous License Type” fields.

▪ Enter the entity’s full legal name in the “Company Name” field.

▪ Click the “Next” button.

▪ Continue entering the requested demographic information and answering the background questions for the company.

▪ On page 8, read the Attestation and the Tennessen Warning.

▪ To continue with the application, click the “I Agree” button.

▪ Read the information in the “License Application Additional State Requirements” pop-up window.

▪ Click the “Close This Window” button.

▪ Review the information on the Fee Summary screen and click the checkbox next to the statement about your credit card being charged.
▪ Click on the “Submit” button.

▪ The Credit Card Information screen will appear. Enter all requested information. (Note: If your mailing address is in the United States, you do not need to enter anything in the “Country” field.) Click the “Continue” button.

▪ Verify your information on the next screen. If something needs to be added or corrected, click the “Back” button (the one on the page, not the one for your browser). If everything is correct, click the “Submit Credit Card Info” button.

▪ The confirmation page will appear. Please write down the Confirmation ID number and print the page for your records. The Confirmation ID number can be used to check the status of your license application. Incomplete Applications Under state law, an application that is incomplete is considered withdrawn if the applicant does not submit a complete application within six months of the date the application was received, and the application fee under these circumstances is nonrefundable.

 

After all of this, you will be a Limited Broker with the MN Department of Commerce.  Now, you need to apply to either Minneapolis Area Association of Realtors or St. Paul Area Association of Realtors for MLS Access.

Join MAAR

IF YOU ARE A LIMITED BROKER OR AN APPRAISER (COMPLETE ALL 3 FORMS):

Membership Application
Broker MLS Resignation
MLS Participant Agreement

DUES AND FEES

Upon joining the Minneapolis Area Association of REALTORS® (MAAR), you will be required to pay member dues which are prorated depending on the month you join. Our annual renewal is billed every November to be applied toward the following calendar year. Member dues must be paid annually in order to keep the membership active. View online dues schedule

In addition to paying membership dues upon joining MAAR, you will also be required to pay the current MLS fees if your broker is a member of the RMLS. View online MLS fee schedule

After you have submitted the necessary forms and been approved with MAAR, they will send you a login for NorthStarMLS at www.northstarmls.com

Jaden

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