Minnesota Real Estate Exam Study Guide
Pass the Minnesota Real Estate Salesperson exam on your first attempt. 75 original practice questions with detailed answer explanations, complete coverage of all two-section PSI content areas, and every real estate math formula you’ll see on test day — built for candidates who don’t have time to waste.
Beat the 60–65% First-Attempt Pass Rate
If you’ve been searching for a Minnesota real estate exam study guide, here’s the reality: the MN Salesperson exam first-attempt pass rate is around 60–65%, and Minnesota uses 75% on EACH section as a split-scored pass standard. Most candidates fail because their study materials don’t cover MN’s three-course pre-license sequence (Course I must be completed BEFORE the exam; Courses II + III before license issuance), the unique Wells Disclosure requirement (active, abandoned, sealed wells under MN Stat. § 1031.235), the Subsurface Sewage Treatment System (SSTS) disclosure, Radon Disclosure (MN Stat. § 144.496), or MN’s dual transfer-tax structure (Deed Tax 0.33% seller-paid + Mortgage Registry Tax 0.23% borrower-paid, plus the Hennepin/Ramsey ERF fee). MN also uses Torrens title registration in some counties. This guide distills MN Stat. Ch. 82 and MN Rules Ch. 2805 into quick-reference tables and includes 75 original practice questions.
Minnesota Real Estate Exam Facts at a Glance
Exam Format
130 multiple choice
Time Limit
4 hours
Passing Score
75% on each section
Exam Fee
$63
Your Step-by-Step Path to Passing
The exact 7-step study sequence our guide walks you through
Complete Your 90-Hour Pre-License Course (Three 30-Hour Courses)
Minnesota requires 90 hours of pre-license education in three 30-hour courses. Course I must be completed BEFORE the licensing exam; Courses II and III must be completed before license issuance. This guide is a focused exam-prep companion — it doesn’t replace the course.
- MN-approved providers include Kaplan, Real Estate Express, Continuing Ed Express
- Course I (30 hr) → Exam → Course II (30 hr) + Course III (30 hr) → License
- Submit application + $110 license fee on passing
- Sponsorship by a MN-licensed broker required for activation
Master Universal Real Estate Principles
Drill the universal content areas first — they form the foundation for the Minnesota-specific material.
📘 Our guide’s Part 1 covers deeds, titles, the bundle of rights, contracts essentials, financing fundamentals, valuation approaches, fair housing protected classes, federal income tax rules, and more — in quick-reference table format so you can scan fast and recall on test day.
Master Minnesota-Specific Material (state portion)
MN-specific testing focuses on the Agency Disclosure timing under § 82.67, the Wells Disclosure, SSTS Disclosure, Radon Disclosure, Deed Tax (0.33% seller) + Mortgage Registry Tax (0.23% borrower) math, and non-judicial foreclosure by advertisement.
Agency Disclosure (MN Stat. § 82.67): First substantive contact, in writing
Wells Disclosure (UNIQUE): All wells — active, abandoned, sealed (MN Stat. § 1031.235)
Radon Disclosure (since 2014): MN Stat. § 144.496 — provide MN DOH publication
MN Deed Tax: 0.33% seller-paid; exempt under $3,000 consideration
Mortgage Registry Tax: 0.23% borrower-paid
Foreclosure by advertisement: Non-judicial; 6-month residential redemption
Drill Real Estate Math (10 Questions)
Math is only 10% of the exam — but it’s the area that trips up the most candidates. Every formula has a pattern; once you see the pattern, the questions become easy points.
- Commission & percentage — Part = Whole × Rate (T-bar method)
- LTV calculations — Loan ÷ Value
- Tax prorations — 365-day method, day of closing belongs to buyer
- Property tax — Assessed value × tax rate (with state caps if applicable)
- Transfer tax — Minnesota-specific rate calculations
- Capitalization — Value = NOI ÷ Cap Rate
- Acreage — 1 acre = 43,560 sq ft; 1 section = 640 acres
Take Practice Exams Under Test Conditions
Sit for the full 75-question practice set in one sitting. 2-hour timer. No notes. No phone. The point isn’t to score perfectly — it’s to identify weak content areas before exam day.
🎯 Pro tip: Review every answer — even the ones you got right. Sometimes you get the right answer for the wrong reason, and the explanation reinforces the concept for similar variations on the actual exam.
Schedule Your PSI Exam
Schedule via PSI at one of MN’s testing centers — or take online via secure remote proctoring.
Exam fee: $63 per attempt
Format: 130 questions split-scored: national + MN-specific in 4 hours
Pass score: 75% on EACH section
Materials: Closed book; basic calculator allowed
Pass with 75% / 75% → Activate Under a Sponsoring MN Broker
Your MN salesperson license is active only when sponsored by a MN-licensed broker. License period is 2 years (renewal due June 30). CE: 30 hours per cycle (8 hr Required Module + 22 hr elective).
What’s Next After Passing
- • Choose a sponsoring MN broker
- • Complete Course II + Course III (60 hr) before license issuance
- • Activate license through MN Department of Commerce
- • Plan 30-hour CE curriculum across the 2-year cycle
Build Your Business Fast
- • Google Business Profile + Maps SEO
- • Use AI for listings & client comms
- • Build referral network
- • Earn from your first closing
⚠️ Why Generic Practice Quizzes Fall Short:
Most free online practice tests recycle the same generic national questions and skip the Florida-specific material that makes up almost half the exam. Worse, many give you the answer with no explanation — so even when you get it right, you don’t understand why. Our 75 questions are organized by topic, written specifically for the Florida exam, and every answer includes a detailed explanation tied to the underlying statute or concept.
Everything You Need to Pass on Your First Attempt
28–32 pages · 75 practice questions · all two-section content areas · instant download
Minnesota Real Estate Salesperson Exam Study Guide
2026 Edition · PDF Download · Written by Mark Sias
- All two-section PSI content areas covered with weight breakdown
- 75 original practice questions grouped by topic for targeted review
- Detailed answer explanations for every question — not just the ones you missed
- Complete real estate math walkthroughs (commission, LTV, prorations, doc stamps, cap rate, acreage)
- Quick-reference tables for Minnesota Statutes Chapter 82 (Real Estate Salespersons and Brokers) and Minnesota Rules Chapter 2805
- Minnesota-specific content: agency disclosure rules, license law, mandatory disclosures, transfer tax, state caps
- Memory aids and acronyms (DEEP-U, MARIA, COLIC, OLD CAR SKID, T-bar method)
- National portion fundamentals: deeds, contracts, financing, fair housing, valuation
- Recommended study approach with realistic 2–4 week timeline
Minnesota Exam Study Guide
Why This Guide Beats Free Practice Quizzes
Free quiz sites are everywhere. A focused, Minnesota-specific blueprint isn’t.
PSI Aligned
Organized exactly the way the Minnesota Department of Commerce — Division of Real Estate breaks down the two-section content areas, so you study what’s actually tested at the right weighting.
Minnesota Law Built In
Minnesota Statutes Chapter 82 (Real Estate Salespersons and Brokers) and Minnesota Rules Chapter 2805 distilled into quick-reference tables — not buried in a 600-page textbook.
Math Made Simple
Every formula you’ll see on test day, with worked examples. The T-bar method makes percentage problems trivial.
75 Practice Questions
Original questions modeled on the exam format. Grouped by topic so you can target weak areas after your first run-through.
Detailed Explanations
Every answer is explained — not just labeled right or wrong. Memory aids and acronyms reinforce the concepts.
Phone & Print Ready
Optimized for reading on phones, tablets, and desktops. Print-friendly for highlighting and margin notes.
two-section Content Areas, Weighted by Exam Importance
Knowing which topics are worth the most points lets you spend study time where it matters
High-Weight (Study First)
3-course sequence (Course I before exam, II + III before license); MN Wells Disclosure (UNIQUE); Subsurface Sewage Treatment System (SSTS) disclosure; Radon disclosure (MN Stat. § 144.496); MN Deed Tax 0.33% (seller-paid); Mortgage Registry Tax 0.23% (borrower-paid); Hennepin/Ramsey ERF fee; Torrens title in some counties; Contract for Deed (MN Stat. § 559.21).
Medium-Weight
MN Human Rights Act (Ch. 363A); license renewal & CE; non-judicial foreclosure by advertisement; 6-month residential redemption (12-month agricultural).
Lower-Weight (Don’t Skip)
Specialty topics — leases, commercial nuances, methamphetamine production disclosure.
What Minnesota Licensing Actually Costs
Realistic Minnesota Salesperson Licensing Budget
💰 The $63 retake math: Failing the MN exam and retaking costs $63. The average new MN agent’s first commission check is $5,000+. Spending $14.97 to pass on the first attempt is the obvious move.
Bonus: every concept in this guide reappears in real life. The contracts, disclosures, math, and brokerage relationship rules you study to pass the exam are the same rules that govern every transaction you’ll work for the rest of your career.
Who Wrote This Guide
Mark Sias — Founder, Noble Notary & Legal Document Preparers
Mark is a Florida-commissioned notary, legal document preparer, and digital marketing author based in Port Orange, FL. He co-owns Noble Notary & Legal Document Preparers with his wife Grace, where they prepare real estate documents (deeds, POAs, lease agreements, dissolution packages) for clients across multiple Florida counties.
Mark authored “A Homeless Guy’s Guide to Digital Marketing” and runs Notary Prosperity Academy, where he’s trained thousands of notaries, signing agents, and legal entrepreneurs through his YouTube channel (5,000+ subscribers, 500,000+ views) and online courses.
This study guide draws on years of working alongside real estate agents, title companies, and attorneys — distilling Minnesota’s exam material into the quick-reference format that mirrors how working professionals actually use the law every day.
After You Pass — Build a Real Income
Passing the exam is one milestone. Turning a license into actual closings is a separate challenge — and it’s the challenge most new agents underestimate.
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Google Maps SEO for Agents
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Mobile & RON Notary for Closings
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Frequently Asked Questions
How hard is the Minnesota real estate exam?
The MN Salesperson exam first-attempt pass rate is around 60–65%. The exam is 130 questions split-scored across 4 hours, with 75% required on EACH section. Most candidates fail because their study materials don’t cover MN’s three-course pre-license sequence (Course I required before exam), Wells Disclosure, Mortgage Registry Tax, or non-judicial foreclosure by advertisement.
How much does the Minnesota real estate exam cost?
The PSI exam fee is $63 per attempt. The MN license fee on passing is $110 (includes $30 education/research/recovery fund + $30 technology surcharge). Add the required 90-hour pre-license course ($400–$900) for total upfront licensing costs of $600–$1,100.
How long should I study for the Minnesota real estate exam?
Most candidates need 3–4 weeks of focused study after Course I (30 hr) and before the exam. Plan for 1–2 hours per day. This guide compresses that timeline by focusing on what’s actually tested — agency disclosure, Wells/SSTS/Radon disclosures, Deed Tax math, and foreclosure rules.
Does this guide replace the 90-hour pre-license course?
No. MN law requires every Salesperson candidate to complete the three 30-hour courses (Course I + Course II + Course III) from a Department of Commerce-approved school. Course I must be completed before the exam; Courses II and III before license issuance. This study guide is a focused exam-prep companion.
What does the Minnesota real estate exam cover?
130 questions split-scored. National content covers deeds, contracts, financing, valuation, and federal fair housing. MN content covers MN Stat. Ch. 82 (license law), Agency Disclosure (§ 82.67), MN Seller’s Property Disclosure (§ 513.55), Wells Disclosure (§ 1031.235), SSTS, Radon, MN Deed Tax (0.33%), Mortgage Registry Tax (0.23%), Contract for Deed (§ 559.21), foreclosure by advertisement, and MN Human Rights Act.
What is the default agency relationship in Minnesota?
Minnesota requires the Agency Disclosure in writing at the first substantive contact under MN Stat. § 82.67. MN recognizes Seller’s Broker, Buyer’s Broker, Dual Agent (with informed written consent), and Facilitator (non-agent). The licensee must disclose all known material adverse facts about the property.
How is the Minnesota Deed Tax calculated?
The MN Deed Tax is 0.33% of net consideration (= $3.30 per $1,000), seller-paid. Tax does NOT apply when consideration is less than $3,000 (changed from $500 in 2019). Hennepin and Ramsey counties impose an additional 0.01% Environmental Response Fund (ERF) fee. On a $300,000 sale: state Deed Tax = $990.
What format is the guide?
Digital PDF download — 25 pages with quick-reference tables, real estate math walkthroughs (including MN Deed Tax 0.33%, Mortgage Registry Tax 0.23%, Hennepin/Ramsey ERF fee), 75 original practice questions, and detailed answer explanations. Print-friendly. Instant download via Kajabi.
© 2026 Noble Notary & Legal Document Preparers. All rights reserved.
This study guide provides educational information to help candidates prepare for the Minnesota Real Estate Salesperson licensing examination. It is not legal advice and is not a substitute for the required 90-hour pre-license education or for the official content outline published by the Minnesota Department of Commerce — Division of Real Estate. All practice questions are original content based on public statutes (Minnesota Statutes Chapter 82) and public administrative rules (Minnesota Rules Chapter 2805). No actual PSI exam content is reproduced. Minnesota statutes, administrative rules, fees, and exam content may change — always verify current information at mn.gov/commerce. Mark Sias is a Florida notary and legal document preparer, not a licensed attorney or real estate instructor. Not affiliated with or endorsed by the Minnesota Department of Commerce, PSI, or the National Association of REALTORS.