MN SF1739

Amends Minnesota Statutes section 82.73, subdivision 3, relating to broker responsibilities in real estate transactions.

Exempts brokers and licensees from supervising or operating property management activities (including leasing, maintenance, and repair) when the real property is individually owned by the licensee or owned by an entity in which the licensee holds an ownership interest.

Defines "individually owned" real estate as property in which the licensee holds an ownership interest.

Defines "entity-owned" real estate as property owned by a corporation, limited liability company, partnership, or trust where the licensee holds an ownership interest as an owner, trustee, partner, officer, or other beneficiary capacity.

Effective the day following final enactment and applies to property management activities performed on or after that date.