Question

Minnesota broker responsibilities for salesperson supervision are outlined in the standards of conduct. Which of the following is one of these responsibilities?

A. Providing personal loans to salespersons.
B. Maintaining the salespersons' records of client funds.
C. Approving real estate transactions without review.
D. Assigning salespersons to clients without considering their qualifications.

Answer 1

Minnesota brokers are responsible for B. maintaining salespersons' records of client funds, ensuring proper financial handling and compliance.

Step-by-step explanation:

One of the responsibilities of a Minnesota broker in overseeing salespersons, as outlined in the standards of conduct, is B. Maintaining the salespersons' records of client funds.

The broker must ensure that financial transactions and client funds are handled appropriately, with accurate records kept for scrutiny and regulatory compliance.

This responsibility is important as it helps protect clients' interests and maintains the integrity of the financial marketplace.

Options such as providing personal loans to salespersons, approving transactions without review, or assigning salespersons to clients without considering their qualifications are not part of the broker's supervisory responsibilities as they do not directly ensure the proper handling and oversight of client funds or transactions.