If an initial broker's or salesperson's license expires less than 12 months after issuance, what will the license fee be reduced by?

When a broker's or salesperson's license in Minnesota expires less than 12 months after its issuance, the license fee for renewal is reduced by 50% of the renewal fee. This reduction is designed to provide a financial incentive for licensees who might not have had the opportunity to fully utilize their license during that short period. The 50% reduction acknowledges that their time as a licensed professional was limited, thus allowing for a more equitable renewal process. In the context of real estate, this adjustment helps to encourage compliance and lessen the burden on those who may be facing extenuating circumstances during their first year of licensure. Understanding this reduction is crucial for new licensees as it can significantly impact their financial planning regarding license renewals.