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termination, i.e., those on the "Hot List" as defined on page 16, paragraph 7, a -f of the March 22, 2010 letter appended to and made part of the Purchase of Services Agreement (i.e., the contract). Finally, the parties appear to have contemplated that Landform's real estate promotion activities may be construed as activities requiring a broker's license under Chapter 82 of the Minnesota Statutes.. Paragraph - X on page 2 of the Purchase of Services Agreement states that Landform, its team members, employees, and consultants are "real estate brokers or salespersons" under Chapter 82. This paragraph also states that "Landform will not be entitled to any compensation for work which requires a license under said Chapter 82." III. Legal Analysis. The starting point for any legal analysis must be the relevant statutory provisions. Chapter 82 of the Minnesota Statutes requires that real estate brokers be licensed. Section 82.55, subd. 19 defines "real estate broker" thusly: "Real estate broker" or "broker" means any person who: (a) for another and for commission, fee, or other valuable consideration or with the intention or expectation of receiving the same directly or indirectly lists, sells, exchanges, buys or rents, manages, or offers or attempts to negotiate a sale, option, exchange, purchase or rental of an interest or estate in real estate, or advertises or holds out as engaged in these activities; (f) for another and for commission, fee, or other valuable consideration or with the intention or expectation of receiving the same, promotes the sale of real estate by advertising it in a publication issued primarily for this purpose, if the person: (1) negotiates on behalf of any party to a transaction; (2) disseminates any information regarding the property to any party or potential party to a transaction subsequent to the publication of the advertisement, except that in response to an initial inquiry from a potential purchaser, the person may forward additional written information regarding The case law and related analysis set forth in the previous memorandum appears to be well researched and the conclusions derived therefrom well founded. In light of the fact that the statute itself, without the aid of illuminating case law, appears to clearly define Landform's activities relating to promoting the sale of property in the COR as those that require a broker's license, additional case law research on this ,specific issue will not be performed unless requested. Page 3 of 3