Employing elastic and inelastic neutron scattering (INS) techniques, we report on the microscopic properties of the ferromagnetism in the dilute magnetic topological insulator (Bi0.95Mn0.05)2 Te3. Neutron diffraction of polycrystalline samples shows the ferromagnetic (FM) ordering is long range within the basal plane, and mainly two dimensional (2D) in character with short-range correlations between layers below T C ≈ 13 K. Remarkably, we observe gapped and collective magnetic excitations in this dilute magnetic system. The excitations appear typical of quasi-2D FM systems despite the severe broadening of short-wavelength magnons which is expected from the random spatial distribution of Mn atoms in the Bi planes. A detailed analysis of the INS provides the average values for exchange couplings which are consistent with reports of carrier-mediated interactions.