MN State exam

Which of the following could qualify for a Minnesota homestead exemption? 100 acres of vacant land A cabin used as a secondary dwelling that sits on 10 acres of land A primary dwelling situated upon 150 acres of land A primary residence that sits in 200 acres of land

A primary dwelling situated upon 150 acres of land

Caitlin purchased a Minnesota property for $350,000. She put down $70,000 and financed the remaining $280,000. How much deed tax did she owe for the purchase? $1,155 $644 $805 $924

$1,155 350,000 X .0033

The seller may be held responsible to the buyer for damages up to what amount for violating the contract for deed agreement? $2,500 $3,500 $4,000 $5,000

$2,500

Joy is a new salesperson licensee in Minnesota. She received her license in the first year of the current renewal period. How many continuing education hours does she need to complete to renew her license? 15 24 30 Continuing education isn't required during a licensee's initial license period.

30

If someone sells ______ or more properties within a year in Minnesota without employing a real estate salesperson or broker, she's considered to be engaging in real estate practice. 10 Five Seven Three

5

Once the disclosure form is received, how many days does a Minnesota buyer have to review and sign, or cancel the contract for deed agreement? Five Four Seven Two

5

Jay, a Minnesota broker, is working with a prospective new salesperson, Sherrie, who's getting ready to submit her licensing application to the state for approval. How much pre-licensing education must Sherrie have completed before getting to this step? 120 hours 30 hours 60 hours 90 hours

90

Which of the following associations is automatically required to participate in the Minnesota Common Interest Ownership Act? A common interest ownership association created in January 1994 A condo association formed in January 1993 A homeowners association of single-family homes formed in January 1993 A townhome association formed in 1993

A condo association formed in January 1993

The Minnesota statute on contracts mentions protective lists and who may be included on them. Which of the following individuals would be an inappropriate inclusion? A consumer who attended an open house for the property. A consumer who received an advertisement about the property and contacted the broker with questions A consumer who received an advertisement related to the property A consumer who scheduled a showing to see the property

A consumer who received an advertisement related to the property

Maddie is purchasing a property in Minnesota using a contract for deed arrangement. She's not represented by a real estate agent, so the seller has provided her with a disclosure related to this arrangement. Which of the following is NOT required to be included in the disclosure? A description of Maddie's right to cancel the agreement within five days of receiving the notice A notification of Maddie's rights as a tenant A suggestion to purchase title insurance and check for liens, unpaid utilities, and other interests against the property A warning that Maddie may need to make a balloon payment over the course of the arrangement

A notification of Maddie's rights as a tenant

In Minnesota, certain agreements are required to be in writing to be enforceable. Which of these agreements does NOT need to be in writing? An agreement to sell a duplex An agreement to sell a four-unit residential building A one-year lease of a single-family property A two-year lease of a condo

A one-year lease of a single-family property Minnesota law requires all contracts or agreements conveying ownership or interest in real property to be in writing. Leases for longer than one year are also required to be in writing.

Which of the following statements best describes Minnesota agency disclosure requirements? A real estate broker or salesperson shall provide to a consumer in the sale and purchase of a commercial real property transaction at the first substantive contact with the consumer an agency disclosure form A real estate broker or salesperson shall provide to a consumer in the sale and purchase of any real property transaction at the first substantive contact with the consumer an agency disclosure form A real estate broker or salesperson shall provide to a consumer in the sale and purchase of a residential real property transaction at the first substantive contact with the consumer an agency disclosure form A real estate broker or salesperson shall provide to a consumer in the sale and purchase of a residential real property transaction at the first substantive contact with the consumer an oral or written agency disclosure

A real estate broker or salesperson shall provide to a consumer in the sale and purchase of a residential real property transaction at the first substantive contact with the consumer an agency disclosure form

Alex is seeking a limited broker's license in Minnesota. Which of the following statements must be true? Alex has at least three years' experience in real estate. Alex holds a real estate salesperson license. Alex will only engage in transactions as a principal. Alex will represent others involved in real estate transactions for a fee.

Alex will only engage in transactions as a principal.

Lake Side Homeowners Association was formed in May 1994. Which statement best describes their participation in the Minnesota Common Interest Ownership Act? Based on the date the association formed, participation is automatically required. Based on the date the association formed, the association must opt in to participate. Based on the type of association, participation is automatically required. Based on the type of association, participation is not required.

Based on the date the association formed, the association must opt in to participate.

Minnie owns a small parcel of land in northern Minnesota. Minnie's great aunt transferred the property to Minnie 10 years ago. At the time of the transfer, the land was registered with the county court, and evidence of ownership was given to Minnie. Now Minnie wishes to sell the property and needs to produce a marketable title. Which of these is she most likely to provide? Abstract of title Certificate of title Quitclaim deed Title insurance

Certificate of title

Which of the following best describes a Minnesota condo owner's interest in the facility's common areas? Condo owners have an undivided interest in common areas of equal scale to their unit's size compared to the whole property's size. Condo owners have no interest in common areas. Condo owners share a divided interest of common areas of equal scale their unit's size compared to the whole property's size. Condo owners share equal, undivided interest in common areas.

Condo owners have an undivided interest in common areas of equal scale to their unit's size compared to the whole property's size.

Pria is a Minnesota real estate salesperson. She provided services to both a buyer and seller in the same transaction, but didn't represent either party. Which term best defines her role? Dual-agency broker Facilitator General agent Limited agent

Facilitator

If a lender wants to pursue a deficiency judgment against a Minnesota homeowner, which foreclosure process would most likely be used? Foreclosure by abandonment Foreclosure by action Foreclosure by advertisement Foreclosure by redemption

Foreclosure by action

Dylan has gotten behind on her mortgage payments. Her mortgage doesn't include a power-of-sale clause. If her lender pursues a foreclosure sale, which process will most likely be used? Foreclosure by action, which is a judicial process requiring court supervision Foreclosure by action, which is a non-judicial process that doesn't require court supervision Foreclosure by advertisement, which is a judicial process requiring court supervision Foreclosure by advertisement, which is a non-judicial process that doesn't require court supervision

Foreclosure by action, which is a judicial process requiring court supervision Foreclosure by advertisement can be used for any mortgage in default that includes a power-of-sale clause, otherwise foreclosure by action may be required. Foreclosure by action is a judicial foreclosure process and requires court supervision.

If a building is being converted from apartments to condominiums, Minnesota law requires that the building owner inform the current tenants about the conversion and ______. Give tenants the option to buy their units at below-market prices Give tenants the option to buy their units or to continue as tenants for a specified period of time Give tenants the option to buy the unit or vacate the unit within 30 days Wait 60 days before beginning eviction proceedings

Give tenants the option to buy their units or to continue as tenants for a specified period of time

Which of the following is true about special assessments in Minnesota? Improvements for which special assessments are levied must benefit the properties they are levied against. Property owners only have to pay special assessments that they've agreed to fund. Special assessments must be paid by property owners in full in the year in which they're imposed. Unlike property taxes, a special assessment can't become a lien against the property.

Improvements for which special assessments are levied must benefit the properties they are levied against.

Jackie sold a property in Greater Minnesota using a contract for deed arrangement. The buyer has defaulted on payments for the last three months. Jackie now wishes to reclaim the property. How should she go about doing this? Jackie must provide 60 days' notice that the contract will terminate if the buyer doesn't correct the default. After which, she can begin eviction proceedings. Jackie must provide 60 days' notice that the contract will terminate if the buyer doesn't correct the default. After which, she can begin foreclosure proceedings. Jackie must serve notice that the contract has been terminated. After which, she can begin eviction proceedings. Jackie must serve notice that the contract has been terminated. After which, she can begin foreclosure proceedings.

Jackie must provide 60 days' notice that the contract will terminate if the buyer doesn't correct the default. After which, she can begin foreclosure proceedings.

What type of rights to the property does a Minnesota seller have during the contract for deed process? Equitable title rights Legal title rights Partial title rights Restricted title rights

Legal title rights

Lorraine's five-acre Minnesota property was sold at a foreclosure sale. She was notified that she has a 12-month period in which she could buy back her property and retain ownership. Based on this, which of the following could be true? Lorraine owes less than two-thirds of the original mortgage debt. Lorraine's property is abandoned. Lorraine's property is occupied, non-agricultural property. Lorraine's property was sold using the foreclosure by advertisement process.

Lorraine owes less than two-thirds of the original mortgage debt.

A Minnesota subdivision project was registered by notification. Which of the following must be true about the project? Estimated sales are expected to gross less than $10 million. No more than 100 lots are available for sale. The land cost less than $1 million. The land is no more than 100 acres.

No more than 100 lots are available for sale. "Register by notification"

Last year, Dana purchased a home in Minnesota with a flat backyard, perfect for her dream pool. When she breaks ground to start installing it, she discovers an abandoned—and more importantly, undisclosed—concrete septic system. Is she out of luck? No, for up to two years after closing, the seller is liable for both the costs of sealing the system and reasonable attorney's collection fees for failing to disclose the known presence of the system. No, the pool contractor is required to take care of it. Yes, as the owner Dana must pay to seal the system. Yes, Dana must leave the septic system as it is.

No, for up to two years after closing, the seller is liable for both the costs of sealing the system and reasonable attorney's collection fees for failing to disclose the known presence of the system.

Which of the following best describes foreclosure by advertisement in Minnesota? Notification of pending auction, public auction, notice of eviction Notification of pending auction, repossession, notice of eviction Petition for legal ownership, opportunity to redeem property, notice of eviction if property is not redeemed Petition to enter, repossession, notice of eviction

Notification of pending auction, public auction, notice of eviction

Paige is a Minnesota property owner. The entire amount of her property tax bill is due on May 15. What can we reasonably assume based on this fact? Paige intends to sell her property before October 15. Paige's property is agricultural land. Paige's property is designated as a homestead. Paige's tax bill was less than $100.

Paige's tax bill was less than $100.

Zenya works for a lender in Minnesota and is initiating foreclosure by action proceedings on a property. If you were to look at the security instrument for this property, which of these clauses is most likely missing from the instrument? Acceleration clause Deficiency judgment clause Power-of-sale clause Prepayment clause

Power-of-sale clause

In the event a potential buyer cancels the contract for deed transaction in accordance with the law, the seller must ______. Find a new buyer within 30 days Inform the bank of the cancellation Refund all monies put down or payments made Sue the buyer for damages up to $2,500

Refund all monies put down or payments made The seller must promptly refund all payments to the buyer when he or she cancels the contract for deed agreement.

The commissioner of the Minnesota Department of Commerce has the authority to perform all of the following EXCEPT: Conduct investigations related to the commissioner's duties and responsibilities Deny, suspend, or revoke licenses as needed in order to protect the public interest Examine licensees' records, accounts, and files for compliance with record keeping law Sentence license law violators to jail time and fines

Sentence license law violators to jail time and fines

Which of the following classes was added to the Minnesota Human Rights Act? Familial status Marital status National origin Sex

Sex

Melanie is a Minnesota buyer who has agreed to purchase Stan's property using a contract for deed. Who holds legal title to the property during the term of the loan? Melanie Stan The beneficiary The trustee

Stan

What legislation is being violated if a Minnesota licensee refuses to show a property to a person because that person is homosexual? The federal Fair Housing Act The federal Fair Housing Act and the Minnesota Human Rights Act The Minnesota Human Rights Act The Minnesota Human Rights Act and the federal Civil Rights Act

The Minnesota Human Rights Act

Which of the following is considered a "responsible person" per Minnesota license law? An employee of an LLC A partnership The director of a corporation The general partner of an LLP

The general partner of an LLP

Amanda leases a unit in a building that Elroy owns in St. Paul. They have a signed, written lease agreement between them. Which of the following MUST be true? The lease is for at least six months. The lease is for a unit in a building that has at least 12 residential units. The lease is for commercial real property. The lease is for residential real property.

The lease is for a unit in a building that has at least 12 residential units.

Marvin, a broker for PDQ Realty, died unexpectedly. The Department of Commerce will allow a licensee to serve as temporary broker as long as ______. The licensee has a broker's license and serves in the temporary capacity for no more than 120 days The licensee has at least three years of experience, even if the licensee doesn't hold a broker's license The licensee is already a member of the brokerage The license is related to the former broker

The licensee has at least three years of experience, even if the licensee doesn't hold a broker's license

A Minnesota subdivision project was registered by qualification. Which of the following must be true about the project? The land is being offered or sold by the federal or state government. The project has 100 or fewer lots or sales. The project has been granted a HUD exemption. The project has more than 100 lots or sales.

The project has more than 100 lots or sales. Key word "Registered by qualification"

Jim and Judy's Minnesota home was sold at a foreclosure sale. The sale didn't net the amount needed to pay off what Jim and Judy owe, but the lender can't take action to recoup the shortage from the couple. Which of these statements is most likely true? The foreclosure process was initiated by the filing of a lawsuit in court. The mortgage instrument for the property didn't include a power-of-sale clause. The property was sold using the foreclosure by action process. The property was sold using the foreclosure by advertisement process.

The property was sold using the foreclosure by advertisement process.

How does a contract for deed differ from third-party lending? The buyer decides all contract terms. The seller decides all contract terms. The seller leases the property to the buyer until the buyer saves up enough money to pay cash for it. The seller provides the financing.

The seller provides the financing.

Tina and Jack own a property in Minneapolis. They've gotten behind on their mortgage payments and their lender has begun foreclosure by action proceedings. Which of the following is most likely true? Their mortgage instrument doesn't include a power-of-sale clause. The lender can begin foreclosure proceedings without court involvement. They'll need to vacate the property within six months from the date they received the notice. They purchased the property using a contract for deed.

Their mortgage instrument doesn't include a power-of-sale clause. Foreclosure by action is a judicial foreclosure process and requires court supervision. The lender initiates a case against the borrower in a Minnesota court. This process is used when the security instrument doesn't include a power-of-sale clause.

Marilyn and Edward own a property in Greater Minnesota, but have gotten behind on their mortgage payments. They've just received notice that foreclosure by advertisement proceedings will begin. Which of the following statements is most likely true? Their mortgage instrument includes a power-of-sale clause. The lender has filed a lawsuit in court. They'll need to vacate the property within six months from the date they received the notice. They're purchasing the property under a contract for deed.

Their mortgage instrument includes a power-of-sale clause.

Which of the following is true of Minnesota agency disclosure forms? They are only required for agricultural land transactions. They are only required for commercial transactions. They are only required for residential transactions. They are required for all real property transactions.

They are only required for residential transactions.

The Minnesota Underground Storage Tank Program regulates what kind of storage tanks? All underground fuel tanks All underground storage tanks Decommissioned storage tanks Underground storage tanks that hold 110 gallons or more

Underground storage tanks that hold 110 gallons or more

Janet gives Warren, the buyer of a condominium in her new Minnesota development, a copy of the public offering statement two weeks after he enters into a contract to buy the unit. Five days after receiving the statement, Warren decides to cancel the contract. Can he do this? No, Warren has already signed a sales agreement. No, Warren is past the three-day period permitted to cancel a sales agreement. Yes, Warren can cancel the contract but may be required to forfeit any earnest money he submitted. Yes, Warren can cancel the contract without penalty within 15 days of receiving the public offering statement.

Yes, Warren can cancel the contract without penalty within 15 days of receiving the public offering statement.

What is the maximum amount of time a protection or override clause can be in effect? One month Six months Three months Two months

six months