MN Real Estate Exam

Lakukan tugas rumah & ujian kamu dengan baik sekarang menggunakan Quizwiz!

Thomas is a contractor in Minnesota who remodeled a kitchen for a homeowner. The homeowner paid for half the cost when work began two months ago, but failed to pay the remaining balance when the job was done. Thomas filed a mechanic's lien. Which of the following must be true? A. Thomas included a notice of his right to file a lien in the original written contract before beginning work on the kitchen. B. Thomas delivered a notice of his right to file a lien separately from the original written contract within 14 days of the original contract date. C. Thomas provided notice of his right to file a lien within 10 days of nonpayment after he completed the remodel. D. It's been fewer than 30 days since Thomas finished the work and the remaining balance was due.

Minnesota law requires sellers to provide prospective buyers with a written disclosure of material facts related to the property's condition. Which of the following requires disclosure? a) A homicide occurred on the property. b) An accidental death occurred on the property. c) An occupant of the home is infected with HIV. d) The property is in a neighborhood containing a community-based residential facility.

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? a) Five b) Four c) Seven d) Two

Salesperson Terry needs emergency surgery, but has several clients for whom he's actively working. Terry is prohibited from taking which action for his clients? A. Authorizing his unlicensed assistant Barbara to work with them while he's in the hospital B. Working as much as he can from his hospital room using his laptop and Wi-Fi C. Asking another licensee from the brokerage to work with his clients until he is better D. Asking his clients what they would like to do while he's unavailable for a week or two

Sandra enters into a contract to buy a condominium in a new development. However, the developer fails to give her a copy of the public offering statement. According to Minnesota law, she's permitted to cancel the contract without penalty within ______ after receiving the statement. a) 15 days b) 1 day c) 1 year d) 6 months

Simpson is a buyer in Minnesota. He made an offer and supplied earnest money on a property on Thursday. That offer was rejected by the seller on Friday. What happens to Simpson's earnest money? A. It must be returned to Simpson by Monday. B. It must be returned to Simpson on Friday. C. It must be deposited in a trust account by Tuesday. D. It must be deposited in a trust account by Wednesday.

Terrance is behind on his mortgage payments. He received a notice from his lender notifying him that he's in default, giving him options for addressing the default, and providing information about foreclosure prevention counseling. Terrance didn't take any action, and the lender initiated foreclosure by advertisement proceedings. The property was sold at auction six weeks ago. What is the statutory redemption period? a) The period after the foreclosure sale during which Terrance could continue to occupy the home and buy it back b) The period between Terrance receiving the default notice and when the foreclosure sale was held c) The period between the foreclosure sale and Terrance's eviction d) The timeframe between Terrance receiving the default notice and the date he can purchase the property back

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? a) Their mortgage instrument doesn't include a power-of-sale clause. b) The lender can begin foreclosure proceedings without court involvement. c) They'll need to vacate the property within six months from the date they received the notice. d) They purchased the property using a contract for deed.

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

Which of the following items is prohibited from being included in Minnesota listing agreements? a) Automatic extension b) Definite termination date c) Explanation of the terms under which a listing agreement can be canceled d) Information about when an override clause would be effective

Which of the following roles describes a licensed Minnesota broker who chooses to work under the supervision of another broker? a) Associate broker b) Limited broker c) Salesperson d) Sponsor

Which of the following statements about the Torrens system, which may be used in Minnesota, is true? a) The approach is only used in a handful of states. b) The approach is only used in northern states. c) The approach is only used in southern states. d) The approach is used nationwide.

Which of the following statements best describes "module training" related to Minnesota continuing education requirements? a) Licensees must take 3.5 or 7.5 hours of module training every license year. b) Licensees must take 3.5 or 7.5 hours of module training every renewal period. c) Licensees must take 3.75 hours of module training every license year. d) Licensees must take 7.5 hours of module training every license year.

Which of these is Minnesota broker Nancy NOT required to retain for six years? a) Agency disclosure form with a consumer where no employment relationship was established and no services were performed b) Buyer representation agreement in which the licensee showed the buyer one property, after which both parties agreed to terminate their agreement c) Deposit receipt for a trust account d) Expired listing agreement

Your client, Trisha, is looking for a property outside St. Cloud that will serve as a nursery for old roses. One of her favorite properties contains an abandoned UST, which she's tempted to ignore. What's the wisest course of action you should advise at this point? a) Ask the seller's agent about the tank and also check with the recorder's office to see if the seller filed an affidavit. Even if the tank leaked, the substance may not have been harmful to plants. b) Ask the seller's agent if the tank ever leaked. c) Buy the property, but make sure to plant the roses away from the UST, just in case. d) Go with her gut. It's the perfect property at a great price.

During an investigation, what may Minnesota's commerce commissioner do? a) Engage state police to assist with an ongoing investigation. b) Examine all business records, including sales reports. c) Examine personal bank records of individuals under investigation. d) Require the surrender of passports from individuals under investigation.

Genevieve performs real estate activities on behalf of Vern, a real estate broker. What type of license does she have? A. Limited broker B. Real estate salesperson C. Primary broker D. She doesn't need a license.

How does Minnesota's Real Estate Education, Research and Recovery Fund account get funded? a) Fees from education providers b) Fees from license applicants c) Foundation dollars and donations d) Interest from state investments

How many additional education hours are required for a Minnesota real estate salesperson to become a licensed broker? a) 120 b) 30 c) 60 d) 90

In Minnesota, an area where a petroleum leak has occurred is known as what? a) A brownfield b) A petroleum tank release site c) A special use landfill d) A wetland

In Minnesota, contractors must provide homeowners with specific notice if they intend to attach a labor and materials lien to a property. What must be included in this notice? a) An itemized list of all parts and labor included in the lien b) A statement that communicates the contractor's right to place a lien c) A statement that communicates the house may be foreclosed upon if the lien isn't paid d) The date the lien will be placed on the property

In Minnesota, what's the one difference between broker and salesperson requirements for continuing education? a) Brokers must take a longer legal update. b) Brokers must take one hour per year of broker-specific CE. c) Brokers need additional fair housing hours. d) Brokers need five additional hours per year.

In Minnesota, what's the rescission period after a purchaser receives a copy of the subdivision sales contract? a) 10 days b) Five days c) One week d) Two days

In Minnesota, which one of these scenarios would require a real estate license? a) Henry is selling his own home and isn't using the services of a listing agent. b) Janice is searching for a new home for a friend moving into town. After the friend buys a property, Janice will receive 2% of the sales price for her time. c) Peter is helping his sister Kristen find a new apartment. He's searching listings and calling property management companies, but won't receive anything in return. d) Ron is acting as executor of his uncle's estate, which includes selling his uncle's property.

In what type of financing situation does the seller provide financing to the buyer? a) A conforming loan b) A contract for deed c) A lease-to-own contract d) A non-conforming loan

Oscar is a buyer in Minnesota who provided a promissory note to his real estate agent as earnest payment. Did his agent violate license law by accepting this as earnest payment? A. No, as long as the broker provides written permission for the licensee to accept a promissory note. B. No, as long as the licensee deposited the item with an authorized escrow agent. C. Yes, since licensees can only accept cash, checks, or other depositable items as earnest payment. D. Yes, since licensees must first get commissioner permission before accepting nondepositable items.

Oscar is a buyer in Minnesota who provided a promissory note to his real estate agent as earnest payment. Did his agent violate license law by accepting this as earnest payment? a) No, as long as the broker provides written permission for the licensee to accept a promissory note. b) No, as long as the licensee deposited the item with an authorized escrow agent. c) Yes, since licensees can only accept cash, checks, or other depositable items as earnest payment. d) Yes, since licensees must first get commissioner permission before accepting nondepositable items.

Pamela is a primary broker in Minnesota. She's not planning to renew one of her associated salesperson's licenses. What must she do? a) Notify the commission in writing within 30 days. b) Notify the salesperson in writing at least 30 days before June 15 of the renewal year. c) Notify the salesperson within 30 days of her decision. d) Wait until the license expires, then return it to the commission.

Patti, a buyer in Minnesota, was considering entering into a contract for deed arrangement. Six business days after receiving the contract for deed disclosure from the seller, Patti decided to terminate the contract because she doesn't want to finance that way. Can Patti do this? a) No, because she should have cancelled before receiving the disclosure. b) No, she only had five business days in which to make that decision. c) Yes, because she cancelled the agreement after receiving the disclosure. d) Yes, she can cancel the agreement at any time before closing.

Portia is a salesperson in Minnesota representing a buyer. To whom must she provide copies of documents related to the transaction? a) Her buyer client only b) Interested parties c) Only to her broker for retention purposes d) The seller

Preston is a condominium developer in Minnesota. He's just signed a sales contract with Brett to purchase one of the first units that will be completed. Which of the following statements must be true? a) Brett has been approved for financing. b) Preston provided Brett with a public offering statement at least 15 days ago. c) Preston provided Brett with the bylaws at least 15 days ago. d) The unit can be conveyed to Brett within the next 30 days.

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? a) Dual-agency broker b) Facilitator c) General agent d) Limited agent

Quinn is a licensed broker in Minnesota. She's getting ready to submit a salesperson licensing application for Rachel. Which pre-licensing courses must Rachel have completed to get to this point? a) Completion of Course 1 b) Completion of Courses 1, 2, and 3 c) Completion of Courses 1, 2, and 3 plus 30 hours of continuing education d) Completion of Courses 1 and 2

Rachel is a supervising broker in Minnesota. Which of the following is a true statement about her responsibilities? a) She's only responsible for her own actions. b) She's responsible for all agents and associated brokers of her firm. c) She's responsible for sales agents, but not associate brokers, of the firm. d) She's responsible for the associate brokers who work for her, and her associate brokers are responsible for her sales agents.

Robbie's lender notifies him of an impending foreclosure, and is told that his property will be sold at public auction. Six months after the auction occurs, Robbie receives a notice of eviction for which the lender had to petition a court. What does this describe? a) Actual eviction b) Foreclosure by advertisement c) Foreclosure by entry and possession d) Foreclosure by writ or entry

Stephanie lives near a resort area in Minnesota and is interested in making a career in helping others buy and sell timeshares. What kind of license does she need to do this? a) A subdivider license is required. b) She must have a real estate license. c) Stephanie needs a real estate license with a special certification related to timeshare sales. d) There aren't any licensing requirements related to timeshare sales.

Sue is selling a property outside Minneapolis with a private well. What must she do? a) Provide notice to prospective buyers that the well must be upgraded. b) Provide written disclosure of the well's location and status. c) Sue isn't required to do anything. d) Upgrade the sewage system before the property can be sold.

Which of the following would be considered an underground storage tank, according to Minnesota law? a) A 200-gallon tank that holds 190 gallons above the surface of the ground b) A 200-gallon tank that holds 20 gallons below the surface of the ground c) A 200-gallon tank that holds two gallons below the surface of the ground d) A 200-gallon tank that's buried at least 5% underground

Which of these statements about earnest money in Minnesota is true? a) A portion of earnest money goes to the seller's agent as commission. b) Disbursal of earnest money depends on the terms of the contract. c) The buyer always gets the earnest money back if the contract falls through. d) The seller always retains earnest money if the contract falls through.

Xavier and Juanita Jenkins want to make a few improvements to their leased apartment in Minnesota. The couple would like to rip up the carpet in the living room and have the hardwood floors underneath restored. Which of the following statements about the improvements is true? a) Xavier and Juanita aren't required to ask the landlord's permission to make this type of alteration to the property. b) Xavier and Juanita need to get the landlord's permission before they make any improvements to the property. c) Xavier and Juanita will be able to deduct the cost of the improvements from their rent. d) Xavier and Juanita will have to re-carpet the floors before they terminate their lease.

Yolinda is preparing closing documents for the sale of Luis' St. Paul condo. Which of the following is true? a) Yolinda has a real estate license. b) Yolinda is a closing agent. c) Yolinda represents Luis in the transaction. d) Yolinda works for a title insurance agent.

Your cousin Steve has asked you to use your expertise to help him market and advertise his house, even though you don't yet have your Minnesota real estate license. He'll pay you a 1% commission if you help him. Can you do this? a) No, because the minimum commission allowed by law is 2%. b) No, because you must have a license to provide real estate services for another person for compensation. c) Yes, because he's a relative. d) Yes, because he's selling FSBO like you did.

Porter owns a house that sits on 30 acres of land. He uses the property for vacationing, hunting, and other recreational purposes. He's paid off about a quarter of the mortgage, but is now in foreclosure. If the property is sold at a foreclosure sale, how long can Porter expect the statutory redemption period to last? A. 12 months B. Six months C. Five weeks D. 60 days

b Occupied properties generally have a six-month statutory redemption period. This period is extended to 12 months if the property is 40+ acres, 10+ acres and used for agricultural purposes, or the borrower owes less than two-thirds on the mortgage.

A Minnesota licensee who's representing a seller splits the commission earned on a transaction with the broker representing the buyer. Is this compensation permitted? a) No, a licensee shall not pay a commission, compensation, referral fee, BPO fee, or other valuable consideration for the performance of any acts requiring a real estate license. b) No, a real estate broker or real estate salesperson shall not offer, pay, or give, and a person shall not accept, any compensation or other thing of value from a real estate broker or real estate salesperson. c) Yes, commission-splitting among persons licensed to perform real estate activities is permitted with seller authorization. d) Yes, commission-splitting is permitted if authorized in writing by the real estate broker representing the seller.

A Minnesota listing agreement includes an override clause. To be effective, how soon after the agreement's expiration must the licensee provide the seller with a protective list? a) Within 24 hours b) Within 48 hours c) Within 72 hours d) Within 96 hours

According to Minnesota license law, which of these situations is considered dual agency? A. Ryan represents a buyer in one transaction and a seller in another transaction. B. James with ABC Brokerage represents the buyer and Jenny with XYZ Brokerage represents the seller in the same transaction. C. Boris with ABC Brokerage represents the buyer and Corben with ABC Brokerage represents the seller in the same transaction. D. Tina with XYZ Brokerage represents the buyer in one transaction and Xavier with XYZ Brokerage represents the seller in another transaction.

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

Arnie is a real estate salesperson in Minnesota. He's leaving his current broker, Marisol, and is going to immediately associate with Manny. Which of the following statements is true? A. Marisol needs to notify the commission of the termination within 10 days. B. Manny needs to sign a transfer application for Arnie. When the commission receives the application, it will notify Marisol, who must return Arnie's license to the commission within 10 days. C. Marisol must sign a transfer application for Arnie and destroy his license. Then Manny must sign the transfer application and submit it to the commission along with a transfer fee. D. Manny must sign a transfer application for Arnie, then obtain a signature from Marisol, along with Arnie's license. Manny then must submit the application, license, and transfer fee to the commission.

Assuming all of the following individuals are performing these activities for another and for a fee, who must hold a Minnesota real estate license in order to legally perform the activity? a) A bank employee selling a piece of land owned by the employer as part of his or her employment duties b) A cemetery salesperson selling a burial plot c) A son selling his parent's house d) A trustee selling property as part of a court order

Brody was hired by the Petersons to build an addition onto their house in Minnesota. He didn't include the lien notice in the original contract they signed yesterday, so is now providing it separately. How can he deliver the notice to the homeowner? a) Fax, mail, or email b) Hand delivery only c) Hand delivery or certified mail d) The lien notice must be part of the original contract.

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? A. Foreclosure by advertisement, which is a judicial process requiring court supervision B. Foreclosure by advertisement, which is a non-judicial process that doesn't require court supervision C. Foreclosure by action, which is a judicial process requiring court supervision D. Foreclosure by action, which is a non-judicial process that doesn't require court supervision

Georgina is a Minnesota escrow agent who's holding funds for several transactions. Which of these statements about how she'll disburse these funds is true? a) If the transaction closes, Georgina will disburse the earnest money to the listing broker as part of his commission. b) If the transaction closes, she'll refund the earnest money to the buyer, since the buyer brings the full amount necessary for the down payment and loan costs to closing. c) If the transaction doesn't close, Georgina will disburse the earnest money as instructed by the parties or according to state law. d) If the transaction doesn't close, Georgina will refund the earnest money to the buyer.

Harry dabbles in real estate in Minnesota by buying and selling several properties for himself throughout the year. He's unlicensed and isn't represented by a real estate licensee in these transactions. The real estate commission hasn't knocked on his door yet, so which of the following is most likely true about Harry? a) Each property is Harry's primary dwelling at the time he sells it. b) He's engaged in the business of selling real estate. c) He's the principal in four or fewer transactions during a 12-month period. d) He's violating real estate license law by buying and selling properties without a license, and it's only a matter of time before the commission comes knocking.

Ian is a buyer in Minnesota. He made an offer and supplied earnest money on a property, but the offer was rejected by the seller. What happens to Ian's earnest money? a) Ian forfeits the earnest money to the seller. b) It must be given to the seller no later than the next business day after rejection. c) It must be returned to Ian no later than the next business day after rejection. d) The seller needs to provide written instructions to return the earnest money to Ian.

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

In Minnesota, what's true about the disclosure of material facts? a) Death or paranormal activity in or around a property must be disclosed. b) Physical condition issues in the inspection report must be verbally disclosed by the licensee. c) Physical conditions that may affect the property's use must be disclosed. d) Prior owners' medical issues need to be disclosed to any potential buyers.

In Minnesota, when may a referral fee be appropriate? a) If an unlicensed individual wants to provide one to a licensee. b) If it involves a timeshare transaction and is less than $500. c) If the recipient is licensed and the referral fee is directly related to a transaction. d) If the recipient is uninvolved in the given transaction.

Jewel is planning to vacate the unit she's leasing in Greater Minnesota on November 30. What obligation does she owe the landlord? a) To insulate any necessary plumbing or pipes to prevent freezing b) To provide 30 days' written notice that she's terminating her lease c) To provide at least three days' notice so the landlord can take action to prevent plumbing or pipes from freezing, if needed d) To sublease the unit to another party before she vacates the property

John and Mattie are a married couple in Minnesota who are currently going through a divorce. How will their marital property be handled? A. Minnesota is a community property state, so their marital property will be split equally (50/50). B. Minnesota is an equitable distribution state, so their marital property will be split equally (50/50). C. Minnesota is an equitable distribution state, so their marital property will be divided fairly as determined by a court, but not necessarily equally. D. Minnesota is an equitable property state, so their marital property will be split fairly and equally (50/50), as determined by a court.

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? a) 15 b) 24 c) 30 d) Continuing education isn't required during a licensee's initial license period.

Kylie's Minnesota home is subject to foreclosure by advertisement. How long from the sheriff's sale date does she have to redeem her home? a) 30 days b) 90 days c) Six months d) Six weeks

Linda recently sold a Minnesota home that has an underground storage tank on the lot. She has ______ to register the change of ownership with MPCA. a) 10 days b) 20 days c) 30 days d) Five days

Lorraine, a Minnesota broker, was engaged as a listing agent for a property. The home didn't sell during the contract period, and upon expiration Lorraine and the property owner went their separate ways. How long must she retain the listing agreement? a) Listing agreements don't need to be retained. b) She doesn't need to retain the listing agreement since the transaction never closed. c) She must keep listing agreements for six years, regardless of whether the transaction closed. d) She needs to keep the listing agreement for six months, since the transaction didn't close.

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? A. They're purchasing the property under a contract for deed. B. The lender has filed a lawsuit in court. C. Their mortgage instrument includes a power-of-sale clause. D. They'll need to vacate the property within six months from the date they received the notice.

Marin was the victim of a Minnesota real estate licensee's dishonest practices. She received a final judgment in court, but hasn't been paid, despite going through all legal proceedings, reviews, and appeals. She's seeking recovery from the Real Estate Education, Research, and Recovery Fund. What's the maximum she'd be paid? A. $250,000 B. Three times the actual monetary loss she suffered C. $150,000 D. $0

Minnesota law outlines several practices considered fraudulent or deceptive. Which one of these represents fraud? a) Publicizing your degrees and credentials in print ads b) Serving as a disclosed dual agent in a transaction c) Serving as an undisclosed principal in a transaction d) Serving as a principal in a transaction

One thing that sets the Minnesota broker license apart from the salesperson license is that it allows the license holder to do what? a) Act as an appraiser b) Operate in multiple states c) Own and manage their own business d) Run for public office

Per the Minnesota statute of frauds, a contract for the sale of real estate is only enforceable if it's in writing and ______. a) In at least an eight-point font b) Signed by the parties' attorneys c) Signed by the person to be charged with the promise/agreement d) Signed by the seller's agent

Petra is being subjected to domestic abuse. She has provided a signed, written notice of lease termination to her landlord that includes the date she intends to vacate the property and the address where her security deposit can be sent. What else can her landlord legally do? a) Disclose Petra's new address to other tenants who request it. b) Keep Petra's security deposit because of the early lease termination. c) Require Petra to pay the full month's rent for the month she intends to leave. d) Require that Petra provide the name of her abuser so the landlord can protect other tenants.

Sally signed a lease for a unit in a new apartment building in Minneapolis. Her landlord, Jamal, deposited Sally's security deposit on August 4. When will the security deposit begin accruing interest? A. August 5 B. September 4 C. September 1 D. Security deposits can't be deposited into interest-bearing accounts.

Serena hired Jasper to create a family tree painting for her new home's foyer for $500. Before they put anything in writing, Jasper completed the painting. He won't deliver it to Serena because she doesn't want to pay for the artwork. Is the contract enforceable? a) No, the contract isn't enforceable because Jasper didn't deliver the goods. b) No, the contract wasn't in writing or signed by the appropriate parties. c) Yes, an unwritten contract can still be enforced if the goods are created specifically for the buyer and can't be sold to others. d) Yes, because contracts for goods valued at $600 or less aren't required to be in writing to be enforceable.

Simpson is a buyer in Minnesota. He made an offer and supplied earnest money on a property on Thursday. That offer was rejected by the seller on Friday. What happens to Simpson's earnest money? a) It must be deposited in a trust account by Tuesday. b) It must be deposited in a trust account by Wednesday. c) It must be returned to Simpson by Monday. d) It must be returned to Simpson on Friday.

Someone who, for another and for compensation, negotiates the sale of real property in Minnesota is a ______. a) Agent b) Limited broker c) Real estate broker d) Responsible person

The Wilsons hired Gary to build an addition onto their house in Minnesota. Gary subcontracted out the electrical work to Oliver. Within how many days must Gary and Oliver deliver lien notices to the Wilsons? A. Both Gary and Oliver have 10 days from the original contract date. B. Both Gary and Oliver have 45 days from the original contract date. C. Gary has 10 days from the original contract date, and Oliver has 45 days from the date he first provides labor or materials. D. Gary has 45 days from the original contract date, and Oliver has 120 days from the date he first provides labor or materials.

Trinity, a transgender female, feels that she's been discriminated against when a landlord denied her rental application, telling her, "Your credit's fine, but I need tenants who are easier to figure out." For housing purposes, is Trinity's gender identity a protected class under the Minnesota Human Rights Act? a) No, but if she's gay, she's protected under the sexual orientation class. b) No, but she does have federal protected class status. c) Yes, as part of the protected class of sexual orientation. d) Yes, but only if she's heterosexual.

Clara is a real estate salesperson in Minnesota. She recently got married, changed her name, and moved to a new house with her spouse. Which of the following is true? a) Her broker must note the name change on Clara's existing license. b) She can't practice real estate until she receives a license in her new name. c) She must notify her broker within 10 days of the name and address change. d) She must notify the commission within 10 days of the name and address change.

Elijah is working with his primary broker to complete and submit an application for a Minnesota real estate salesperson license. How many hours of pre-licensing education must Elijah complete before he can apply for licensure? a) 120 hours b) 30 hours c) 60 hours d) 90 hours

If Joel, a leasing agent in St. Paul, refuses to rent to an elderly widower because "he may die soon," is he violating any fair housing laws? a) No, he has a right to refuse the renter. b) No, he has the right to deny any applicant he chooses. c) No, there are no federal or state laws prohibiting this action. d) Yes, he is violating fair housing law.

In a Minnesota lease agreement, what consideration does the landlord give to the tenant? a) Option to buy b) Rent c) Right of first refusal d) Right to occupy the property

Janice is a Minnesota landlord who's just accepted a security deposit from Mark on March 16. She places it into an appropriate account. What's true about Mark's security deposit? a) It's held in a non-interest-bearing account. b) It will earn interest from the first day. c) It will earn interest on Janice's account as of March 16. d) It will earn interest on Mark's account as of April 1.

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? a) 120 hours b) 30 hours c) 60 hours d) 90 hours

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? a) The foreclosure process was initiated by the filing of a lawsuit in court. b) The mortgage instrument for the property didn't include a power-of-sale clause. c) The property was sold using the foreclosure by action process. d) The property was sold using the foreclosure by advertisement process.

Jim and Tammy are selling their farm in Minnesota, which has a private well. What information about the well must they provide to potential buyers prior to entering into an agreement of sale? a) A suggestion that the water should be tested b) A verbal assurance that the water is safe to drink c) Evidence that the water source is public d) The well's location and status

Jocelyn is ready to submit an application for a Minnesota real estate salesperson license. Which of the following is NOT necessarily true? A. She's at least 18 years of age. B. She's completed courses I, II, and III. C. She passed the licensing exam within the last 12 months. D. She has a high school diploma or GED.

Joshua was hired by the Carters to remodel a bathroom. He included a lien notice in the original contract. How many days does he have to file the lien if he doesn't receive payment for this job? a) He has 120 days from the date labor or materials are first supplied. b) He's got 120 days from the original contract date. c) Joshua doesn't have the right to place a lien because the notice wasn't delivered separately. d) Joshua has 120 days from the date labor is completed or final delivery of materials is made.

LuAnn is a Minnesota real estate licensee. Several of her former clients were awarded final judgments related to LuAnn's illegal trust fund conversion activities. Which statement best describes any recovery that could be paid out by the Real Estate Education, Research, and Recovery Fund to LuAnn's victims? A. If multiple claimants are the victims of the same type of behavior, a maximum of $150,000 may be paid per claimant, per transaction. B. The fund doesn't pay recovery to victims of trust fund conversion. C. A maximum of $250,000 may be paid per claimant, per transaction. D. A maximum of $150,000 may be paid per claimant, per transaction, and $250,000 may be paid per licensee.

Minnesota brokers can use personal funds in trust accounts for which reason? a) To earn more interest for the housing fund b) To earn more interest personally c) To offer commission rebates d) To pay administrative service fees

Minnesota law requires sellers to provide prospective buyers with a written disclosure of material facts related to the property's condition. Which of the following scenarios requires disclosure? a) A foreclosed property has a leak in the roof. b) A newly constructed home had to be repaired after it suffered minor smoke damage when a wastebasket caught fire after a contractor threw a lit cigarette into it. c) An investor is selling a property on which a suicide occurred to his grandson. d) A person is selling his property, which has a septic system, to a newly married couple.

Which of the following best describes a contract for deed that may be used in Minnesota? a) A legally binding, oral contract between a property buyer and a seller in which the parties agree to swap properties with no money exchanging hands b) A legally binding, oral contract in which the property buyer pays the seller one lump sum in exchange for the deed to the property c) A legally binding, written contract between a property buyer and the seller in which the buyer assumes the seller's mortgage payments d) A legally binding, written contract between a property buyer and the seller that allows the buyer to pay for the property in installments

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

Which of the following might qualify for reimbursement from the Minnesota Petroleum Tank Release Cleanup Fund (Petrofund)? a) A local petroleum refinery spent $1 million cleaning up a release earlier this year. b) Jerome is a responsible person who failed to take state-mandated corrective action. The state took Jerome to court, and he's now seeking reimbursement for his court costs. c) Sally is a responsible person who took corrective action last year to remove a tank, which was covered by insurance. d) Six years ago, Miles took corrective action to remove and clean up a leaking tank on his property, taking out a loan to cover some costs.

Which of these statements about escrow accounts in Minnesota is correct? a) An escrow account is a temporary account that's opened for use with a single transaction and closed after the transaction closes. b) An escrow account is held by either the buyer or seller and houses the buyer's earnest money until closing. c) Escrow accounts are managed by brokerage firms and hold funds used to pay operating expenses and agent commissions. d) Escrow accounts are managed by escrow agents and are used to hold funds belonging to others, such as earnest money deposits.

Why is it so important to know what the protected classes are for fair housing in Minnesota? a) Because it's on the exam b) So you don't offend anyone c) To keep special interest groups off your back d) To make sure you don't do something that is a violation of fair housing laws

A buyer in Minnesota is making an offer on a property and handed over an expensive piece of jewelry as earnest payment. What should the licensee do? a) Deposit the jewelry with an authorized escrow agent. b) Have the jewelry appraised to ensure its value equals the amount of earnest money documented in the purchase agreement. c) Hold the jewelry in a safe deposit box. d) Return the jewelry to the buyer in exchange for cash, check, or other depositable item.

A married couple in Minnesota own a property as joint tenants. Unless otherwise agreed, what happens automatically when the couple divorces? a) Joint tenancy is voided. b) The couple become joint tenants in the entirety. c) The property reverts to the husband d) The property reverts to the wife.

Caitlin purchased a 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? A. $1,155 B. $924 C. $805 D. $644

Five years ago, Steven purchased a home in Minnesota from Janine. To his surprise, he recently discovered that there's a well on the property. The well needs to be sealed, which will cost $1,000. Who's liable for the cost to seal the well? A. Janine is liable because she failed to disclose the well, and Steven is still within the timeframe to bring action against her. B. Janine is liable because she had the well installed on the property. C. Steven is liable because he's the current homeowner. D. Steven is liable because he failed to bring action against Janine within the appropriate timeframe.

Inigo is selling his house, which has a septic system. He's not sure it's compliant with regulations, so he's asked his plumber friend, Westley, to take a look and prepare an inspection report. He thinks this will be fine. Is he right? A. No. A certified local government inspector or licensed inspection company should prepare an inspection report. B. Yes. Westley is a plumber, so his opinion is sufficient. C. No. It's not an issue as long as the system appears to be in working order. D. No. The buyers are responsible for any septic system information.

Redmond owns a property in Minnesota that is the site of a petroleum release. The release took place before Redmond owned the property, but Redmond paid for the $200,000 cleanup, which took place last year. Can Redmond seek reimbursement for his costs? A. Yes, as the current owner who took and paid for corrective action, Redmond can seek reimbursement. B. Yes, as the responsible person, Redmond can seek reimbursement. C. No, only the responsible person can seek reimbursement for corrective action. D. No, reimbursement must be sought within 60 days of the corrective action.

Which of the following would NOT require the issuance of a home warranty in Minnesota? A. The sale of a single-family home from the original owner and occupant to a new owner B. The sale of a newly constructed four-unit residential building C. A major home renovation that includes plumbing installation D. The sale of a newly constructed single-family dwelling

Minnesota law requires sellers to provide prospective buyers with a written disclosure of material facts related to the property's condition. Which of the following requires disclosure? A. The property is in a neighborhood containing a community-based residential facility. B. A homicide occurred on the property. C. An occupant of the home is infected with HIV. D. An accidental death occurred on the property.

Minnesota law requires sellers to provide prospective buyers with a written disclosure of material facts related to the property's condition. Which of the following scenarios requires disclosure? A. A foreclosed property has a leak in the roof. B. A person is selling his property, which has a septic system, to a newly married couple. C. A newly constructed home had to be repaired after it suffered minor smoke damage when a wastebasket caught fire after a contractor threw a lit cigarette into it. D. An investor is selling a property on which someone had committed suicide to his grandson.

Which of the following scenarios constitutes illegal licensee compensation? A. Carrie's broker made her commission check out to "Shoe Gal, LLC," her sole-proprietor company. B. Miranda's seller client reimbursed Miranda for the special signage she paid for when marketing his property. C. Per the listing agreement, Charlotte's broker shared her listing commission with the buyer agent's broker. D. Samantha's broker paid an out-of-state broker a referral fee after he sent a local client Samantha's way.

Which of the following statements best describes how the abstract and Torrens land recording systems are used in Minnesota? A. With the abstract system, actions affecting ownership are registered with the court. With the Torrens system, these actions are recorded with the county. B. With the abstract system, these actions are recorded with the county. With the Torrens system, actions affecting ownership are registered with the court. C. The abstract system is used for residential real properties with four or fewer dwellings. The Torrens system is used for non-residential real property. D. Minnesota uses the Torrens system for fee simple estates, and the abstract system for all other estates.

According to the standards of conduct, what disclosure must Minnesota licensees provide? a) Agency relationships b) Licensee credentials c) Property condition d) Stigmatized properties

A Minnesota licensee who's representing a seller splits the commission earned on a transaction with the broker representing the buyer. Is this compensation permitted? A. No, a real estate broker or real estate salesperson shall not offer, pay, or give, and a person shall not accept, any compensation or other thing of value from a real estate broker or real estate salesperson. B. No, a licensee shall not pay a commission, compensation, referral fee, BPO fee, or other valuable consideration for the performance of any acts requiring a real estate license. C. Yes, commission-splitting among persons licensed to perform real estate activities is permitted with seller authorization D. Yes, commission-splitting is permitted if authorized in writing by the real estate broker representing the seller.

As a Minnesota real estate licensee, in which of these situations would you need to provide a consumer with the Agency Relationships in Real Estate Transactions form? A. To a prospective buyer to whom you're showing commercial properties B. To a prospective tenant looking to lease an apartment for six months C. To a couple considering listing their home for sale D. To an open house attendee who asks about the home's square footage

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. A consumer who received an advertisement about the property and contacted the broker with questions B. A consumer who scheduled a showing to see the property C. A consumer who received an advertisement related to the property D. A consumer who attended an open house for the property.

Tony moved into his newly constructed home four years ago. Today, he's noted several issues concerning his home. Which of these would most likely be covered under the home warranty issued when he purchased the home? A. Deteriorating carpet in the master bedroom B. Leak in the bathroom C. Large crack in the foundation D. HVAC system that's too small for the house

Which of the following agreements would be enforceable under Minnesota's statute of frauds? A. An oral agreement to purchase $1,000 worth of window treatments in a variety of standard sizes B. A written agreement to pay $15,000 for cabinetry signed by the carpenter, but not the purchaser C. A custom portrait valued at $500 that was delivered to and accepted by the recipient who is refusing to pay for it D. An oral agreement between hunting buddies for one to purchase a hunting cabin from the other for $500

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? a) 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. b) No, the pool contractor is required to take care of it. c) Yes, as the owner Dana must pay to seal the system. d) Yes, Dana must leave the septic system as it is.

Jaime purchased a property in Becker County for $350,000. She put down $70,000 and financed the remaining $280,000. How much mortgage registry tax did she owe for the purchase? A. $1,155 B. $924 C. $805 D. $644

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? A. Abstract of title B. Quitclaim deed C. Purchase agreement D. Certificate of title

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? A. Dual-agency broker B. Limited agent C. General agent D. Facilitator

Serena, a Minnesota broker, represents a seller client. A buyer made an offer on the seller's property, which was accepted contingent upon a home inspection. After the inspection is performed, the buyer's agent provides a copy of the report, which doesn't include any mention of the roof leak Serena's client told her about. What obligation does Serena have? A. Serena must receive written permission to disclose this fact to the buyer. B. Serena doesn't need to disclose this fact because the buyer had an independent inspection performed. C. Serena owes her seller client the duty of confidentiality and shouldn't disclose this fact to the other buyer. D. Serena has a duty to disclose material facts she's aware of, including facts that contradict the inspection report.

Which of the following tanks must be registered with the Minnesota Pollution Control Agency? A. A septic tank on a residential property B. A 1,000-gallon tank used for non-commercial purposes to store heating oil that will be used on-site C. A 275-gallon tank in a homeowner's basement that's used to store heating oil D. An above-ground, 1,000-gallon tank that's used to store commercially used petroleum

Which of the following situations must be disclosed to the parties in a Minnesota transaction? a) A prior occupant who had AIDS b) Data that contradicts an inspection report c) Registered sex offenders in the neighborhood d) Reported ghost sightings

Marjory is making a subdivided land offer to Samuel. Which of the following can we reasonably assume to be true? A. The land has been registered or is exempt from registration with the Minnesota Department of Commerce. B. Samuel is a real estate licensee. C. The land is improved or will be improved within two years from the date of sale. D. The land is unimproved.

Minnesota brokers should provide trust account status change details to whom? a) Commerce commissioner b) Commissioner of management and budgets c) General service administration d) Internal revenue service

A Minnesota court is determining whether a property should be considered abandoned. It has a bit of evidence to wade through. Which of the following items is NOT evidence of abandonment? a) A police report documenting an attempted arson on the property was filed. b) Trash is piling up on the property. c) Utilities have been turned off. d) Windows and doors are boarded up.

Clarisse is sitting for the Minnesota licensing exam. How many hours of pre-licensing education must she have completed in order to do this? a) 120 hours b) 30 hours c) 60 hours d) 90 hours

A Minnesota home warranty vendee notified the vendor of a defect with a window 10 months after moving into the property. What does the vendor need to do next? a) Inspect the defect within 30 days of the notification. b) Nothing; window defects aren't covered under a home warranty. c) Provide a written offer of repair within 30 days of the notification. d) Repair the defect within 15 days of the notification.

A buyer in Minnesota is making an offer on a property and handed over an expensive piece of jewelry as an earnest payment. What should the licensee do? A. Deposit the jewelry with an authorized escrow agent. B. Hold the jewelry in a safe deposit box. C. Return the jewelry to the buyer in exchange for cash, check, or other depositable item. D. Have the jewelry appraised to ensure its value equals the amount of earnest money documented in the purchase agreement.

As part of a purchase agreement, a seller in Minnesota agreed to include a small boat with a lake house he's selling. However, he later tells his agent that he's changed his mind and doesn't want to give up the boat. What obligation does his agent have? a) The agent must immediately disclose his client's nonperformance of a contract agreement action to the other party. b) The agent must receive written permission to disclose this fact to the other party. c) The agent owes his seller client the duty of confidentiality and shouldn't disclose this fact to the other party. d) This isn't a material fact related to the property itself, so the agent is not required to disclose this to the other party.

Carmen was hired by the Navarreses to build a walk-in closet. She included a lien notice in the original contract. The Navarreses have provided final payment. What does Carmen need to do to remove the lien associated with this contract? a) Deliver a lien wavier to the Navarreses. b) File with the court to have the lien recorded. c) Nothing, she didn't deliver the lien notice separate from the original contract, so no lien is attached. d) Provide a receipt within 10 days.

Carol's major home renovation was completed five years ago. An addition on the rear of her Minnesota house added a new master suite, including a bedroom and bathroom. Today, she's experiencing several issues with the new addition. Which of these would likely still be covered under her home warranty? a) Ceiling sagging where the roof was extended b) Home warranties aren't issued for renovations c) Issue controlling the temperature of the heated floor in the bathroom d) Slight draft near the bedroom window

Charlene, a landlord in Minnesota, collected screening fees from several applicants. When can she deposit these fees? a) She can deposit the fees after all applicants have been screened and either rejected or offered a rental unit. b) She can deposit the fees immediately upon receipt. c) She can deposit the fees within 14 days of receiving them. d) She must deposit the fees within three business days of receipt.

Clara is a real estate salesperson in Minnesota. She recently got married, changed her name, and moved to a new house with her spouse. Which of the following is true? A. She must notify the commission within of her name and address change within 10 days. B. She must notify her broker of her name and address change within 10 days. C. Her broker must note the name change on Clara's existing license. D. She can't practice real estate until she receives a license in her new name.

Five years ago, Steven purchased a home in Minnesota from Janine. To his surprise, he recently discovered that there's a well on the property. The well needs to be sealed, which will cost $1,000. Who's liable for the cost to seal the well? a) Janine is liable because she failed to disclose the well, and Steven is still within the timeframe to bring action against her. b) Janine is liable because she had the well installed on the property. c) Steven is liable because he failed to bring action against Janine within the appropriate timeframe. d) Steven is liable because he's the current homeowner.

Greater Lakes Townhome Association was formed in June 2004. Which statement best describes their participation in the Minnesota Common Interest Ownership Act? a) Based on the date the association formed, participation is automatically required. b) Based on the date the association formed, the association must opt in to participate. c) Based on the type of association, participation is automatically required. d) Based on the type of association, participation isn't required.

Harry dabbles in real estate in Minnesota by buying and selling several properties for himself throughout the year. He's unlicensed and isn't represented by a real estate licensee in these transactions. The real estate commission hasn't knocked on his door yet, so which of the following is most likely true about Harry? A. He's the principal in four or fewer transactions during a 12-month period. B. He's violating real estate license law by buying and selling properties without a license, and it's only a matter of time before the commission comes knocking. C. Each property is Harry's primary dwelling at the time he sells it. D. He's engaged in the business of selling real estate.

In Minnesota, which of the following documents must you present to a potential buyer client prior to entering into a buyer agency agreement with him? a) Agency Relationships in Real Estate Transactions form b) Listing agreement c) Purchase Agreement d) Seller's disclosure notice

In order for Minnesota homeowners to qualify to homestead their residence, which of the following must be true? a) It must be their primary residence. b) The home's assessed value must be higher than the market value. c) The home's value must be $50,000 or less. d) The title must be held in the name of only one person.

In which situation is the contract for deed disclosure required to be presented to a buyer in Minnesota? a) When the buyer is not represented by either an attorney or a real estate licensee b) When the buyer is only represented by an attorney c) When the buyer is only represented by a real estate licensee d) When the buyer is represented by both an attorney and a real estate licensee

Inigo is selling his Minnesota house, which has a septic system. He's not sure it's compliant with regulations, so he's asked his plumber friend, Westley, to take a look and prepare an inspection report. He thinks this will be fine. Is he right? a) No. A certified local government inspector or licensed inspection company should prepare an inspection report. b) No. It's not an issue as long as the system appears to be in working order. c) No. The buyers are responsible for any septic system information. d) Yes. Westley is a plumber, so his opinion is sufficient.

Joey is a Minnesota real estate salesperson with the Geller Team, which works for Exceptional Realty. When creating advertisements, what must he keep in mind? A. "Exceptional Realty" must be displayed most prominently. B. Joey's name must be displayed most prominently. C. "Geller Team" must be displayed most prominently. D. "Exceptional Realty" and "Geller Team" must be displayed more prominently than Joey's name.

Kirby is a landlord in Greater Minnesota. One of his tenants hasn't been paying rent. Which of the following actions can Kirby take? a) Begin eviction proceedings in court. b) Place a lien on the tenant's unit. c) Seize the tenant's personal belongings to force payment. d) Shut off the unit's water.

Consuela is a Minnesota real estate licensee, and she has three other licensees working under her supervision. What type of license does Consuela hold? a) Associate broker b) Broker c) Office manager d) Salesperson

Tonya has been a real estate salesperson in Minnesota for two years. She currently works for ABC Realty and represents clients who are buying or selling timeshares. However, Tonya is interested in associating with XYZ Brokerage so she can begin shifting toward more traditional real estate transactions. Which of the following is the best option for Tonya? A. Tonya can decide to work for either ABC Realty or XZY Brokerage, but can't work for both at the same time. B. Tonya can keep a salesperson license and work for ABC Realty, but apply for a limited broker license to work for XYZ Brokerage. C. Tonya must terminate her current license, wait two years, then apply for a new real estate license. D. Tonya can work for ABC Realty and XYZ Brokerage at the same time, as long as she splits her time equally between the two brokers.

Valerie is converting an existing building into a new condominium project. Under Minnesota law, she must ______. A. Provide blueprints showing the size, boundaries, and location of each unit B. Offer at least 20% of the units to existing tenants C. Give all current tenants at least 180 days to vacate the premises D. Provide consumers with a public offering statement at least seven days before signing a sales contract

What is true about group or team advertising in Minnesota? a) It's allowed with broker approval. b) It's illegal in all situations. c) It's limited to once per quarter. d) It's permitted in certain fonts.

What type of rights to the property does a Minnesota buyer have during the contract for deed process? a) Equitable title rights b) Legal title rights c) Partial title rights d) Restricted title rights

What's Minnesota's mortgage registry tax based on? a) The debt secured by a loan on the property b) The full price of the land c) The full price of the land and all improvements d) The full price of the property

What's true in Minnesota about interest earned on a security deposit? a) Interest accrues at the first day of the month following its deposit. b) Interest accrues beginning with the date of deposit. c) Interest accrues beginning with the first lease renewal. d) It belongs to the landlord.

When a Minnesota seller sells a home using a contract for deed and the buyer defaults on payments, which of the following is a true statement? a) The seller doesn't have to initiate a court action or formal foreclosure process. b) The seller must initiate a lawsuit to foreclose on the property. c) The seller must provide the buyer 30 days to pay all past due amounts. d) The seller must provide the buyer six months to pay all past due amounts.

When a Minnesota tenant voluntarily leaves a lease before it expires, this is known as ______. a) Abandonment b) Corrective eviction c) Holdover d) Mitigation

When must a Minnesota licensee disclose the licensed name of the brokerage under whom the licensee is authorized to conduct business? a) Before the negotiation or consummation of any transaction b) Upon closing of the transaction c) Upon request of the buyer d) When conducting business on behalf of someone other than their registered brokerage

When must a Minnesota licensee disclose to the owner of real property that the licensee is a real estate agent salesperson, and in what capacity the licensee is acting, if the licensee, acquires, or intends to acquire, any interest in the owner's property? a) Before the negotiation or consummation of any transaction b) Upon closing of the transaction c) Upon request of the seller d) When purchasing the property through a trust

Which of the following actions is the Minnesota commerce commissioner NOT empowered to perform? A. Investigate a complaint that a licensee acted unethically. B. Subpoena a witness related to a license law violation or complaint. C. Revoke the license of a salesperson who provided misleading or incomplete information on his or her application. D. Issue a cease and desist order to a licensee who is violating license law.

Which of the following actions would violate Minnesota statute related to records? a) Not providing the commissioner access to the records in a reasonable time b) Not retaining copies of agency disclosure forms where no contractual relationship was created c) Retaining copies of all listings, buyer contracts, deposit receipts, and any other transaction-related documents for at least six years d) Storing records by electronic means

Which of the following agreements would be enforceable under Minnesota's statute of frauds? a) A custom portrait valued at $500 that was delivered to and accepted by the recipient who is refusing to pay for it b) An oral agreement between hunting buddies for one to purchase a cabin from the other for $500 c) An oral agreement to purchase $1,000 worth of window treatments in a variety of standard sizes d) A written agreement to pay $15,000 for cabinetry signed by the carpenter, but not the purchaser

Which of the following describes a homestead in Minnesota? a) The house owned and occupied by a debtor as the debtor's dwelling place, and the land upon which it is situated b) The house owned and occupied by a debtor as the debtor's dwelling place, but not the land upon which it is situated c) The house owned and occupied by a debtor as the debtor's secondary dwelling, and the land upon d) The land upon which the house owned and occupied by a debtor as the debtor's dwelling place is situated, but not any improvements upon the land

Which of the following is a true statement about the mortgage registry tax (MRT) and deed tax in Minnesota? a) The deed tax is applied to the full price paid for the property. b) The deed tax is based on the amount of debt secured by a mortgage on the property. c) The mortgage registry tax applies to properties secured with financing or where the buyer pays cash. d) The mortgage registry tax is a percentage of the full price paid for the property.

Which of the following is an allowed expenditure from Minnesota's Real Estate Education, Research, and Recovery Fund? a) Creating a university real estate department and a position to chair that department b) Paying the initial or renewal license fees for state employees who are also licensed c) Paying the retainer for an attorney who will focus on state real estate cases d) Providing scholarships for students majoring in real estate

Determine which the following statements regarding USTs in Minnesota is true. a) Closing a UST is easy and can be performed by anyone. b) Owners must provide MPCA with 30 days' notice before installing a UST. c) Storage tank ownership is not transferrable. d) There aren't any regulations for installing a UST.

The amount a debtor still owes on his or her mortgage can influence the length of the statutory redemption period after a foreclosure sale in Minnesota. Which of the following scenarios would likely result in a six-month redemption period? A. Adam's original mortgage balance was $300,000. He still owes $210,000. B. Brenda's original mortgage balance was $200,000. She still owes $50,000. C. Charles's original mortgage balance was $400,000. He still owes $100,000. D. Danielle's original mortgage balance was $150,000. She still owes $45,000.

a The six-month redemption period may apply when the borrower still owes more than two-thirds (or 66.66%) of the original principal amount. Adam still owes 70% on his mortgage ($210,000 ÷ $300,000 = .7). Brenda still owes 25% ($50,000 ÷ $200,000 = .25), Charles owes 25% ($100,000 ÷ $400,000 = .25), and Danielle owes 30% ($45,000 ÷ $150,000 = .3).

A Minnesota homeowner has just learned her property will receive a special assessment. This is likely because she ______. a) Failed to pay her taxes last year b) Lives in a district that just had community improvements c) Recently purchased, prompting a reassessment d) Recently remodeled

A Minnesota licensee is being investigated for a possible license law violation. The commerce commissioner has asked the licensee for certain documentation. What should the licensee do to cooperate with this investigation? a) Refuse to attend commission hearings and proceedings. b) Respond to commissioner requests within 30 days, unless specified otherwise. c) Stop practicing real estate until the investigation is complete. d) Surrender his or her license to the commission.

A consumer received payment from the Minnesota Real Estate Education, Research, and Recovery Fund to satisfy a judgment against a Minnesota licensee. Which statement best describes the consequences the licensee faces? a) The license will be revoked until the licensee pays back the amount disbursed, plus interest b) The license will be suspended until the licensee pays back double the amount disbursed, plus interest c) The license will be suspended until the licensee pays back the amount disbursed and completes additional continuing education d) The license will be suspended until the licensee pays back the amount disbursed, plus interest

A homestead property owner has failed to pay their taxes by May 15th. What penalty will be assessed during the month of May? a) 1% b) 2% c) 4% d) 8%

A homestead property owner has failed to pay their taxes by May 15th. What penalty will be assessed on June 1? a) 1% b) 2% c) 4% d) 8%

According to the Minnesota statute of frauds, a lease for real estate must be in writing and signed by the person who will be charged with the promise/agreement, or by someone who is legally authorized to sign for that person, to be enforceable. This requirement applies to a lease with a term of longer than ______. a) Nine months b) One year c) Six months d) Three months

Andy is a Minnesota real estate licensee. He really wants to list Tara's vacation home on the lake, but she tells him she's interviewing several listing agents. She says that she will list with him if he can guarantee she'll net at least $40,000 profit on the property. What should Andy do? a) Guarantee a lower amount, such as $20,000. b) Let Tara know that he can't guarantee a sales price or profit amount. c) Pass the listing to his broker who can make that guarantee. d) Report Tara to the authorities for engaging in illegal negotiations.

Annie and George have been saving and are finally ready to purchase their first home for their family (including their two toddlers). They want to make an offer on a sweet little bungalow in a quiet neighborhood in Minnesota. If the sellers are represented by a real estate licensee, which situation would be a violation of fair housing laws? a) Their offer is rejected because it's too low. b) Their offer is rejected because the seller knows the neighbors don't like children. c) They rescinded their offer when a house they were previously outbid on became available again. d) They rescinded their offer when their inspection revealed structural issues with the house.

Bartholomew was a practicing real estate licensee in Minnesota, but spent some time dabbling in other careers for a few years before deciding to get back into real estate. He's studying to take the licensing examination again. Which of the following is most likely true? A. Bartholomew was a real estate salesperson and is now applying for a broker license. B. It's been at least two years since Bartholomew's last renewal deadline. C. Bartholomew was unlicensed for less than one year. D. Bartholomew kept his license active even though he wasn't practicing real estate.

Bonnie just sold a property in Duluth with an underground storage tank. She should ______. a) Assume the storage tank permit is transferrable b) File a change of ownership form within 30 days c) Rely on her real estate agent to take care of any permits d) Secure a permit transfer from the buyer

By when must Minnesota sellers disclose to buyers how sewage is handled on the property? a) Anytime before closing b) Before accepting the buyer's offer c) Within five days of accepting the buyer's offer d) Within three days of accepting the buyer's offer

Christopher owns four separate tracts of agricultural land in Greater Minnesota. His lender has begun foreclosure proceedings. The sale of one tract of land would be enough to satisfy Christopher's debt. What will the lender most likely do? a) Sell all four tracts at the foreclosure sale. b) Sell one of the four tracts at the foreclosure sale. c) Sell three of the four tracts at the foreclosure sale. d) Sell two of the four tracts at the foreclosure sale.

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? A. 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. B. 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. C. Jackie must serve notice that the contract has been terminated. After which, she can begin foreclosure proceedings. D. Jackie must serve notice that the contract has been terminated. After which, she can begin eviction proceedings.

Jamal is a Minnesota homeowner. He's registering his land with the county court and has submitted an application. If all goes according to plan, what should Jamal have in his hand at the end of the process? a) Abstract of title b) Certificate of title c) Order and decree of registration d) Warranty deed

James Saxon is four months behind in his rent and has received several reminders from the landlord that the rent is past due. Unbeknownst to James, the landlord has begun working through proper channels to legally end James's lease before the contract end date. The landlord is terminating James's lease through _______________. a) Abandonment b) Eviction c) Expiration d) Mutual agreement

Jerome just finished working on a remodel for the Simmons family. If the Simmons refuse to pay him, what's the most drastic measure Jereome can legally take in Minnesota? a) File a complaint with the homeowners' association b) Foreclose on the property c) Refuse to work for the Simmons anymore d) Turn the matter over to a collection agency

Joey is a Minnesota real estate salesperson with the Geller Team, which works for Exceptional Realty. When creating advertisements, what must he keep in mind? a) "Exceptional Realty" and "Geller Team" must be displayed more prominently than Joey's name. b) "Exceptional Realty" must be clearly and conspicuously. c) "Geller Team" must be displayed most prominently. d) Joey's name must be displayed most prominently.

Katherine is a buyer in Minnesota. She made an offer on a property and provided earnest money payment on Tuesday. The seller accepted the offer on Wednesday. What happens to Katherine's earnest money? a) It must be deposited by Friday. b) It must be deposited by Monday. c) It must be deposited by Thursday. d) It must be returned to Katherine by Thursday.

Kuhn received notice that he defaulted on his Minnesota contract for deed arrangement when he missed last month's payment. Since receiving the notice, Kuhn has paid past due amounts, costs associated with the notice, and attorney's fees. What else must Kuhn do to avoid termination? a) Pay 2% interest on all remaining amounts due. b) Pay 2% interest on the amount past due. c) Pay 2% interest on the balloon payment. d) Pay 2% interest on the total amount of the purchase.

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

Lorraine, a Minnesota broker, was engaged as a listing agent for a property. The home didn't sell during the contract period, and upon expiration Lorraine and the property owner went their separate ways. How long must she retain the listing agreement? A. She doesn't need to retain the listing agreement since the transaction never closed. B. She must keep listing agreements for six years, regardless of whether the transaction closed or not. C. She needs to keep the listing agreement for six months since the transaction didn't close. D. Listing agreements don't need to be retained.

Lynn wants to sell her Minnesota home, which includes a septic system that isn't large enough to serve the home. This issue is considered a(n): a) Adverse flaw b) Material adverse fact c) Minor issue d) Not worth mentioning

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) A description of Maddie's right to cancel the agreement within five days of receiving the notice b) A notification of Maddie's rights as a tenant c) A suggestion to purchase title insurance and check for liens, unpaid utilities, and other interests against the property d) A warning that Maddie may need to make a balloon payment over the course of the arrangement

Marin was the victim of a Minnesota real estate licensee's dishonest practices. She received a final judgment in court but hasn't been paid, despite going through all legal proceedings, reviews, and appeals. She's seeking recovery from the Real Estate Education, Research, and Recovery Fund. What's the maximum she'd be paid? a) $0 b) $150,000 c) $250,000 d) Three times the actual monetary loss she suffered

Marshall is a Minnesota real estate broker. His listing agreement with Dolly included a six-month override clause. For the clause to be effective, what must Marshall do? a) Nothing more is needed because the clause was included in the listing agreement. b) Provide Dolly with a protective list within 72 hours of the listing agreement's expiration. c) Provide the protective list to the commissioner within 10 days of the listing agreement's expiration. d) Receive written approval from each prospective buyer.

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? a) Melanie b) Stan c) The beneficiary d) The trustee

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? a) Abstract of title b) Certificate of title c) Quitclaim deed d) Title insurance

Tessa was the victim of a Minnesota real estate licensee's fraudulent behavior. She was awarded a $10,000 final judgment in court and has gone through all proceedings, appeals, and means for seeking payment of the judgment. She's now seeking recovery from the Real Estate Education, Research, and Recovery Fund. What must be true? a) Tessa must submit an application for recovery within one year of the alleged misconduct. b) Tessa must submit an application for recovery within one year of the date the final judgment was awarded. c) Tessa won't receive any payment from the fund because the amount of the claim doesn't meet the recovery fund minimum. d) Tessa won't receive any payment from the recovery fund because of the type of misconduct committed by the licensee.

The landlord of a building in Greater Minnesota has failed to maintain the building in a habitable condition or warn tenants of electrical problems. What recourse do tenants have? A. Tenants must continue to uphold their obligations under the lease agreement. B. Tenants may have the right to abandon their leases. C. Tenants must continue to occupy their units, but can sue the landlord for damages as a result of constructive eviction. D. Tenants may stop paying rent.

Tom and Sharon, a Minnesota couple, have separated. Prior to their divorce becoming final, if Tom wants to buy a condo in his name only, what must he do? a) Get Sharon to sign off on his purchase. b) Just put it in his name. c) Make Sharon a joint owner. d) Obtain a quit claim from Sharon .

Trinity, a transgender female, feels that she's been discriminated against when a landlord denied her rental application, telling her, "Your credit's fine, but I need tenants who are easier to figure out." For housing purposes, is Trinity's gender identity a protected class under the Minnesota Human Rights Act? A. No, but if she's gay, she's protected under the sexual orientation class. B. Yes, as part of the protected class of sexual orientation. C. Yes, but only if she's heterosexual. D. No, but she does have federal protected class status.

What type of Minnesota agreement accounts for commission to be paid and includes the seller's permission for marketing the property? a) The buyer's agency agreement b) The listing agreement c) The sales agreement d) The seller's agency agreement

What's the Real Estate Education, Research and Recovery Fund fee for a Minnesota license renewal applicant? a) $10 b) $20 c) $30 d) $50

What's true about name and address changes of real estate licensees in Minnesota? a) Address changes must be made in person at the Department of Licensing. b) Address changes must be made within 10 days to the Minnesota Department of Commerce. c) Name and address changes must be made in person at the Minnesota Department of Commerce within 20 days of the change. d) Name changes require a valid passport.

When a Minnesota buyer and seller consent to dual agency, which of the following items are they acknowledging? a) That confidential information communicated to the broker which regards price, terms, or motivation to buy or sell will be shared with the opposing party b) That confidential information communicated to the broker which regards price, terms, or motivation to buy or sell will remain confidential unless seller(s) or buyer(s) instruct(s) broker in writing to disclose this information c) That the broker and its salespersons will continue advocating exclusively for each party d) That the broker and its salespersons will represent the interests of either party to the detriment of the other

Which of the following actions can a broker in Minnesota legally take? A. Depositing earnest money in the broker's personal account B. Depositing personal funds in a trust account to pay account service fees C. Depositing rent collections in the building operating account D. Depositing property management fees in a trust account

Which of the following actions can a broker in Minnesota legally take? a) Depositing earnest money in the broker's personal account b) Depositing personal funds in a trust account to pay account service fees c) Depositing property management fees in a trust account d) Depositing rent collections in the building operating account

Which of the following actions should sellers take when using a contract for deed to finance their Minnesota home purchase? a) Get a bank to approve the contract for deed. b) Have an attorney review the contract for deed. c) Interview buyers to determine who would be willing to pay the most for the property. d) Select a home appraiser for the property.

Which of the following actions would violate a Minnesota broker's responsibility to supervise personnel? a) Allowing another individual within the brokerage to take on the preparation and safekeeping of all real estate contracts and documents b) Allowing any unlicensed person to interpret information pertaining to the properties or contracts c) Investigating and attempting to resolve complaints made regarding the practices of any individual licensed to the broker d) Ongoing monitoring of listing agreements, purchase agreements, other real estate-related documents which are prepared or drafted by the broker's salespersons or employees

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

Which of the following classes was added to the Minnesota Human Rights Act? a) Familial status b) Marital status c) National origin d) Sex

Which of the following properties would qualify for a homestead exemption through Minnesota homestead law? a) A 200-acre ranch b) A primary residence on an acre lot c) A second home d) A second home in the city on a three-quarter-acre lot

Which of the following scenarios constitutes illegal licensee compensation in Minnesota? a) Carrie's broker made her commission check out to "Shoe Gal, LLC," her sole-proprietor company. b) Miranda's seller client reimbursed Miranda for the special signage she paid for when marketing his property. c) Per the listing agreement, Charlotte's broker shared her listing commission with the buyer agent's broker. d0 Samantha's broker paid an out-of-state broker a referral fee after he sent a local client Samantha's way.

Under the Minnesota statute of frauds, which of the following agreements would NOT be enforceable? a) A buyer and seller have both signed a written agreement to transfer ownership of a parcel of land near the lake for $40,000. b) A custom table valued at $500 was delivered to and accepted by the recipient, who is refusing to pay for it. A signed, written agreement was not in place. c) A homeowner and landscaper entered into a verbal agreement for $1,500 in plants and labor, but the landscaper backed out before any goods or money changed hands. d) An artisan had a written purchase order for a $1,000 custom stained glass that includes a family's unique surname. The work is done, but the artist hasn't delivered it because the family is refusing to pay.

Wayne is a real estate salesperson in Minnesota. He notified his broker that he no longer wishes to be associated with her, she then notified the commission in writing within 10 days. Which of these is NOT an option for Wayne? a) Allow the license to expire without transferring to a new broker. b) Apply for a new license if he doesn't transfer to a new broker within the license renewal period. c) Continue practicing real estate while finding a new broker to associate with. d) Transfer his license to a new broker within the license renewal period.

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

What's a common term for a subsurface sewage treatment system in Minnesota? a) Brownfield b) Personal sewer c) Septic system d) Underground storage tank

What's a possible penalty for providing false information on a license renewal application? a) $20,000 fine b) Jail time c) License suspension d) Permanent ban from practicing real estate

What's another name for Minnesota's Petroleum Tank Release Cleanup Fund? a) Clean Tank Now Fund b) Leak Cleanup Fund c) Petrofund d) Release Fund

What's the Real Estate Education, Research, and Recovery Fund fee for an initial license applicant in Minnesota? a) $10 b) $20 c) $30 d) $50

Which of the following Minnesota laws establishes the process for condominium creation and requires certain disclosure for purchasers of condominiums? a) Minnesota Common Interest Ownership Act b) Minnesota Residential Housing Act c) Minnesota Uniform Condominium Act d) Minnesota Uniform Partnership Act

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

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

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

Which of the following facts about a property in Minnesota would a licensee need to disclose? a) The property is located in a neighborhood containing any adult family home, community-based residential facility, or nursing home b) The property is or was occupied by an owner or occupant who is or was suspected to be infected with human immunodeficiency virus or diagnosed with acquired immunodeficiency syndrome c) The property is subject to an easement which could adversely and significantly affect an ordinary purchaser's use or enjoyment d) The property was the site of a suicide, accidental death, natural death, or perceived paranormal activity

Which of the following is required before a prospective Minnesota salesperson applicant can submit a licensing application? a) 2,000 hours of real estate field experience b) Completion of Course 1 c) Completion of Courses 1, 2, and 3 d) Completion of Courses 1 and 2

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

Which of the following occurrences does NOT require the licensee to notify the commission within 10 days of it happening? A. Civil judgment related to fraud B. Suspension of a real estate license in another state C. Driving under the influence (misdemeanor) charge D. Pleading nolo contendere to a misdemeanor related to conversion of funds

Which of the following properties in Minnesota may be claimed as a homestead? A. Quinn owns a property that is less than 10 acres. She uses the property as a secondary residence. B. Carter rents a property that sits on one acre of land. It's his primary residence. C. Isaac owns a property that sits on 160 acres and he uses it as his primary dwelling. D. Jameson owns a home that sits on 200 acres of land. It's his primary residence.

Which of the following scenarios meets the definition of a timeshare in Minnesota? A. Bob and Brian are brothers who co-own a cabin near the lake. They each stay at the cabin any time they want. B. Tina rented a lake house for a week this summer for a family vacation. This is the fifth year in a row that she's rented the same property. C. Alex owns interest along with others in a unit in a resort community. He's permitted to occupy the unit for two weeks in October every year. D. Eleanor owns a property in Greater Minnesota that she occupies every spring, summer, and fall. The property sits vacant during the winter.

Which of the following statements best describes Minnesota agency disclosure requirements? a) 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 b) 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 c) 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 d) 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

Which of the following tanks must be registered with the Minnesota Pollution Control Agency? a) A 1,000-gallon tank used for non-commercial purposes to store heating oil that will be used on-site b) A 275-gallon tank in a homeowner's basement that's used to store heating oil c) An above-ground, 1,000-gallon tank that's used to store commercially used petroleum d) A septic tank on a residential property

Which of the following would be prohibited in Minnesota, but would not be prohibited by federal law? a) Offering different lease terms for a family than for a non-family b) Refusing to allow a person with a service animal to shop in your store c) Refusing to rent to a gay person d) Requiring people who are Jewish to pay a higher security deposit than those who aren't Jewish

Which of these is Minnesota broker Nancy NOT required to retain for six years? A. Deposit receipt for a trust account B. Expired listing agreement C. Agency disclosure form with a consumer where no employment relationship was established and no services were performed D. Buyer representation agreement in which the licensee showed the buyer one property, after which both parties agreed to terminate their agreement

Which of these is NOT an example of a trust fund as defined in the Minnesota statute? a) Down payments b) Earnest money c) Licensee commission d) Rent collections

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? a) Acceleration clause b) Deficiency judgment clause c) Power-of-sale clause d) Prepayment clause

A property owner stores commercially used petroleum in a tank on her property. The tank is registered with the Minnesota Pollution Control Agency. What can we reasonably conclude based on this? a) The tank is above ground and has a capacity of at least 110 gallons. b) The tank is above ground and has a capacity of no more than 110 gallons. c) The tank is underground and has a capacity of at least 110 gallons. d) The tank is underground and has a capacity of no more than 110 gallons.

c Owners of underground tanks with a capacity of 110+ gallons or above-ground tanks with a capacity of 500+ gallons (used to store commercially used hazardous materials, such as petroleum) must register with the Minnesota Pollution Control Agency.

A Minnesota license applicant failed to submit a license application within 12 months of passing the licensing exam. Which item must be retaken if the applicant still wishes to apply for licensure? a) Course 1 b) Courses 1, 2, and 3 c) Courses 1, 2, and 3 and the licensing exam d) Licensing exam

A client is disputing the commission owed to a Minnesota broker. Which of the following options is the preferred way to handle the dispute? a) Delay the closing of the transaction until the dispute is resolved b) File a complaint with the commissioner c) Go to court to have a judge decide d) Seek mediation

A house in Minnesota is located near a nursing home. In which of these transactions would the seller be required to disclose this information? a) The property is being sold as a result of a court order. b) The property is being sold to a buyer who's unrelated to any of the nursing home's residents. c) The property is being sold to a government agency. d) The seller isn't required to disclose that the property is located near a nursing home.

A house in Minnesota is located near a registered sex offender's residence. In which of these transactions would the seller be required to disclose this information? a) The property is being sold as a result of a court order. b) The property is being sold to a buyer who is unrelated to the original owner. c) The property is being sold to a government agency. d) The seller isn't required to disclose that the property is located near a sex offender's residence, as long as written notice is given to the buyer telling them how to check this for themselves.

A licensee wishes to place a sign in the yard of a new listing he's pursuing. What must be in place before that sign hits the ground in Minnesota? a) An independent contractor agreement b) A signed agency disclosure c) A signed buyer agency agreement d) A signed listing agreement

A listing broker in Minnesota received a commission check from the seller at closing. The broker would be committing a license law violation if he were to deposit the check in a ______ account. a) Business b) Operating c) Personal d) Trust

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? A. The lease is for more than six months. B. The lease is for commercial real property. C. The lease is for residential real property. D. The lease is for a unit in a building that has at least 12 residential units.

Carter and Joanie own property in Minnesota and just received their $2,400 tax statement. Which of the following best describes how they'll handle their property tax payment? A. They must pay the full amount of their statement within 30 days. B. They must pay the full amount of their statement by October 15. C. They must pay the full amount of their statement by May 15. D. They must pay half of the statement amount by May 15 and the remaining half by October 15.

Noel is a Minnesota licensee who violated license law by commingling trust and personal funds. He claims that his broker, Tiffany, didn't adequately train him. Tiffany claims that Noel had access to Minnesota license law statutes and she was available to answer any questions. Who is at fault? A. As the primary broker, only Tiffany is at fault. B. Noel is at fault for violating license law. Tiffany is only at fault if she knew Noel was violating the law. C. Noel is at fault for violating license law. Tiffany is at fault if she hasn't provided office training about trust funds in the last 12 months. D. Noel is at fault for violating license law, but Tiffany may also be at fault for failure to supervise.

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? a) Paige intends to sell her property before October 15. b) Paige's property is agricultural land. c) Paige's property is designated as a homestead. d) Paige's tax bill was less than $100.

Penelope is a broker in Minnesota who supervises five associated licensees. Her license was revoked by the commission. What do her associated licensees need to do to continue practicing real estate? A. Each licensee can apply for a permit to continue practicing real estate in Penelope's absence. B. The next most experienced licensee can apply for a temporary 45-day permit. C. Nothing; the commission will appoint a new broker to take Penelope's place. D. Transfer their licenses to a new broker.

Redmond owns a property in Minnesota that is the site of a petroleum release. The release took place before Redmond owned the property, but Redmond paid for the $200,000 clean-up, which took place last year. Can Redmond seek reimbursement for his costs? a) No, only the responsible person can seek reimbursement for corrective action. b) No, reimbursement must be sought within 60 days of the corrective action. c) Yes, as the responsible person, Redmond can seek reimbursement. d) Yes, since he's the current owner who took and paid for corrective action, Redmond can seek reimbursement.

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

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

Todd and Susan are a married couple living in Minnesota. Susan purchased their homestead shortly before they married and only her name appears on the property's title. They are planning to sell this property and purchase a condo. Whose signatures are required to sell their current property? A. Susan owns the property separately from Todd, so only her signature is required to convey the property. B. Susan purchased the property prior to the marriage, so only her signature is required. C. Because Todd and Susan are married, both of their signatures are required. D. Because this is a homestead property and Susan is married to Todd, both Susan and Todd's signatures are required.

What is a subdivision, according to Minnesota's Subdivided Land Act? a) Any mixed-use development with residential and commercial property included b) A residential area operating under a common homeowners' covenant c) A residential community with single-family and multi-family dwellings d) Undeveloped land that is being divided into smaller lots

What is true of dual agency disclosure in Minnesota? a) It isn't needed since the agency disclosure form explains dual agency. b) It isn't required since dual agency isn't allowed. c) It's only required if the transaction is more than a certain amount. d) It's required for all parties to a potential dual agency residential transaction.

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

What two things must a Minnesota contractor include in a notice to a homeowner that the contractor reserves the right to lien the property in the event of nonpayment? a) CCB# affidavit and notice that the lien will pay off subcontractors b) Final permit and notice of right to lien c) Notice of right to lien and CCB# affidavit d) Notice of right to lien and notice that subcontractors will be paid

What's true about getting a real estate license to sell subdivided lands in Minnesota? a) A special subdivision sales license process is in place. b) Licenses are only needed to sell timeshare interests. c) Subdivision developers can distribute a limited number of licenses to employees. d) The normal real estate license process applies.

What's true about supervision and associate brokers in Minnesota? a) Each individual brokerage determines associate broker policy. b) They can supervise no more than three licensed salespeople. c) They can supervise themselves, but they may not supervise other licensees. d) They must be supervised by a primary broker.

When are property taxes due in Minnesota? a) April 15 b) July 1 c) June 30 d) May 15

When can a Minnesota licensee deposit personal funds into a trust account? a) Never; this would be a trust fund commingling violation. b) When the amount of personal funds deposited is the exact amount of the minimum balance. c) When the amount of personal funds deposited is the exact amount of the service charge owed. d) When the personal funds deposited are explicitly identified as either paying a service charge or maintaining a minimum balance.

Which of the following USTs is a Minnesota environmental issue and must be removed? a) A UST system that has been closed for three months or more b) A UST that is more than 15 years old c) A UST that is not in service d) A UST that leaks

Which of the following actions would violate the Minnesota statute related to trust account requirements? a) Disbursing trust funds upon cancellation of a residential purchase agreement b) Disbursing trust funds upon court order c) Disbursing trust funds upon written agreement between the parties d) Disbursing trust funds upon written request of the buyer

Lihat semua set pelajaran

MN Real Estate Exam

Set pelajaran terkait

GRE Verbal 2020

Ethics: Utilitarianism

Chapter 13: Security | Information & Networking Tech. | Study Cards

Management Mid-Term

Speech Chapter 2

Brunjes PSYC 2200 Exam 2 Spring 15

Midterm rewiew

ch.2 Analyzing Financial statements and ratios

Image Question

Chapter 15 prep u Oncology

Nicholas was...

SPED 3303 Midterm

psych 2220 quiz 7

Marketing chapter 8

7) the determinants of short run aggregate supply

Chapter 8: Concepts of Care for Patients at End of Life

1.2.F - Lesson: The Proprietary Colonies Review & 1.3.T - Lesson: Eighteenth Century Colonial America Review

Testing a Claim about a Difference between Proportions Quiz

OB Final Prep U questions

Mental Health Chpt. 24 Cognitive Disorders 5-8