test2.1

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?

"Exceptional Realty" must be clearly and conspicuously.

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

Five

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?

$150,000

The seller may be held responsible to the buyer for damages up to what amount for violating the contract for deed agreement?

$2,500

What's the Real Estate Education, Research, and Recovery Fund fee for an initial license applicant in Minnesota?

$30

A homestead property owner has failed to pay their taxes by May 15th. What penalty will be assessed on July 1?

1%

The broker of Merit Realty in Duluth has become incapacitated. For how long may the temporary broker serve?

45 days

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 person is selling his property, which has a septic system, to a newly married couple.

Which of the following could qualify for a Minnesota homestead exemption?

A primary dwelling situated upon 150 acres of land

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 son selling his parent's house

Which of the following best describes a Minnesota condo owner's interest in the facility's common areas?

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

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?

Deliver a lien wavier to the Navarreses.

Monique rents an apartment in Minnesota. Her building is being converted to condominiums and she's interested in buying her unit. What must she do?

Exercise her option to buy within 60 days of receiving the owner's notice about the conversion.

In Minnesota, what's the rescission period after a purchaser receives a copy of the subdivision sales contract?

Five days

Meaghan is now the proud owner of an abandoned property in Minnesota, with boarded up windows, trash piled throughout the property, and no utilities turned on. She purchased the property at a foreclosure sale. How long until Meaghan can take possession of the property?

Five weeks

Which of the following actions is the Minnesota commerce commissioner NOT empowered to perform?

Investigate a complaint that a licensee acted unethically.

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?

It will earn interest on Mark's account as of April 1.

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?

Joshua has 120 days from the date labor is completed or final delivery of materials is made.

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?

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.

When are property taxes due in Minnesota?

May 15

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 ______.

One year

Paige is a Minnesota property owner. The entire amount of her property tax bill is due on May 15. What can we reasonably assume based on this fact?

Paige's tax bill was less than $100.

Genevieve performs real estate activities in Minnesota on behalf of Vern, a real estate broker. What type of license does she have?

Real estate salesperson

Louise has been a licensed salesperson in Minnesota for several years. Which statement best describes her license renewal requirements?

She must complete 30 hours of continuing education in approved courses every 24-month period.

What legislation is being violated if a Minnesota licensee refuses to show a property to a person because that person is homosexual?

The Minnesota Human Rights Act

Amanda leases a unit in a building that Elroy owns in St. Paul. They have a signed, written lease agreement between them. Which of the following MUST be true?

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

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?

The period after the foreclosure sale during which Terrance could continue to occupy the home and buy it back

Jewel is planning to vacate the unit she's leasing in Greater Minnesota on November 30. What obligation does she owe the landlord?

To provide at least three days' notice so the landlord can take action to prevent plumbing or pipes from freezing, if needed

What is a subdivision, according to Minnesota's Subdivided Land Act?

Undeveloped land that is being divided into smaller lots

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?

Within 72 hours