Unit 3 Pt 2

The county sheriff may be asked to conduct which of the following as a result of a mortgage default?

Foreclosure sale

A landlord who takes a security deposit

must pay interest of 1% starting the first month after receipt.

Maria has purchased a home using a contract for deed form of financing. According to Minnesota law, the contract for deed must be recorded in

the county recorder's office.

A tenant has leased a home for 3 years. The security deposit was $1,500. If the property is sold at the end of the second year, how much of the security deposit will be transferred to the new owner?

$1,500 (because the entire security deposit will be given)

The Minnesota mortgage registry tax is computed as

0.23% of the mortgage amount and paid by the mortgagor at closing.

An agricultural homestead may include up to

160 acres.

Which of the following must be in writing under the Minnesota Statute of Frauds?

18-month lease-to-own contract

The penalty rate for late recordation of a contract for deed in the state of Minnesota is

2% of the sales price.

According to the Minnesota landlord-tenant law, a landlord must store and care for a tenant's abandoned property for a minimum of

28 days.

Before foreclosure, a notice of default and foreclosure sale must be personally delivered to the borrower ____ before the foreclosure sale of property.

4 weeks

Which of the following properties would have a 12-month statutory redemption period?

45-acre parcel

A foreclosure by advertisement requires a consecutive publication of notice of default and impending foreclosure sale of property for _____ before the sale can take place.

6 weeks

Lincoln borrowed $90,000 from a lender to purchase his home, which is situated on a 1-acre lot in a residential subdivision. Three years after the loan was originated, Lincoln defaults on the mortgage, which has a current balance of $87,000. Should the lender foreclose, Minnesota law requires a ______ statutory redemption period after the sheriff's foreclosure sale.

6-month

Brian sold his home to Sally on a contract for deed. Sally gave Brian $20,000 as a down payment and will be paying Brian regular payments for the next 5 years, at which time Brian will receive the final payment for the property. What form of title does Sally hold in the property?

Equitable title

Homestead protection would protect against the forced sale of real estate for which of the following liens?

Judgment lien for unpaid hospital services

A licensee discriminating against a buyer based on marital status and sexual orientation is violating what fair housing laws?

State only

Under the Minnesota Human Rights Act, which of the following is allowed?

The owner of a duplex may refuse to rent a unit to anyone over age 60.

A registered property survey and a certificate of title are MOST likely to be associated with which of the following?

Torrens property

A land contract is also referred to as

a contract for deed

The lender is known as the _______________ in the mortgage on real estate.

mortgagee

A holder of a mortgage or sheriff's certificate on an abandoned property in statutory redemption could do all of the following EXCEPT

remove the tenant's abandoned property immediately.

Karen sold her real estate to Lisa on a contract for deed. Lisa lost her job and is now in default, as she is unable to make payments to Karen. Karen's course of action to regain equitable title is to

terminate the contract.

The statutory redemption period on a mortgage would be extended to 12 months in all of the following foreclosure situations EXCEPT

the property was 8.5 acres of agricultural land.

The buyer on a contract for deed is referred to as

the vendee

When a lender is pursuing a strict foreclosure, all of the following are correct EXCEPT

there is no requirement to serve notice of default.