Minnesota (real estate) practice STATE EXAM

All of the following are considered common interests community properties, except ?

Apartments

The renewal period for real estate licensees is

2 years

A couple owns property as joint tenants and is going through dissolution of marriage. One of the spouses wishes to sell a property they own. Which of the following statements about selling property is true

The property may be sold by as per the divorce decree (dissolution of marriage)

The following forms must be retained by the broker except

Agency disclosure if no contract of representation is entered

A seller and listing agent agreed to list a property for sale. The agent advertise the property specifically through the veterans administration, stating that the property is available with favorable VA financing. Is this discriminatory

No- veterans of any protected class may purchase the property

The buyer is purchasing an extensively remodeled, large older home in an area of smaller houses. What statement might the agent say about the future value of the property

The value of an over improve property regresses to the surrounding values

Which of the following cannot be LEVIED as a special assessment by an assessing authority

Unpaid gas and electric bills

What is the benefit of a low LTV

High equity

A buyer is paying a state tax on the purchase of their property. Which of the following is true

.23% of the loan amount

A buyer has received condo documents two days before writing an offer. Which of the following rules apply

Buyer has 10 days to review docs and decide whether or not to rescind

Another name for the main broker responsible for the license activities of the agent at the company

Principal or primary

I registered land survey would typically be performed with what type of legal description

Subdivision plat

A customer came to an open house and entered into a discussion with a real estate licensee. The licensee subsequently show the buyer that the property and several others. There was no written agreement between the buyer and the agent. What role does the agent have

Facilitator for the buyer

Which of the following requires having a real estate license

For another and for a fee, negotiating the sale or lease a real property

With regard to documents, what statement is correct

Broker may keep electronic copies for six years

Why does a broker have a trust account

To protect clients money from being COMMINGLED

If a brokers license is revoked, what can the agents do

Agent must cease all real estate activity

Who has disciplinary authority over licensees

Department of commerce

Broker A has property that is undergoing foreclosure proceedings. When doing a showing one day, the broker noticed that the locks have been changed, a new lockbox installed and brokers B's sign in front yard. What happened that would allow the lender to list the property with a new broker

Sheriff sale

Which of the following is a seller required to make a property disclosure to when selling a property

Selling a vacation, second home

The purpose of an agency disclosure is;

To provide consumer the options of representation

A listing sales person has received an earnest money check along with an offer, and has given the check to the listing broker. When must the broker deposit the check into a trust account

By the third business day after acceptance of the offer

A person interested in obtaining a real estate sales person license should be at least

18 years old at the time of making application for the license

In Minnesota, all real estate licenses expire on

June 30th

Which of the following will require a 10 day written noticed to the commissioner

A change of home address

Violation of a real estate license law is a

Gross misdemeanor

How many purchase/sales transaction may someone perform and a 12 month period (without assistance of a license )without needing a real estate license

Less than five

Placing money received from a client in the licensee's personal account checking account is

Commingling

According to RESPA, how far in advance of the closing was a buyer/seller receive a copy of the closing statement

Three business days

Dual agent must keep all of the following confidential except

Length of employment

A security deposit must be returned to the tenant how many days after termination of their lease

21 days

When converting an apartment building into a condominium. The owner must give the tenants a property conversion notice. Each tenant will have the right to purchase one of the units for

60 days

A 12 month redemption period occurs when

Mortgage is more than 1/3 paid

A buyer sees a property with an agent and decides to write an offer on the property , subject to the buyer having an acceptance inspection and approved financing. The seller excepts the offer and the inspection is scheduled. While waiting for the inspector, the buyer sees a different property and write an offer on that property which is accepted by the seller. What statement is true

Both offers are valid

A broker becomes in incapacitated and cannot perform their duties. There are serval licensed sales agents working for the broker. What is true

A 45 days permit to continue real estate can be issued

Which of the following is a prohibited activity

Disclosed the details of your sellers offer to a different buyer

An applicant for real estate license has taken the license education and passed the exam. how long are the exam results valid

One year from passing the exams

Property taxes in Minnesota are due

May 15 and October 15

Which of the following forms does not need to be retained for six years

Agency disclosure when no contract has been entered into

When installing or removing a petroleum underground storage tank, what statement is true

The pollution control agency is notified 30 days in advance and a certificate of compliance issued

What governmental body establishes zoning ordinance

Local municipalities

Which of the following items is not a fixture

Cement garden bench

A couple is separated. One wishes to purchase a property but doesn't want to have the other person to have a claim on the property they want to purchase before the divorce is finalized. What should the real estate agent recommend

Speak to legal counsel

Your broker has an ownership interest in a title closing company

An affiliated business agreement disclosure must be May regardless if the buyer chooses to close elsewhere

A buyer is concerned about lead levels in the property they are considering buying. All of the following items may contain lead which can cause harm to humans except

Electrical wiring

How many years do u have to go after construction worker for construction on your house

2 years , construction warranty is 2 years

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