Real Estate-xtras

What is the license renewal deadline in Minnesota?

June 30

How many CE hours are required for license renewal?

30 hours

What is the refund deadline after offer rejection?

3 business days

What is the override clause submission deadline?

72 hours after contract expiration

When must the TRID closing disclosure be delivered?

5 days before closing

How much time do tenants have to vacate after a condo conversion notice?

5 weeks to vacate, 60-day option to buy

What is the redemption period for abandonment?

6 months (can be 1 year if >1/3 paid or agricultural)

What are the mechanics lien deadlines?

45 days to notify, 120 days to perfect

How long is septic recertification valid?

10 years

What is the adverse possession period?

15 years

When does a Minnesota real estate license expire?

June 30

How many CE hours are needed to renew a license?

30 hours

What’s the refund deadline after offer rejection?

3 business days

How long is the override clause valid for business transactions?

Up to 12 months

How long does a buyer have to rescind after receiving condo documents?

10 days

How long is the seller liable for inaccurate disclosures?

6 years

The Minnesota license renewal deadline is __.

June 30

The CE requirement for renewal is __ hours.

30

Mechanics lien must be perfected within __ days.

120

Septic recertification is valid for __ years.

10

Adverse possession requires __ years of use.

15

When is the Minnesota license renewal date?

June 30 every 2 years

When are property taxes due in Minnesota?

May 15 and October 15

What is the homestead registration deadline?

December 31

What is the CO Detector Rule regarding installation?

Must be installed within 10 feet of sleeping rooms

What is the mortgage registry tax rate in Minnesota?

0.23% of loan amount (or $2.30 per $1,000)

What is the state deed tax rate in Minnesota?

0.33% of sale price (or $3.30 per $1,000)

What is a discount point in terms of loans?

1 point = 1% of loan amount

What is a seller-paid point in real estate transactions?

1 point = 1% of selling price

When are MN property taxes due?

May 15 and October 15

What’s the deadline to register for homestead tax status?

December 31

What’s the mortgage registry tax rate in MN?

0.23% of the mortgage amount

What’s the state deed tax rate in MN?

0.33% of the sale price

What’s the redemption period for large or partially paid properties?

1 year if: More than 40 acres, More than 1/3 of mortgage paid, More than 10 acres agricultural use

The Minnesota license renewal is due every years on .

2, June 30

Property taxes are due on and .

May 15, October 15

Mortgage registry tax = __% of loan amount.

0.23

State deed tax = __% of sale price.

0.33

Redemption period is __ year for large/agricultural/partially paid properties.

1