Download CE Shop course 1 Final MN Questions with verified answers and more Exams Nursing in PDF only on Docsity!
CE Shop course 1 Final MN
which of the following is a benefit of a redeemable ground lease? - correct answer ✔✔The Tenant can buy out the lease from the landlord what term identifies real estate property required by either spouse during a marriage to be considered community property? - correct answer ✔✔community property rights what is the best description of a deed? - correct answer ✔✔A document to transfer ownership/interest in real estate. Non-lawful possession after the expiration of a lease is called ______. - correct answer ✔✔estate at sufferance a __________ gives the purchaser the right to possess the property at given times for a given duration but doesn't convey ownership. - correct answer ✔✔timeshare use Estella is representing seller Margaret which of the following tasks is one that Estella is required to perform as Margarets agent? - correct answer ✔✔inform Margaret about required property condition disclosures which of the following is a type of sublime loan usually offered to consumers with insufficient or marginal history? - correct answer ✔✔qualified mortgage with the rebuttable presumptions which of the following statements is true about ground water? - correct answer ✔✔its a source of drinking water In Minnesota a party to a contract has ________ from the date of a contract breach to sue the other party? - correct answer ✔✔6 years
What's an environmental impact statement? - correct answer ✔✔A written statement used to consider ways to minimize a project's negative impact on the environment to calculate the down payment subtract the loan amount from the _____________? - correct answer ✔✔purchase price What's the purpose of a quiet title suit? - correct answer ✔✔Remove any claims against the property's title. The golden rule - correct answer ✔✔provides guidelines for all personal and professional ethical situations What's true about protected groundwater? - correct answer ✔✔many regulations are in place which of the following is considered a "responsible person" per Minnesota license law? - correct answer ✔✔the general partner of an LLP which of the following describes amortized debt? - correct answer ✔✔Debt that's paid off by making periodic payments the doctrine of "use it or lose it" is known as the doctrine of _________? - correct answer ✔✔Laches Bonnie just sold a property in Duluth with an underground storage tank. She should ______. - correct answer ✔✔file a change of ownership form within 30 days Loans for ______ purposes don't require TILA disclosure. - correct answer ✔✔business Anika is short selling her home. This means ______. - correct answer ✔✔the sale won't bring in enough to pay off her loan How many feet are in a mile? - correct answer ✔✔5280 ft
Marsha leases a ranch house in a bedroom community. When the owner decided to sell the house, Marsha was given the opportunity to purchase it but declined. What does Marsha have? - correct answer ✔✔Right of first refusal A RAM is a type of equity financing. What does RAM stand for? - correct answer ✔✔Reverse annual Mortgage _________ is the form of ownership used by married couples in certain states it includes automatic survivorship rights? - correct answer ✔✔Tenancy by the entirety This is a renewal year in Minnesota and you're applying to renew your salesperson license. When does your license expire? - correct answer ✔✔June 30th How many acres are in a square mile - correct answer ✔✔ 640 Your client Cassandra asks you at what stage in her property ownership life cycles she'll be impacted by income tax issues you tell her that it's likely she'll be affected at ______________ - correct answer ✔✔acquisition, ownership, and reversion. Henry plans to convert an apartment building he owns to condominiums. Brenda is a tenant in the building. Under Minnesota law, what right does Brenda have? - correct answer ✔✔The right to purchase her unit What must a licensee do when preparing a CMA? - correct answer ✔✔include a statement that the opinion is not an appraisal which of the following is true about special assessments in Minnesota? - correct answer ✔✔improvements for which special assessments are levied must benefit the properties they are levied against Whose role is it to develop the comprehensive master plan - correct answer ✔✔planning board members
Benjamin has completed the electronic affidavit and the course survey what does this mean in relation to the course final? - correct answer ✔✔he has passed the course final which document is used to fix an error in the title history? - correct answer ✔✔title report A Minnesota subdivision was registered by qualification which of the following must be true? - correct answer ✔✔the project has more than 100 lots of sales Subdivision development is often guided by how the land is zoned and also by the subdivision regulations set fourth by the ___________? - correct answer ✔✔planning commission which of the following best describes a Minnesota condo owners interest in the facilities common areas?
- correct answer ✔✔condo owners have an undivided interest in common areas equal scale to their unit size compared to the whole properties size. Sandra retired from a career in the Navy and is ready to buy her first home, a small bungalow in a quiet neighborhood, for $169,900. Her military service gives her the benefit of Veterans Affairs (VA) loan. What's her required down payment? - correct answer ✔✔$ 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? - correct answer ✔✔Deliver a lien waiver to the Navarreses Examples of a prime lender - correct answer ✔✔offers lower fees what acronym can licensees use to recall the fiduciary duties an agent owes its clients? - correct answer ✔✔OLD CAR a couple of licensees you know from different firms are tired of competing with one another for the same listings you overhear them saying "you take the Northside, ill take the Southside so we aren't stepping on each others toes" which antitrust violation is this? - correct answer ✔✔Market allocation
the commissioner of Minnesota department of commerce has authority to perform all the following except? - correct answer ✔✔sentence license law violators to jail times and fines who is most vulnerable to lead poisoning? - correct answer ✔✔children Which zoning type is used solely for developing home? - correct answer ✔✔residencial district When a Minnesota buyer and seller consent to a dual agency what are they acknowledging? - correct answer ✔✔the confidential information communicated to the broker which regards price terms and motivation to buy or sell will remain confidential unless specified by the buyer According to NAR's Code of Ethics, what responsibility do licensees have related to material facts? - correct answer ✔✔make a reasonable effort to ascertain all material facts concerning each property for which and agent is accepted Why are new condominiums an issue with FHA? - correct answer ✔✔FHA requires 50% of the units to be under contract If this annual tax isn't paid, foreclosure can occur. - correct answer ✔✔corporate franchise tax what is an example of commingling? - correct answer ✔✔mixing earnest money with personal funds Charles is selling his property to Seth. Charles is financing part of the transaction for Seth, who will make payments to Charles while Charles retains the property title. What is this an example of? - correct answer ✔✔land contract your seller client asks you not to mention to buyers that the basement leased last year. should you obey?
- correct answer ✔✔NO because this is a material fact related to the property Conrad just closed on the house he's buying to fix up. Why should he follow up to be sure the deed has been recorded? - correct answer ✔✔recording provides constructive notice that he owns the property
which of the following involves permission to do something on another land without actually possessing any interest or ownership? - correct answer ✔✔license your neighbor hires a middles school student to mow his lawn every week. he draws up a written contract in which he clearly outlines the students mowing responsibilities and payment. what is true regarding the contract? - correct answer ✔✔if the neighbor and the student are content to uphold their agreement the fact that its not legally binding doesn't matter. which one of the following is true about radon testing? - correct answer ✔✔test kits are available for purchase which of the following us a contract that exists based on an understanding or assumption rather than specifically defined terms? - correct answer ✔✔implied contract what agency/act is designated to "preserve, protect, develop, and where possible restore or enhance the resources of the nations coastal zone"? - correct answer ✔✔coastal zone management act which type of contract is the opposite of an express contract? - correct answer ✔✔implied what type of agreement would guarantee payment of commission regardless of who actually sells the property. - correct answer ✔✔exclusive right-to-sell agreement with the exception of recently licensed appraisers (within the last 6-24 mo's) how much continued education is required during an appraisers licensing period in MN? - correct answer ✔✔30 hours A lender initiated a ___________ action against a borrower to recover monies lost? - correct answer ✔✔foreclosure if someone sells __________ or more properties within a year without employing a real estate agent or broker they are considered to engaging in real estate practice. - correct answer ✔✔ 5 one example of the required elements in a deed? - correct answer ✔✔Act of conveyance
Minnesota statute on contracts mentions protective lists and whole be included on them. who might be an inappropriate inclusion? - correct answer ✔✔a consumer who received an advertisment related to the property. what REAL property right allows one to sell their property? - correct answer ✔✔disposition when homebuyers agree to open an escrow account for their mortgage the mortgage lender uses that money to pay for what? - correct answer ✔✔taxes and insurance what are emblements in real estate? - correct answer ✔✔Cultivated crops Elizabeth's property is encumbered by an easement in gross with which of these entities? - correct answer ✔✔a utility company needs to access the power line that crosses a corner of Elizabeths land. where and by when must a Minnesota licensee provide notification of an address change? - correct answer ✔✔to the Minnesota commerce department and within 10 days mortgages may still but rarely contain what kind of clause? - correct answer ✔✔prepayment penalty clause in order for Minnesota homeowners to qualify to homestead their residence what needs to be true? - correct answer ✔✔it is their primary residence what is the difference between ethics and law? - correct answer ✔✔Laws are legally enforceable. Ethics aren't legally enforceable until they become law. how long does a borrower have to pay private mortgage insurance? - correct answer ✔✔until the borrower reaches 22% equity position When a city is determining zones, what should be followed? - correct answer ✔✔the comprehensive plan
when a lawsuit is filed a _______ is often created and filed as well which provides the public with notice that a judgement may be forthcoming that could affect the property's title - correct answer ✔✔lis pendens commercial lenders operate in the ________ mortgage market loans directly to consumers - correct answer ✔✔primary Katy's home that was listed for sale was destroyed by fire. Under which of these methods will her listing agreement terminate? - correct answer ✔✔force of law What is a tie-in arrangement? - correct answer ✔✔Requiring the consumer as a condition of a transaction to use or not use a particular service or product, an antitrust violation formula for loan amounts - correct answer ✔✔sales price x Percentage of loan covered= loan amount which of the following elements is always required for a real estate contract to be valid? - correct answer ✔✔consideration
