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Minnesota (real estate) practice State
Exam Questions with Certified Solutions
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
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
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
