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Minnesota Real Estate Practice Exam Questions with Certified Solutions, Exams of Real Estate Management

A set of multiple-choice questions and answers related to the minnesota real estate practice exam. It covers various aspects of real estate law, regulations, and procedures, including property ownership, agency relationships, disclosures, and licensing requirements. Useful for individuals preparing for the real estate licensing exam in minnesota.

Typology: Exams

2024/2025

Available from 02/25/2025

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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
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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