Minnesota real estate practice STATE EXAM Flashcards

Minnesota (real estate) practice STATE EXAM Flashcards The purpose of an agency disclosure is;To provide consumer the options of representation Another name for the main broker responsible for the license activities of the agent at the company Principal or primary If a brokers license is revoked, what can the agents doAgent must cease all real estate activity 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 Which of the following is a seller required to make a property disclosure to when selling a property Selling a vacation, second home All of the following are considered common interests community properties, except ?Apartments 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 Dual agent must keep all of the following confidential except Length of employment What governmental body establishes zoning ordinanceLocal municipalities 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 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 Violation of a real estate license law is a Gross misdemeanor A buyer is paying a state tax on the purchase of their property. Which of the following is true .23% of the loan amount What is the benefit of a low LTVHigh equity How many years do u have to go after construction worker for construction on your house

• years , construction warranty is 2 years

Which of the following will require a 10 day written noticed to the commissioner A change of home address A security deposit must be returned to the tenant how many days after termination of their lease 21 days Who has disciplinary authority over licensees Department of commerce 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)

Which of the following requires having a real estate licenseFor another and for a fee, negotiating the sale or lease a real property 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 Why does a broker have a trust accountTo protect clients money from being COMMINGLED 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 items is not a fixture Cement garden bench 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 The renewal period for real estate licensees is 2 years 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 Property taxes in Minnesota are dueMay 15 and October 15 According to RESPA, how far in advance of the closing was a buyer/seller receive a copy of the closing statement Three business days I registered land survey would typically be performed with what type of legal description Subdivision plat 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 Placing money received from a client in the licensee's personal account checking account is Commingling 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 With regard to documents, what statement is correctBroker may keep electronic copies for six years 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 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 Which of the following cannot be LEVIED as a special assessment by an assessing authority Unpaid gas and electric bills

The following forms must be retained by the broker exceptAgency disclosure if no contract of representation is entered 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 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 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 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 In Minnesota, all real estate licenses expire on June 30th Which of the following is a prohibited activity Disclosed the details of your sellers offer to a different buyer Which of the following forms does not need to be retained for six years Agency disclosure when no contract has been entered into A 12 month redemption period occurs when Mortgage is more than 1/3 paid