Minnesota State Real Estate Test Review Flashcards

Minnesota State Real Estate Test Review Flashcards Fines for real estate offensesThe Commissioner may impose a civil penalty not to exceed $10,000 per violation upon a person who violates any law, rule, or order related to the duties and responsibilities entrusted to the Commissioner.A broker, acting as agent for the seller, presents an offer to buy from the broker's former college roommate. The broker knows that the buyer will increase the amount of the offer if the seller turns down the offer. When presenting the offer, the broker should tell the seller that the buyer will pay more.Known wellsBefore signing an agreement to sell or transfer real property, the seller MUST disclose to the buyer information about the status and location of all known wells on the property, Consequences of an undisclosed well.A seller who fails to disclose the existence or known status of a well at the time of sale is liable to the buyer for costs relating to sealing of the well and attorney fees for collection of costs from the seller. This action must be taken within 6 years after the date the buyer closed the purchase of the property.Lease for more than 1 year.Every contract for the leasing for a longer period than 1 year shall be void unless the contract is in writing and subscribed by the party by whom the lease is to be made, or by the party's agent.Broker RequirementsThe requirements for licensure as a broker include at least

• years of licensure as a real estate salesperson within the

previous 5 years. All applicants for a broker license must successfully complete the 30-hour broker course and pass the exam.When is seller disclosure requiredThe transfer of interest in residential real estate between buyer and seller. Seller disclosure requirements do NOT

apply to: real property that is not residential real property; a

transfer to a government or governmental agency; a transfer by foreclosure; a transfer made to a spouse, parent, grandparent, child, or grandchild of the seller; a transfer to a tenant who is in possession of the residential real property.When to claim a commission.There are 3 elements that a broker must satisfy in order to claim a commission. These are; the buyer, the signed contract between buyer and seller, and a closing. A signed listing agreement is NOT necessary for a broker to be entitled to a commission.

Handicap accessible units.Minnesota's Human Rights law's Priority Requirement states a landlord of rental housing that contains accessible units must give priority for the rental of an accessible unit to a disabled person or a family with a disabled family member who will reside in the unit.When a listing broker is preparing an Offer to Purchase for a buyer customer, contingencies involving inspections or approval by a third party should have short deadlines.Fees to education recovery fundEach real estate broker, real estate salesperson, and real estate closing agent renewing a license shall pay a fee of $20 per licensing period which shall be credited to the Recovery Fund. Persons receiving an initial license shall pay a fee of $30.When rented property is damaged severely. A tenant of a building that is destroyed or becomes uninhabitable or unfit for occupancy through no fault or neglect of the tenant may vacate and surrender such a building.Agency disclosure formsThe salesperson must provide the consumer with an agency disclosure form at the FIRST substantive (person-to-person) meeting.What constitues a discriminatory act?Discriminationary acts are acts made against someone based on their race, color, religion, sex, creed, disability, marital status, status with regard to public assistance, national origin, age, sexual orientation, or familial status.License FeesThe fee's for an initials salesperson's and broker's license are $130 and $210 respective Trust fund recordsEvery brokerage shall keep trust fund records which must

include: date funds received; party from who funds were

received; date funds deposited; the check number or date of related disbursements; and monthly balance of the trust account.A company agrees to lease a property to be used as a gambling casino. State laws prohibit gambling. This particular contract would be legally defined as Void Showing a buyer a home when you are the agent A salesperson must provide prospective buyers agency disclosure agreements which state he or she represents the seller.How to become Torrens propertyAn application for registration shall be addressed to the District Court in and for the county wherein the land being registered is situated.REpaying the recovery fund?A licensee will remain on suspension until the Recovery Fund is repaid in full plus 10% interest per year, twice the amount paid from the Fund on the licensee's account, and the licensee has obtained a surety bond issued by an insurer authorized to transact business in Minnesota in the

amount of $40,000.Payment of delinquent taxesPayment of delinquent property tax and any interest, penalties, or special assessments shall be paid with US currency or by check, money order, or electronic means, including, but not limited to, automated clearinghouse

transactions and federal wires drawn on a bank or other financial institution in the United States.Discriminatory acts are..Every person who commits an unfair discriminatory act or aids, abets, incites, compels, or coerces another to do so, is guilty of a misdemeanor.