MN 30-Hour Salesperson Course 1 Flashcards

MN 30-Hour Salesperson Course 1 Flashcards What are the 3 functions of the licensing unit? - Administer initial licensing-Oversee license renewal-Provide education and exam information Maximum fund disbursement per licensee, regardless of the number of transactions, claimants, or number of

awards:

$250,000

Temporary Practice Appraiser Appraisal Scope May appraise property for which the appraiser is qualified in the home-licensed state. The temporary designation permits appraisers to perform a single appraisal assignment in the state; that assignment may or may not include multiple properties for a single client.Closing AgentA person who provides closing services Loan BrokerA person who, for a fee, directly or indirectly, negotiates or offers or attempts to negotiate a loan secured or to be secured by a mortgage or other encumbrance on real estate what does the mortgage lender use the money in an escrow account to pay?Taxes and insurance Associate BrokerA broker who chooses to work for another broker Who can the commissioner investigate?Those licensed under laws administered by the Department of Commerce Registration by Notificationthe subdivision consists of not more than 100 separate lots.Trainee Real Estate AppraiserQualifications -Complete 75 hours of Minnesota-approved pre-licensing appraiser coursework Includes the 15-hour national USPAP course Must be completed within five years before application submission-Complete the Minnesota Supervisor/Trainee Appraiser Course-Submit application with $150 renewal fee plus a $30 technology fee Certified Residential Real Property Appraiser Qualifications-Complete 1,500 hours of experience over the course of at least 24 months-Complete 200 hours of education with emphasis on appraisal of 1-4-unit residential properties, including the 15-hour USPAP course-Complete college-level education such as a bachelor's degree in any field, an associate's degree in specific fields, or 30 hours of college or College Level Examination Program credits in specified topic areas, or any combination of these education hours that includes all required topics and hours-Submit application with $230 renewal fee plus a $30 technology fee-Appraisers who have held a licensed residential credential for at least five years are exempt from college coursework

If the fund pays a claim to satisfy a judgment against a licensee, the license will be suspended. The licensee must repay...two times the amount disbursed to the claimant plus interest at a 12% annual rate before their license will be reinstated.By what date must the broker notify the salesperson if they will not be renewing the person's license?30 days before June 15 LicenseeA person duly licensed under Chapter 82 Buyer's BrokerA licensee who represents a buyer under a signed buyer's broker agreement, and owes the buyer fiduciary duties Violations of license law are considered... gross misdemeanors Certified General Real Property Appraiser Appraisal ScopeMay appraise all types of real property.earnest moneyBuyers offer earnest money to show their commitment to the purchase.How is the education, research, and recovery account funded?Fees for initial license and license renewal **How many hours of education must an applicant for a salesperson's license take in Minnesota before applying for a license?90 Licensed Residential Real Property Appraiser Noncomplex residential or agricultural property; transaction value is less than $1M or complex property with transaction value less than $250K Course 1What must you complete before you sit for your license exam?Courses 1,2,3What courses must be completed before you can apply for your license?**How long is the initial license period for a salesperson or a broker?

• years

What's the minimum age requirement for a licensed trainee appraiser?18 **What authority does the commissioner of commerce have?To hold hearings, examine records and documentation, subpoena witnesses, require sales reports, require the payment of investigative costs, and issue injunctions and cease and desist orders Primary BrokerThe broker on whose behalf salespersons are licensed.Minnesota Department of Commerce Licensing Unit Which entity is in charge of licensing real estate professionals in Minnesota?Purpose of License LawsLicense laws exist to protect consumers What happens to Escrow Funds?escrow agent holds these funds in a special escrow (or trust) account until the buyer, seller, and their mortgage companies have all documents in order.When all terms of the agreement are satisfied, the escrow agent disburses the money held in escrow (typically toward the buyer's down payment).CommissionerThe commissioner of commerce or a designee ConversionConversion is using escrow funds for your own use

SponsorA person offering or providing real estate education Trainee Real Estate AppraiserAppraisal Scope Under a certified residential real property appraiser or a certified general real property appraiser, may appraise properties that the supervisor is eligible to appraise.Trainees may work with more than one supervising appraiser.**How is the Real Estate Recovery Fund overseen? The fund's custodian is the commissioner of management and budget, and the fund is administered by the commissioner of commerce.In Minnesota what is true about the continuing education for brokers compared to salespeople?The requirements are the same as for a salesperson with one additional requirement Subdivided Land Act addresses-public offering statements-reporting-contracts-rescission periods Certified General Real Property Appraiser Qualifications-Complete 3,000 hours of experience over the course of at least 18 months, with at least 1,500 hours in nonresidential appraisals-Complete 300 hours of education with emphasis on appraisal of nonresidential properties, including completing the 15-hr USPAP course-Complete college-level education such as a bachelor's degree in any field, an associate's degree in specific fields, or 30 hours of college or College Level Examination Program credits in specified topic areas, or any combination of these education hours that includes all required topics and hours-Submit application with $230 renewal fee plus a $30 technology fee **Are timeshare agents exempt from licensure? Yes, if their work is limited to timeshare sales, and they work for a limited broker The education requirement for initial licensing as a trainee appraiser includes six hours of...Supervisor/trainee education Misrepresentation-Representing more than one party in a transaction without full disclosure or permission of the parties-Providing real estate services while your license is inactive.-Guaranteeing future profits-Lying or making a material misstatement on your license application or any other documents provided to the commission.On what date to appraisal licenses expire? August 31 comminglingmixing the client's money with your own.License laws protect consumers by ensuring a standard of professionalism by (4) -Establishing basic education and experience requirements for licensure-Defining activities that require a license-Describing standards of conduct-Enforcing standards of conduct through penalties, sanctions, and license denial 3Years experience as a salesperson to be a broker Temporary Practice Appraiser Qualifications -Licensed or certified in another state-Working on a property transaction that will take no more than 12

months-Submit application with $150 renewal fee