MN REAL ESTATE NATIONAL EXAM Flashcards

MN REAL ESTATE NATIONAL EXAM Flashcards A real estate transaction has a closing date of May 20. The seller, who's responsible for closing costs up to but not including the day of closing, has already paid annual property taxes of $1,949. How will the closing statement reflect the proration for the seller? Use a calendar year proration, and round to the nearest dollar.Credited $1,207Credited $742Debited $1,207Debited $742 What special concern do foreclosed properties often present?There could be hidden title issues.Henry plans to convert an apartment building he owns to condominiums. Brenda is a tenant in the building. Under Minnesota law, what right does Brenda have?The right to occupy the unit for at least 180 more daysThe right to purchase her unit CORREXTThe right to renew her lease for another yearThe right to sell her unit to Henry Which of the following is an example of a fixture that is real property Above-ground pool and pool accessoriesBathroom mirror hanging on a hookPhotos and wall hangingsShelves attached to the wall with brackets Which form of real property ownership (for owners other than married couples) means there's equal ownership shares with undivided possession rights?Joint tenancyTenancy by the entiretyTenancy in commonTenancy in severaltyJoint tenancy provides equal ownership shares with undivided possession rights and

requires four ownership unities: time, title, interest, and

possession. Joint tenancy includes the right of survivorship.Which of the following is an example of price fixing?A brokerage requires all licensees to offer a fair cooperative brokerage fee.Three brokerages agree to purchase office supplies together to obtain a bulk discount.Twelve brokerages discuss compensation of associated independent contractor licensees.Two brokerages determine a standard commission rate.Two brokerages determine a standard commission rate.Redmond owns a property in Minnesota that is the site of a petroleum release. The release took place before Redmond owned the property, but Redmond paid for the $200,000 clean-up, which took place last year. Can Redmond seek reimbursement for his costs?No, only the responsible person can seek reimbursement for corrective action.No, reimbursement must be sought within 60 days of the corrective action.Yes, as the responsible person, Redmond can seek reimbursement.Yes, since he's the current owner who took and paid for corrective action, Redmond can seek reimbursement.Yes, since he's the current owner who took and paid for corrective action, Redmond can seek reimbursement.Marvin, a broker for PDQ Realty, died unexpectedly. The Department of Commerce will allow a licensee to serve as temporary broker as long as ______.The licensee has a broker's license and serves in the temporary capacity for no more than 120 daysThe licensee has at least three years of experience, even if the licensee doesn't hold a broker's licenseThe licensee is already a member of the brokerageThe license is related to the former brokerThe licensee has at least three years of

experience, even if the licensee doesn't hold a broker's license Upon examination of his mortgage document, Jared finds a clause stating he will owe additional interest if he pays off his loan within one year of the loan origination date. What

type of penalty does this describe?AccelerationAlienationDefeasancePrepaymentPrepayment A seller tells his agent that he has to sell his house quickly because of a divorce proceeding and that he's willing to

accept less than his list price. His agent tells a buyer that the seller will accept as much as $10,000 less than the list price. Which of these is true?

1.The agent has breached his duty of confidentiality to his client.2.The agent hasn't violated any fiduciary