3 S.R. Flashcards
True or False:
The Department of Commerce DOES NOT arbitrate or get involved in disputes or disagreements between licensees.
True
The licensing authority in Minnesota is the ______.
Minnesota Commissioner of Commerce
Chapter _____ of Minnesota Statutes is the legislation for the real estate industry in Minnesota.
82
The term of both the Minnesota salesperson license and broker license is _____ years, expiring on June 30.
2
A broker applicant must have ______ years of licensed MN Salesperson experience within the five years prior to the date of application.
3
Minnesota brokers are required to maintain an interest-bearing _____.
Trust account
A MN real estate license is not needed if you sell no more than ______ properties in any 12-month period.
5
A MN real estate licensee must complete _____ hours of MN approved continuing education within the two years prior to each renewal, including at least one hour of fair housing law and one hour of agency law.
30
At least _____ of the 30 hours of continuing education must be completed within the first 12 months of each license period.
15
You must notify the MN Commerce Commissioner within _____ days if you have a name or address change.
10
A ______ must keep a copy of MN Statutes and Rules and Regulations (Chapters 82 & 83) in their main corporate headquarters as well as each branch office.
Broker
A broker must keep records of all documents pertaining to the business for a minimum of _____ years.
6
A broker CANNOT _____ funds by mixing personal or business operating funds with trust funds.
Commingle
A broker CANNOT use trust account funds for ______ (for personal or business operation reasons).
Conversion
True or False:
Real estate licensees must disclose their status as a real estate agent or broker when buying, selling, our advertising their own property.
True
True or False:
Real estate licensees must disclose to all parties to the transaction their family relationship with a buyer or seller.
True
True or False:
If you have learned that one of the parties is going to back out of an agreement, you must notify the other parties.
True
You must present all written offers to your seller as soon as ______.
Possible
Earnest money must be deposited in listing broker’s account within ______ days of receipt by the listing broker, unless otherwise specified in the contract between the buyer and seller.
3
If an offer is rejected by the seller, the licensee must return earnest money to buyer by ______.
The next business day
The bank that holds the earnest money must pay a normal passbook savings rate amount of interest paid to the _________.
Minnesota Housing Trust Fund
Licensees cannot create an override clause in a residential listing agreement that exceeds _______ months.
6
The purpose of the _______ is to compensate any person who has lost money due to a licensed real estate broker, salesperson, or closing agent’s fraudulent, deceptive or dishonest practices, or conversion of trust funds.
Real Estate Education, Research and Recovery Fund
Minnesota’s ______ statue creates warranties for new homes and home improvements.
Home Warranty
The period a warranty covers the dwelling for defects caused by faulty workmanship and defective materials due to noncompliance with building standards is _______ years(s).
10
The period a warranty covers the dwelling for major construction defects due to noncompliance with building standards is ______ year(s).
10
The definition of ____ is “Any offering in Minnesota of more than ten parcels of real estate located outside of a Minnesota municipality.
Subdivided land
If the developer wants to go back and add more subdivided land, the lots may be consolidated if they are _______ (connected) to the previously registered land.
Contiguous
A/an _____ is a person who is employed to represent a principal, and has fiduciary duties.
Agent
A/an _______ is a person who has employed someone (an agent) to act on his/her behalf.
Principal
_____ agents hold broad authority to act on behalf of the principal.
Universal
_____ agents have limited authority to conduct a series of tranactions over a continuous period of time.
General
______ agents are authorized to conduct either a single transaction, or a specified series of transactions over a limited period of time.
Special
A way to memorize the fiduciary duties is the remember the acronym ______.
DR COLA
The common types of ______ inlude: Exclusive right to sell, Exclusive agency, Open listing, Net listing, and Seller Facilitator.
Listing contracts
The ____ enforces federal laws against housing discrimination.
Department of Housing and Urban Development (HUD)
