3 S.R.

Question 0

True or False:

The Department of Commerce DOES NOT arbitrate or get involved in disputes or disagreements between licensees.

Answer 0

True

Question 1

The licensing authority in Minnesota is the ______.

Answer 1

Minnesota Commissioner of Commerce

Question 2

Chapter _____ of Minnesota Statutes is the legislation for the real estate industry in Minnesota.

Answer 2

82

Question 3

The term of both the Minnesota salesperson license and broker license is _____ years, expiring on June 30.

Answer 3

2

Question 4

A broker applicant must have ______ years of licensed MN Salesperson experience within the five years prior to the date of application.

Answer 4

3

Question 5

Minnesota brokers are required to maintain an interest-bearing _____.

Answer 5

Trust account

Question 6

A MN real estate license is not needed if you sell no more than ______ properties in any 12-month period.

Answer 6

5

Question 7

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.

Answer 7

30

Question 8

At least _____ of the 30 hours of continuing education must be completed within the first 12 months of each license period.

Answer 8

15

Question 9

You must notify the MN Commerce Commissioner within _____ days if you have a name or address change.

Answer 9

10

Question 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.

Answer 10

Broker

Question 11

A broker must keep records of all documents pertaining to the business for a minimum of _____ years.

Answer 11

6

Question 12

A broker CANNOT _____ funds by mixing personal or business operating funds with trust funds.

Answer 12

Commingle

Question 13

A broker CANNOT use trust account funds for ______ (for personal or business operation reasons).

Answer 13

Conversion

Question 14

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.

Answer 14

True

Question 15

True or False:

Real estate licensees must disclose to all parties to the transaction their family relationship with a buyer or seller.

Answer 15

True

Question 16

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.

Answer 16

True

Question 17

You must present all written offers to your seller as soon as ______.

Answer 17

Possible

Question 18

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.

Answer 18

3

Question 19

If an offer is rejected by the seller, the licensee must return earnest money to buyer by ______.

Answer 19

The next business day

Question 20

The bank that holds the earnest money must pay a normal passbook savings rate amount of interest paid to the _________.

Answer 20

Minnesota Housing Trust Fund

Question 21

Licensees cannot create an override clause in a residential listing agreement that exceeds _______ months.

Answer 21

6

Question 22

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.

Answer 22

Real Estate Education, Research and Recovery Fund

Question 23

Minnesota’s ______ statue creates warranties for new homes and home improvements.

Answer 23

Home Warranty

Question 24

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).

Answer 24

10

Question 25

The period a warranty covers the dwelling for major construction defects due to noncompliance with building standards is ______ year(s).

Answer 25

10

Question 26

The definition of ____ is “Any offering in Minnesota of more than ten parcels of real estate located outside of a Minnesota municipality.

Answer 26

Subdivided land

Question 27

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.

Answer 27

Contiguous

Question 28

A/an _____ is a person who is employed to represent a principal, and has fiduciary duties.

Answer 28

Agent

Question 29

A/an _______ is a person who has employed someone (an agent) to act on his/her behalf.

Answer 29

Principal

Question 30

_____ agents hold broad authority to act on behalf of the principal.

Answer 30

Universal

Question 31

_____ agents have limited authority to conduct a series of tranactions over a continuous period of time.

Answer 31

General

Question 32

______ agents are authorized to conduct either a single transaction, or a specified series of transactions over a limited period of time.

Answer 32

Special

Question 33

A way to memorize the fiduciary duties is the remember the acronym ______.

Answer 33

DR COLA

Question 34

The common types of ______ inlude: Exclusive right to sell, Exclusive agency, Open listing, Net listing, and Seller Facilitator.

Answer 34

Listing contracts

Question 35

The ____ enforces federal laws against housing discrimination.

Answer 35

Department of Housing and Urban Development (HUD)