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MN Real Estate Salesperson Exam 1 > 3.1 > Flashcards

3.1 Flashcards

0
Q

An individual grievance that can be recovered through the Real Estate Education Research and Recovery Fund is $_______.

A

$150,000

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1
Q

The Statutory Home Warranty Law offers how long of a period as a warranty against major construction defects for _______ years.

A

10

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2
Q

______ is the type of insurance to protect real estate brokers against claims of mistakes.

A

Errors and omissions

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3
Q

A person who is in the business of constructing industrial buildings for the purpose of resale needs to have a real estate license if that person has more than 25 transactions in any _____ month period.

A

12

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4
Q

An override clause must not last longer than _____ months from date of protective list.

A

6

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5
Q

A broker must _______ the activities of his or her real estate salespersons.

A

Supervise

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6
Q

True or False:

An unlicensed office assistant can tell inquirers whether a listed property has any contingencies on it.

A

False

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7
Q

The real estate licensing authority for Minnesota is the _______.

A

Minnesota Department of Commerce

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8
Q

True or False:

The Minnesota Department of Commerce arbitrates disputes between licensees.

A

False

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9
Q

______ is the term of a Minnesota salesperson license.

A

Two years, expiring on June 30

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10
Q

______ is the term of a Minnesota broker license.

A

Two years, expiring on June 30

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11
Q

A person is presumed to be engaged in the business of selling real estate if the person engages as principal in ________ transations druing any 12-month period.

A

5

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12
Q

A Minnesota real estate salesperson licensee must complete _____ hours of Minnesota approved continuing education within the two years prior to each renewal.

A

30

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13
Q

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

A

15

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14
Q

A Salesperson’s license must be returned to Commissioner within _____ days of termination.

A

10

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15
Q

A broker or salesperson has _____ years from the date of termination to reactivate the license without having to re-test.

A

2

16
Q

You must notify the Commerce Commissioner within _______ days in writing if you have a name or address change.

A

10

17
Q

______ insurance protects you against lawsuits or arbitration decisions against you.

A

Errors & omissions (E&O)

18
Q

Earnest money for a real estate transaction must be deposited in the listing broker’s trust account within _______ business days unless agreed otherwise.

A

3

19
Q

A real estate broker or salesperson must complete _______ hour(s) each of Minnesota approved continuing education for fair housing and agency within the two years prior to each renewal.

A

1

20
Q

A real estate license is a right granted by a ______ to an individual to operate as a real estate broker or salesperson.

A

State

21
Q

A _____ is granted by a state to an individual, which gives the individual the right to operate as a real estate broker or salesperson.

A

License

22
Q

If someone has a complaint against a real estate company, or licensee, they would file that complaint through the Minnesota Department of _______.

A

Commerce

23
Q

Chapter ______ of the Minnesota Statutes is the Legislation for the real estate industry.

A

82

24
Q

The purpose of ____ is to reduce unnecessary lending costs.

A

RESPA

25
Q

The term “settlement” can be used interchangeably with ______.

A

Closing

26
Q

When a borrower applies for a loan, the lender must furnish a _____.

A

Good Faith Estimate (GFE)

27
Q

As a real estate salesperson, with whom do you place your real estate license?

A

Your broker

28
Q

What is the natural erosion of soil on one side of a watercourse and the gradual addition of soil to the other side?

A

Accretion

29
Q

What is an addition to the agreement and is a part of it.

A

Addendum

30
Q

What is the change to the agreement after it was originally accepted?

A

Amendment

31
Q

What is a written instrument given to pass title of personal property from a seller to a buyer?

A

Bill of Sale

32
Q

What is the mixing of personal funds with trust funds?

A

Commingling

33
Q

On what does the government base the determination of title ownership and encumbrances on title?

A

The registration of the instruments affecting the title

34
Q

Each time a land title transaction takes place, the transfer instrument is recorded with whom?

A

A local government recorder

35
Q

True or False:

Title opinions given by attorneys are uniform.

A

False

MN Real Estate Salesperson Exam 1 (41 decks)

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