3.1 Flashcards
An individual grievance that can be recovered through the Real Estate Education Research and Recovery Fund is $_______.
$150,000
The Statutory Home Warranty Law offers how long of a period as a warranty against major construction defects for _______ years.
10
______ is the type of insurance to protect real estate brokers against claims of mistakes.
Errors and omissions
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.
12
An override clause must not last longer than _____ months from date of protective list.
6
A broker must _______ the activities of his or her real estate salespersons.
Supervise
True or False:
An unlicensed office assistant can tell inquirers whether a listed property has any contingencies on it.
False
The real estate licensing authority for Minnesota is the _______.
Minnesota Department of Commerce
True or False:
The Minnesota Department of Commerce arbitrates disputes between licensees.
False
______ is the term of a Minnesota salesperson license.
Two years, expiring on June 30
______ is the term of a Minnesota broker license.
Two years, expiring on June 30
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.
5
A Minnesota real estate salesperson licensee must complete _____ hours of Minnesota approved continuing education within the two years prior to each renewal.
30
At least ______ hours of the required continuing education must be completed within the first 12 months of each license period.
15
A Salesperson’s license must be returned to Commissioner within _____ days of termination.
10
A broker or salesperson has _____ years from the date of termination to reactivate the license without having to re-test.
2
You must notify the Commerce Commissioner within _______ days in writing if you have a name or address change.
10
______ insurance protects you against lawsuits or arbitration decisions against you.
Errors & omissions (E&O)
Earnest money for a real estate transaction must be deposited in the listing broker’s trust account within _______ business days unless agreed otherwise.
3
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.
1
A real estate license is a right granted by a ______ to an individual to operate as a real estate broker or salesperson.
State
A _____ is granted by a state to an individual, which gives the individual the right to operate as a real estate broker or salesperson.
License
If someone has a complaint against a real estate company, or licensee, they would file that complaint through the Minnesota Department of _______.
Commerce
Chapter ______ of the Minnesota Statutes is the Legislation for the real estate industry.
82
The purpose of ____ is to reduce unnecessary lending costs.
RESPA
The term “settlement” can be used interchangeably with ______.
Closing
When a borrower applies for a loan, the lender must furnish a _____.
Good Faith Estimate (GFE)
As a real estate salesperson, with whom do you place your real estate license?
Your broker
What is the natural erosion of soil on one side of a watercourse and the gradual addition of soil to the other side?
Accretion
What is an addition to the agreement and is a part of it.
Addendum
What is the change to the agreement after it was originally accepted?
Amendment
What is a written instrument given to pass title of personal property from a seller to a buyer?
Bill of Sale
What is the mixing of personal funds with trust funds?
Commingling
On what does the government base the determination of title ownership and encumbrances on title?
The registration of the instruments affecting the title
Each time a land title transaction takes place, the transfer instrument is recorded with whom?
A local government recorder
True or False:
Title opinions given by attorneys are uniform.
False
