7.1

Question 0

True or False:

A seller needs to complete a property disclosure statement when a buyer submits an offer to purchase.

Answer 0

False

Question 1

In Minnesota, an action against a seller that did not disclose production of methamphetamine can be done within _______ years from the time of closing.

Answer 1

6

Question 2

True or False:

A seller needs to complete a property disclosure statement at the time the property is offered for sale.

Answer 2

True

Question 3

A Certificate of Compliance on an existing septic system is valid for ______ years.

Answer 3

3

Question 4

True or False:

The seller’s property disclosure statement guarantees the condition of the property.

Answer 4

False

Question 5

Residential real estate transactions in Minnesota require the seller(s) to give potential buyers detailed _________ about the condition of the property.

Answer 5

Disclosures

Question 6

True or False:

If a well is not in use, the seller can put it back in use.

Answer 6

True

Question 7

True or False:

If a well is not in use, the seller can have it sealed by a licensed well contractor.

Answer 7

True

Question 8

True or False:

If a well in not in use, the seller can apply for a maintenance permit with the Minnesota Department of Health.

Answer 8

True

Question 9

Property disclosure forms should be filled out by the ______.

Answer 9

Seller

Question 10

True or False:

The listing agent can fill out the seller’s property disclosure form.

Answer 10

False

Question 11

Minnesota sellers are held liable for false disclosure for ______years.

Answer 11

2

Question 12

A well disclosure gives the property buyer the _______ and status of wells on the property.

Answer 12

Location

Question 13

True or False:

The listing agent must sign the seller’s well disclosure.

Answer 13

False

Question 14

True or False:

A maintenance permit allows an unused well to remain unsealed if it is properly maintained.

Answer 14

True

Question 15

Before signing a _______ the seller must disclose in writing to the buyer information on how sewage generated at the property is managed.

Answer 15

Purchase agreement

Question 16

Sellers indicate for buyers the location of a well on the property by _______.

Answer 16

Drawing a map

Question 17

A licensed _______ contractor can seal a well.

Answer 17

Well

Question 18

Depreciation is calculated based only on the _____ of the building.

Answer 18

Cost

Question 19

A tenant rented an apartment, signing a 12-month lease. After the lease expired, the tenant paid 1 month’s rent and got a receipt. The leasehold the tenant now has is a _________.

Answer 19

Tenancy at will

Question 20

Foreclosed property is sold through _________ in most states.

Answer 20

Public auction

Question 21

If you own an apartment building free and clear of a mortgage, and worth $100,000, and you want an annual return of 10%, you’ll need a net income of $______ each month.

Answer 21

$833.34

Question 22

A government floods a farmer’s field, and the farmer initiates a condemnation proceeding to force the government to condemn his field. This would be a/an ________ condemnation.

Answer 22

Inverse

Question 23

The law provides for property to escheat to the state or county when a landowner dies with no will and no heirs in order to prevent the property from becoming _________.

Answer 23

Ownerless

Question 24

A deed restriction affects current and ______ owners of the property.

Answer 24

Future

Question 25

Water rights are controlled by the state under the doctrine of prior appropriation because water is ________.

Answer 25

Scarce

Question 26

If a property owner wants to build a restaurant in an area zoned for residential use, he would need to obtain either a zoning variance or a ________ use permit.

Answer 26

Conditional

Question 27

A fiduciary relationship would exist between an agent and her ________.

Answer 27

Client

Question 28

True or False:
A 12-month lease without an automatic renewal clause requires no notice if the tenant plans to move out after the lease expires.

Answer 28

True

Question 29

If a broker’s salesperson shows a property listed by the broker, the salesperson would be classified as a sub-agent of the ______.

Answer 29

Seller

Question 30

A major difference between freehold and non-freehold estates is that all ______ estates are of indeterminable duration.

Answer 30

Freehold

Question 31

In MOST listing contracts, the broker has earned his commission when the seller accepts a ready, willing, and able buyer’s _______.

Answer 31

Offer

Question 32

An amount of money that compensates on party if the other party does not live up to a contract is called ______ damages.

Answer 32

Liquidated

Question 33

True or False:

A condominium is often more affordable than a single-family detached house.

Answer 33

True

Question 34

According to the principle of progression, a home is most likely to bring a higher sales price if located in a neighborhood in which most homes are ______ than the home for sale.

Answer 34

Larger

Question 35

If the owner of a listed property died, the listing would automatically _________.

Answer 35

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