7.1 Flashcards
True or False:
A seller needs to complete a property disclosure statement when a buyer submits an offer to purchase.
False
In Minnesota, an action against a seller that did not disclose production of methamphetamine can be done within _______ years from the time of closing.
6
True or False:
A seller needs to complete a property disclosure statement at the time the property is offered for sale.
True
A Certificate of Compliance on an existing septic system is valid for ______ years.
3
True or False:
The seller’s property disclosure statement guarantees the condition of the property.
False
Residential real estate transactions in Minnesota require the seller(s) to give potential buyers detailed _________ about the condition of the property.
Disclosures
True or False:
If a well is not in use, the seller can put it back in use.
True
True or False:
If a well is not in use, the seller can have it sealed by a licensed well contractor.
True
True or False:
If a well in not in use, the seller can apply for a maintenance permit with the Minnesota Department of Health.
True
Property disclosure forms should be filled out by the ______.
Seller
True or False:
The listing agent can fill out the seller’s property disclosure form.
False
Minnesota sellers are held liable for false disclosure for ______years.
2
A well disclosure gives the property buyer the _______ and status of wells on the property.
Location
True or False:
The listing agent must sign the seller’s well disclosure.
False
True or False:
A maintenance permit allows an unused well to remain unsealed if it is properly maintained.
True
Before signing a _______ the seller must disclose in writing to the buyer information on how sewage generated at the property is managed.
Purchase agreement
Sellers indicate for buyers the location of a well on the property by _______.
Drawing a map
A licensed _______ contractor can seal a well.
Well
Depreciation is calculated based only on the _____ of the building.
Cost
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 _________.
Tenancy at will
Foreclosed property is sold through _________ in most states.
Public auction
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.
$833.34
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.
Inverse
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 _________.
Ownerless
A deed restriction affects current and ______ owners of the property.
Future
Water rights are controlled by the state under the doctrine of prior appropriation because water is ________.
Scarce
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.
Conditional
A fiduciary relationship would exist between an agent and her ________.
Client
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.
True
If a broker’s salesperson shows a property listed by the broker, the salesperson would be classified as a sub-agent of the ______.
Seller
A major difference between freehold and non-freehold estates is that all ______ estates are of indeterminable duration.
Freehold
In MOST listing contracts, the broker has earned his commission when the seller accepts a ready, willing, and able buyer’s _______.
Offer
An amount of money that compensates on party if the other party does not live up to a contract is called ______ damages.
Liquidated
True or False:
A condominium is often more affordable than a single-family detached house.
True
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.
Larger
If the owner of a listed property died, the listing would automatically _________.
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