7.3

Question 0

A contractor who completes the remediation of a property used as a meth lab site must verify that the work was done with the property owner within _______ days.

Answer 0

5

Question 1

The _______ Crime Bill pertains to real property and methamphetamine (meth) production.

Answer 1

Omnibus

Question 2

Community health services administrators maintain information about meth production in properties within their ________.

Answer 2

Jurisdiction

Question 3

True or False:
If a contractor issues a verification for meth remediation, and the property was not remediated according to the state guidelines, the contractor is liable to the property owner for additional costs.

Answer 3

True

Question 4

Sellers of Minnesota real property have to disclose in writing to the buyer before signing the _______ if, to the seller’s knowledge, methamphetamine production has occurred on the property

Answer 4

Purchase agreement

Question 5

Lead based paint laws govern properties built before _______.

Answer 5

1978

Question 6

Underground tanks containing flammable or combustible liquids which have been removed from service for _______ year(s) or more are considered to be abandoned.

Answer 6

One

Question 7

To remove asbestos from a property you must hire a _______ asbestos contractor.

Answer 7

Licensed

Question 8

True or False:
Sellers, landlords, and their agents are responsible for providing a federal pamphlet that gives practical, low-cost tips on identifying and controlling lead-based paint hazards to the buyer or renter before sale or lease.

Answer 8

True

Question 9

True or False:

Unless children live there, housing for the handicapped is exempt from lead based paint disclosure requirements.

Answer 9

True

Question 10

True or False:
An underground storage tank system (UST) is a tank, and any underground piping connected to the tank, that has at least 10 percent of its combined volume underground.

Answer 10

True

Question 11

It is considered a/an _________ contract when a seller agrees to sell if a buyer is able to pay a certain amount of money by a certain time.

Answer 11

Option

Question 12

True or False:
If a seller signed and delivered a counter-offer, and then signed and delivered an offer from another buyer, both contracts are valid.

Answer 12

True

Question 13

If an investor estimates the value of a rental property by multiplying the monthly rent times 100, his evaluation rule-of-thumb is called the ______.

Answer 13

Gross rent multiplier (GRM)

Question 14

Mortgage discount points are used to buy down the ______ rate.

Answer 14

Interest

Question 15

_______ money is used to show evidence of the buyer’s intention to perform on the contract.

Answer 15

Earnest

Question 16

The placement of where the property is located is known as the site, or ________.

Answer 16

Situs

Question 17

True or False:
If a broker’s listing expires, and an agent with another company calls about it, the broker should say he is no longer the listing agent.

Answer 17

True

Question 18

An environmental impact statement typically describes the effects of public ______ and safety for a proposed project.

Answer 18

Health

Question 19

True or False:
If a seller tells their listing agent they are moving because of bad odors from a nearby stockyard, the agent should tell that to potential buyers.

Answer 19

True

Question 20

An advantage to the seller of a property by a contract for deed (also called a “deed of trust”) is relatively quick _______.

Answer 20

Foreclosure

Question 21

Flood insurance is required when obtaining a mortgage loan if the property is in a ______.

Answer 21

Flood Hazard Zone

Question 22

In, Minnesota, earnest money must be deposited within _______ days, unless otherwise agreed to in writing by the buyer and seller.

Answer 22

3

Question 23

If a seller who listed with a broker sold the property himself, he would still owe the broker a commission if the type of listing contract was a/an _________ agreement.

Answer 23

Exclusive right to sell

Question 24

If an investor purchases a real estate investment property with a low down payment, the cash flow might be _______.

Answer 24

Negative

Question 25

If a client authorizes an agent to perform a specific transaction the agent would be a _______ agent.

Answer 25

Special

Question 26

A purchase agreement that has been accepted, but has not closed, is considered a/an _________ contract.

Answer 26

Executory

Question 27

When a property is sold with a contract for deed (land contract for deed), the _____ retains fee ownership.

Answer 27

Vendor

Question 28

Corps that are normally planted annually are considered _______ property at harvest time.

Answer 28

Personal

Question 29

Errors and omissions insurance protects the broker against ______ misrepresentations.

Answer 29

Unintentional

Question 30

An appraiser must be licensed or certified to handle federally related work on residential property valued at more than $_______.

Answer 30

$250,000

Question 31

The most reliable method of evaluating residential property is the _______ data approach.

Answer 31

Market

Question 32

FHA _______ mortgage loans.

Answer 32

Insures

Question 33

DVA _______ mortgage loans.

Answer 33

Guarantees

Question 34

A creditor who has obtained a judgement can get satisfaction against a debtor who will not pay with a writ of ________.

Answer 34

Execution

Question 35

A salesperson who shows only properties in low-priced and integrated neighborhoods to a minority person is practicing ______.

Answer 35

Steering

Question 36

If an agent accepts a kickback from a mortgage officer, they both might be in violation of ________.

Answer 36

RESPA

Question 37

True or False:
The escrow officer or closing agent must give information regarding the sales price and seller’s social security number to the IRS.

Answer 37

True

Question 38

Usury laws regulate lenders’ ______ rates.

Answer 38

Interest

Question 39

True or False:

A managing broker can be held responsible for the activities of his or her salespersons.

Answer 39

True

Question 40

If conditions in a deed are violated, the property could revert to the _______ owner.

Answer 40

Original

Question 41

True or False:

If a 15-year-old property owner signs a contract to sell, he or she cannot be legally forced to perform on the contract.

Answer 41

True

Question 42

The mortgage contains an acceleration clause, and the borrower defaults, the lender can demand immediate payment of _______.

Answer 42

The entire balance

Question 43

Regulation Z regulates the terms of _________.

Answer 43

Credit

Question 44

A comparative market analysis is used to establish _______ value.

Answer 44

Market