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MN Real Estate Exam - State Portion > Interest in Real Property > Flashcards

Interest in Real Property Flashcards

1
Q

The mortgagee pays the mortgage registry tax

A

False - The borrower/mortgagor pays the mortgage registry tax

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2
Q

The buyer pays the deed transfer tax.

A

False - the Seller pays the Deed Transfer Tax

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3
Q

A Planned Community PUD consisting of single-family dwellings is regulated as a common interest community.

A

True

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4
Q

A City may assess a property owner for mowing and snow removal performed to comply with local ordinances.

A

True

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5
Q

The Subdivided Lands Act requires the Commissioner complete an on-site inspection of the subdivision.

A

False - The Commissioner does NOT inspect the land/subdivision/property

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6
Q

A developer must register a qualifying subdivision development with the Department of Commerce.

A

True

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7
Q

The Subdivided Lands Act requires developers to file a Public Offering Statement with the Commissioner.

A

True

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8
Q

The Subdivided Lands Act requires a copy of the Public Offering Statement be provided to each prospective buyer.

A

True

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9
Q

A real estate license is required when selling cooperative units, time-shares, and other properties regulated under the Subdivided Lands Act.

A

True

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10
Q

A developer of subdivided lands must register the project if it involves the sale of time-shares.

A

True

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11
Q

The buyer of a condominium receives a fee simple ownership in the unit.

A

True

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12
Q

The buyer of a condominium receives a fee simple interest as a joint tenant in the common areas.

A

False - The buyer receives an undivided interest as a tenant in common.

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13
Q

A condominium apartment owner has the right to mortgage his unit

A

True

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14
Q

The association by-laws of the condominium in which a buyer is purchasing a unit prohibits the keeping of dogs or cats. This information must be disclosed to the prospective buyer

A

True

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15
Q

The owner of a townhouse unit has not paid his homeowners’ association fees for 6 months. The homeowners’ association may file a lien and use strict foreclosure

A

False - The homeowners’ association may file a lien and use foreclosure by advertisement.

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16
Q

A condominium apartment owner must pay real estate taxes on his unit.

A

True

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17
Q

Every seller of a condominium unit must provide the purchaser with the required disclosures at LEAST 10 days prior to a closing

A

True

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18
Q

A seller of a townhouse must provide the buyer with an itemized list of all utility expenses for the unit.

A

False - The seller must only provide the association budget and operating budget.

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19
Q

Condominium ownership may be applied in non-residential units.

A

True

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20
Q

A condominium purchaser has an unconditional right to rescind within 10 days after receipt of required disclosures.

A

True

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21
Q

Owners in a condominium complex share ownership of residential units.

A

False - They share ownership of common elements

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22
Q

An owner who fails to pay association dues may face judicial foreclosure

A

False - The owner my face foreclosure by advertisement

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23
Q

The owner of a condominium unit has failed to pay the real estate taxes. The local taxing authority may file a tax lien against her unit.

A

True

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24
Q

Condominium associations may assess the unit owner’s for the repair and improvement of the common elements

A

True

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25
Q

When John purchased his individual cooperative housing unit, he should have received the corporate bylaws, shares of stock, and a proprietary lease.

A

True

26
Q

In a condominium project, swimming pools and hallways would be described in the condominium plat and declaration as limited common elements.

A

False - They would be described as common elements, NOT limited common elements

27
Q

A distinguishing feature of condominium ownership is that it features an undivided interest as tenants in common of the common elements.

A

True

28
Q

Individual units’ balconies and assigned, numbered parking spaces in an underground garage could be classified as limited common elements.

A

True

29
Q

J holds stock in the corporation that owns the apartment building in which he lives. The corporation has issued a proprietary lease to J authorizing him to occupy a particular unit in the building. This type of ownership is a condominium.

A

False - This type of ownership is a cooperative

30
Q

The contents of individual units are considered common elements.

A

False - They are considered personal property

31
Q

According to the Common Interest Ownership Act, a condominium association meeting must be held at LEAST once each month

A

False - The meeting must be held at least once each year

32
Q

Association members are required to attend the annual amendments to the declaration and require a 100 percent vote by the association members.

A

False - A 67% percent vote is required

33
Q

An association is required to maintain property insurance that covers the full insurable replacement cost of the common elements.

A

True

34
Q

Unit owners may obtain insurance for contents and interior improvements.

A

True

35
Q

Insurance purchased by the unit owner would cover damage to the unit’s exterior.

A

False - The exterior is covered by association insurance

36
Q

According to the Minnesota Common Interest Ownership Act, a cooperative would be created by filing a declaration.

A

True

37
Q

If a purchaser of a unit in a common interest community wishes to rescind the agreement, notice of rescission must be given within 10 days after receipt of the signed purchase agreement.

A

False - Notice must be given 10 days after receipt of the Disclosure Statement.

38
Q

Unit owners in a condominium own the common elements as joint tenants.

A

False - They own the common elements as tenants in common

39
Q

Tenants of apartments being converted to condominiums have a 90-day right to purchase their unit from the property owner upon receipt of the conversion notice.

A

False - Tenants have a 60-day right to purchase

40
Q

If the tenant of an apartment being converted to condominiums chooses NOT to purchase the unit, the tenant has an additional 120 days to vacate the unit.

A

False - The tenant has an additional 60 days.

41
Q

If the tenant abandons leased premises, the Minnesota Landlord- Tenant Act calls for the landlord to store and care for abandoned personal property for at LEAST 30 days.

A

False - The landlord is required to store and care for abandoned personal property for 60 days.

42
Q

Landlord-held security deposits may be withheld to cover rent or other costs which are due or to restore the premises to original condition excluding normal wear and tear.

A

True

43
Q

If the tenant abandons a rented apartment and leaves personal property, the landlord is required to have it appraised and insured.

A

False - The landlord is required to store and care for at least 60 days

44
Q

The Statute of Frauds would require a 1-year commercial lease to be in writing.

A

False - Leases of more than 12 months are required to be in writing. If the lease was 1 year and a day it would have to be in writing

45
Q

A landlord must pay 5 percent interest on security deposits.

A

False - A landlord must pay 1 percent interest from the first month the landlord receives the deposit

46
Q

There must be a written lease for each unit rented to a residential tenant in an apartment building consisting of 12 or more residential units.

A

True

47
Q

Every landlord must return a tenant’s security deposit or furnish a written notice to the tenant within 45 days after termination of the tenancy.

A

False - The written notice must be furnished within 3 weeks (21 days).

48
Q

To enforce an automatic renewal clause, the landlord must give a 10-day notice prior to the date of automatic renewal.

A

False - 15- to 30-day notice is required

49
Q

A landlord suspects that a tenant is using drugs. The landlord is entitled to search the unit without notice.

A

False - Landlord entry notice is required except in an emergency, to determine a tenant’s safety, or to comply with law enforcement.

50
Q

Tenants who are going to be permanently leaving their units between November 15 and April 15 on a day other than the day tenancy ends must tell their landlord they are vacating at LEAST 3 days before they move.

A

True

51
Q

There must be a written lease for each unit rented to a residential tenant in an apartment building consisting of 12 or more residential units.

A

True

52
Q

landlord who prefers to offer oral lease agreements may do so only if the total number of units in the building is a maximum of 11.

A

True - This is true as long as the lease is for 12 months or less

53
Q

Landlord-held security deposits may NOT be retained by the landlord to pay for damage to the leased premises.

A

False - Security deposits may be retained only for damage beyond normal wear and tear.

54
Q

If at any time a tenant abandons the leased premises and leaves personal property items, the landlord is required to pay to have the items stored by the sheriff.

A

False - Items do not need to be stored by the sheriff. The items do need to be stored with care for at least 60 days

55
Q

Property taxes are paid May 15 and October 15 in Minnesota.

A

True

56
Q

Work has been completed on a sewer and water extension, and the benefiting property owners have been sent a notice of assessments that have been charged. These are called levied special assessments.

A

True

57
Q

The amount due for state deed tax is debited on the buyer’s closing statement.

A

False - The seller pays the state deed transfer tax

58
Q

The state deed tax is shared equally by the buyer and seller.

A

False - The seller pays the state deed transfer tax

59
Q

The deed transfer tax is 33 percent of the purchase price.

A

False - The deed transfer tax is 0.33 percent

60
Q

The state deed tax and mortgage registry tax are paid to the county treasurer in the county where the transferring property is located.

A

True

61
Q

Property taxes and special assessments are paid April 1 and November 1.

A

False - They are paid May 15 and October 15.

62
Q

A transfer tax (state deed tax) would be paid when recording a certificate of sale.

A

It’s required to be paid prior to recording a deed

MN Real Estate Exam - State Portion (4 decks)

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