Kstate 2

Question 0

All of the following would be considered common interest communities EXCEPT:
A. planned community
b. 4-plex
c. Condominium
d. cooperative

Answer 0

b. 4-plex (rental)

Question 1

A seller must disclose the status and location of all known wells on the property before:

Answer 1

signing a purchase agreement

Question 2

An individual holds ownership in a condominium in severalty plus

Answer 2

tenancy in common in the common elements

Question 3

The owner of a property has applied for a building permit for new construction that will include a private septic system. In order to obtain a building permit, the owner must obtain which document from a licensed inspector or site evaluator?

Answer 3

Certificate of Compliance

Question 4

When must the seller of property disclose to the buyer how sewage generated at the property is managed?

Answer 4

before signing the purchase agreement

Question 5

Jones has purchased the home he was renting from Smith. Smith did NOT provide Jones with a property condition disclosure statement. Is this legal?

Answer 5

Yes, because Jones was a current tenant - not required,

Question 6

Minnesota’s Subdivided Lands Practices Act requires developers to do all of following EXCEPT:

a. register the subdivision with the Commission of Commerce
b. Give all buyers a copy of the public offering
c. file a public offering statement with the Commission of Commerce
d. have an on-site inspection of the property by the Commissioner

Answer 6

d. have an on-site inspection of the property by the Commissioner - not required

Question 7

A seller of a property containing a leaking storage tank must

Answer 7

file an affidavit with the county recorder

Question 8

The owner of a steel fabrication plant has decided to install a 1,200 gallon underground storage tank. The owner must notify the Pollution Control agency:

Answer 8

10 days before installation

Question 9

A Decree of Dissolution of Marriage severs all joint tenancies EXCEPT

Answer 9

joint tenancy the decree preserves

Question 10

Jones is the owner of an apartment building and plans to convert it to condominiums. Jones must give the tenants an option to purchase the unit they are occupying at LEAST how long after delivery of notice to vacate?

Answer 10

60 days - may run concurrently with 120 day notice to vacate