MN Exam Prep Questions Flashcards
T/F The delivery of notice of lien rights can be done by certified mail.
True
T/F To be eligible for homestead, a property must be owned and occupied as a primary residence by December 15 of the year to be eligible for homestead the next year.
False - December 1
T/F The maximum number of acres that can be enrolled into homestead protection is 120 acres.
False - 160 acres
T/F A seller on a contract for deed is known as a vendor.
True
T/F In the event of a default on a contract for deed the seller would foreclose on the buyer to regain the buyer’s equitable title.
False - termination
T/F The borrower on a mortgage is known as a mortgagee.
False - mortgagor
T/F A mortgage has a power of sale clause. This would mean the lender needs a judge’s approval to conduct a foreclosure.
False - avoids need for court action.
T/F The longest period of time for statutory redemption in Minnesota is 6 months.
False - 12 months
T/F The shortest period of time for statutory redemption in Minnesota is 6 months.
False - 5 weeks, abandonment
T/F A contractor who has not been paid for services performed on real property must perfect their lien within 120 days of final completion of work.
True
A registered property survey and a certificate of title are MOST likely to be associated with which of the following?
a) subdivided lands
b) recorded plat
c) torrens property
d) abstract property
c) torrens property
New home warranties require coverage of all of the following EXCEPT:
a) 1 year for materials and worksmanship
b) 2 years for defective plumbing, electrical, and heating and cooling fixtures
c) 10 years for major structural or construction defects
d) 10 years for all structural damage
d) 10 years for all structural damage
A licensee discriminating against a buyer based on marital status and sexual orientation is violating what fair housing laws?
a) federal and state
b) state only
c) neither federal nor state
d) federal only
b) state only
The seller must disclose the existence, location, and status of all capped and current wells on a property
a) at the time of settlement
b) prior to accepting or signing an offer
c) prior to showing the property to a buyer
d) at the time of inspection
b) prior to accepting or signing an offer
A seller’s property disclosure form would not be required for all of the following EXCEPT
a) selling to a tenant who is currently renting the property
b) a lender selling a bank-owned property.
c) giving the property to a family member
d) selling a commercial property
b) a lender selling a bank-owned property
Which of the following is required to be in writing under the Statute of Frauds?
a) 11 month warehouse lease
b) 9 month residential lease
c) 1 year retail lease
d) 18 month lease to won contract
d) 18 month lease to won contract
T/F The Commissioner of Commerce makes laws regulating real estate activity.
False - enforces the laws
T/F The Commissioner of Commerce may take disciplinary action against those who violate real estate licensing law.
True
T/F The Commissioner of Commerce will hold a hearing to settle ethics charges brought against a licensee.
False - ethics - professional association
T/F Anyone who for another and for a fee attempts to manage real estate must have a real estate license.
True
T/F A court appointed executor must have a real estate license to sell real estate on behalf of an estate.
False - exempt, court appointed
T/F Employees of a residential building owner performing caretaker duties are exempt from having a real estate license.
True
T/F When selling a manufactured home that is attached to land for another and for a fee a real estate license would be required.
True
T/F A loan broker who collects fees from a client must deposit those fees in a trust account by the 3rd business day after receipt.
False - escrow account within 48 hours
T/F One must be at least 18 years of age to hold a Minnesota real estate license.
True
T/F One must complete real estate licensing requirements and apply for licensure within 18 months of passing the real estate exam.
False - 12 months
T/F Real estate licenses expire on June 15 of a renewal year.
False - June 30 of renewal year
T/F A licensee must complete 30 hours of approved continuing education to renew their real estate license.
True
T/F A salesperson who gets married must notify the Commissioner of the change in marital status.
False - marital status change, no notice
T/F A broker who has been charged with a felony must notify the Commissioner within 10 days of being charged.
True
T/F The Commissioner may revoke a real estate license for violation of real estate law.
True
T/F Brokers must provide those they employ adequate supervision in all aspects of their real estate related duties.
True
T/F Real estate licensees must deliver documents to parties in a transaction as soon as the documents are available.
True
T/F When funds are received in a real estate transaction and there are no directions on what to do with those funds, the broker must deposit them in broker’s business account.
False - trust account by 3rd business day
