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MN Real Estate Exam - State Portion > MN State Portion - Financial Instruments.... > Flashcards

MN State Portion - Financial Instruments.... Flashcards

1
Q

The Minnesota Mortgage Registry Tax is computed as __________ of the mortgage amount.

A

.23% NOT 23%

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2
Q

The Minnesota state deed tax is computed as __________ of the net sales price.

A

$3.30,

memory tip, deed has 2 e’s and $3.30 has 2 3’s

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3
Q

What is the minimum registry tax amount for a property?

A

$1.65 per $500,

this might occur when property is given as a gift

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4
Q

A registered land survey may be required to create or subdivide a __________.

A

Torrens property, which is also referred to as registered property

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5
Q

Surveyors, engineers, material suppliers, contractors, and subcontractors have lien rights only if they provide a __________ in their contract.

A

written lien notice

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6
Q

In a verbal agreement, a contractor may not file a lien unless they provided the property owner with the written lien notice within __________ of the verbal agreement.

A

10 days,

notice must be delivered personally or by certified mail

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7
Q

A landlord must provide the tenant with a written notice explaining any amounts withheld for a security deposit within __________ of lease termination.

A

21 Days

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8
Q

An owner of a Torrens-registered property who wants to subdivide the parcel would order a __________.

A

registered land survey

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9
Q

Title to Torrens property transfers upon registration of the __________ to the district court.

A

certificate of title

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10
Q

With an abstract, title passes once the deed has been delivered and accepted.

A

True

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11
Q

What is the search called that includes property taxes, judgment and special assessments?

A

registered property abstract, RPA

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12
Q

A rural property under Homestead protection may include up to __________.

A

160 Acres

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13
Q

In Minnesota, a non-judicial foreclosure is known as __________.

A

Advertised Foreclosure

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14
Q

The classifications protected under the Minnesota Human Rights Act, but not under Federal Fair Housing Act are __________.

A

MSP
Marital status,
Sexual orientation, and,
Public assistance

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15
Q

Statutory new home warranties begin at first legal occupancy or __________, whichever occurs first

A

closing

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16
Q

The Statutory New Home Warranty covers __________ caused by substandard workmanship and faulty installation of electrical, plumbing, and HVAC systems.

A

defects

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17
Q

After closing, a buyer discovers a defect not previously known. How soon do they have to act on the home warranty?

A

6 months,

via written notice to the contractor responsible

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18
Q

A new home warranty will transfer to subsequent owners

A

True

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19
Q

A new home warranty that covers defects in materials and workmanship, lasts for how long?

A

1 Year

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20
Q

The new home warranty that covers defects in plumbing, heating, electrical, cooling and ventilation systems, last for how long?

A

2 Years

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21
Q

In a new home warranty, how long is the coverage for major structural defects?

A

10 Years

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22
Q

A new home warranty includes coverage for major structural damage.

A

False - Defects not Damages are covered

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23
Q

How soon must a contractor inspect a home, after receiving written notice of a defect, covered in the home warranty?

A

30 Days

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24
Q

The contractor has inspected the defect covered in a home warranty. When will he need to do the repair?

A

within 15 days of completing the inspection.

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25
Q

The borrower is the __________.

A

mortgagor

26
Q

The lender is the __________.

A

mortgagee

27
Q

A land contract or installment land contract is also know as a __________.

A

Contract for Deed

28
Q

What is the remedy a lender uses to cancel a mortgage in default?

A

Foreclose

29
Q

The statute of limitations for filing a complaint of discrimination is how long?

A

1 Year

30
Q

In Contract for Deed the buyer has legal title

A

True

31
Q

What is the remedy a seller uses for default in a Contract for Deed?

A

Terminate

32
Q

What is it called when a seller finances the buyer’s purchase and the buyer makes installment payments to the seller, and receives deed upon final payment?

A

Contract for Deed

33
Q

In a Contract for Deed the seller is called the __________.

A

vendor

34
Q

In a Contract for Deed the buyer is called __________.

A

Vendee

35
Q

In a Contract for Deed financing arrangement, the buyer gets the deed at closing.

A

False - The Buyer has equitable title but does not receive the deed until the final payment is made

36
Q

Who holds equitable title in a Contract for Deed financing arrangement?

A

Buyer

37
Q

In a Contract for Deed a seller terminates to regain equitable title.

A

True

38
Q

What are the 3 methods of foreclosure in Minnesota?

A

1) Judicial/legal action,
2) Foreclosure by advertisement,
3) Strict foreclosure

39
Q

What is the Latin term for written notice that a lawsuit has been filed?

A

Lis Pendens

40
Q

What gives the lender the right to foreclose without going to court?

A

Power of Sale Clause in mortgage

41
Q

Foreclosure by advertisement requires published notice for
__________ consecutive weeks; and
__________ weeks prior personal delivery notice to borrower

A

6,

4

42
Q

What is it called when the court orders a direct transfer of property from mortgagor to mortgagee, without public auction?

A

Strict Foreclosure

43
Q

Minnesota allows strict foreclosure in residential transactions

A

False

44
Q

What are the steps to foreclosure?

A

Step 1 - Equitable redemption - cure default and stop foreclosure,
Step 2 - Sheriff’s foreclosure sale,
Step 3 - Statutory redemption period

45
Q

How long is the typical statutory redemption period in Minnesota?

A

6 Months

46
Q

If more than 1/3 of the loan has been paid off, how long is the redemption period?

A

12 Months

47
Q

If a property has _________ acres used for agriculture, the redemption period is 12 month.

A

10 or More Months

48
Q

If a property has more than 40 acres, what is the redemption period?

A

12 Months

49
Q

What is the redemption period for property that qualifies as abandoned?

A

5 Weeks

50
Q

How can you tell if a property qualifies as abandoned?

A

•broken windows,
•doors broken off hinges,
•gas, electric or water service terminated,
•garbage and sanitary problems,
•2 or more police reports of trespassing,
•the premises are below minimum community standards for
public safety and sanitation

51
Q

In a foreclosure, who gets the excess sale proceeds?

A

Mortgagor

52
Q

Insufficient sale proceeds are a result of a foreclosure sale where the lender does not recover all of the money that was borrowed. This may result in a __________ against the mortgagor

A

deficiency judgment

53
Q

The holder of the sheriff’s certificate can inspect the property, secure it if necessary, hire a management company and immediately remove tenant’s abandoned property.

A

False,

*they cannot remove the tenant’s personal property - they are required to store it

54
Q

How long must abandoned personal property by a tenant be stored?

A

28 Days

55
Q

How long must abandoned personal property by a tenant be stored?

A

14 Days

56
Q

Written lease is required for any lease exceeding __________.

A

12 Months

57
Q

Written lease is required for apartment buildings with __________.

A

12 or more units

58
Q

After a tenant has moved out, a security deposit must be returned within __________.

A

3 weeks/21 days

59
Q

All or part of the security deposit may be retained by the landlord if no new address is given, if money is owed, or if there is damage to the property.

A

True,

*A landlord must provide a statement explaining why all/some of the deposit is retained.

60
Q

A renter moved out and the carpet is worn in the traffic pattern so part of the security deposit can be retained for damages.

A

False,

*this is normal wear and tear and does not qualify

61
Q

A renter qualifies for a full refund for their security deposit of $500 which was paid. How much do they get back if they lived there for over a year?

A

$500 plus $5.00

because interest accrues at 1% starting the 1st of the month after the landlord receives the money.

62
Q

Landlord entry notice is required except when:

A
  • there is an emergency,
  • determining tenant safety,
  • complying with law enforcement

MN Real Estate Exam - State Portion (4 decks)

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