Unit 1 Glossary Review

Question 0

A real estate broker or salesperson providing services without taking on fiduciary duties is acting as a ____________.

Answer 0

facilitator

Question 1

The Department of __________ is the division of the state government that oversees and regulates the real estate industry in Minnesota.

Answer 1

Commerce

Question 2

An individual may be involved in no more than ____________ in a 12-month period without becoming licensed or hiring a licensee.

Answer 2

4 transactions

Question 3

Unless the buyer and seller agree otherwise, a broker must deposit earnest money into the trust account no later than the ________ after receipt.

Answer 3

3rd business day

Question 4

To avoid commingling, a broker receiving a ____________ from a seller must not deposit the check into the trust account.

Answer 4

commission check

Question 5

Brokers must provide all employees and salespersons working on behalf of the broker with ______________.

Answer 5

adequate supervision

Question 6

A commercial loan broker must be a ___________ real estate broker.

Answer 6

licensed

Question 7

A broker who relocates her office to a different office building must notify the Commissioner ______________ of the move.

Answer 7

within 10 business days

Question 8

A court-appointed trustee, an attorney, and a residential building owner’s employees leasing rental units are _________ from real estate licensing requirements.

Answer 8

exempt

Question 9

Upon passing the real estate exam, the candidate must complete the licensing requirements and submit an application __________.

Answer 9

with in 1 year

Question 10

A licensee is required to sign the ___________ and consent in the listing and buyer representation agreements but NOT the disclosure and consent in the ___________.

Answer 10

purchase agreement

Question 11

A salesperson acting as facilitator and showing a property listed by the salesperson’s brokerage must act as the __________.

Answer 11

seller’s broker

Question 12

A ___________ may be issued to a qualified salesperson if the primary broker becomes incapacitated.

Answer 12

45 day temporary permit

Question 13

Brokers must keep and maintain records of trust account activity, representation agreements, purchase agreements, and so on for a minimum of __________.

Answer 13

6 years

Question 14

A loan broker must deposit any fees into an escrow account within __________ after receipt.

Answer 14

48 hours