Unit 2 Glossary Review Flashcards
A state law that applies to the sale of more than 10 parcels of land and requires registration with the Commissioner of Commerce, filing of a Public Offering Statement, and a real estate license to sell parcels is the ________________.
Subdivided Land Act
The _________ is affected by the postmark date of the statement and payment, as well as homestead classification.
Delinquent tax penalty rate
The Subdivided Lands Act requires ______ of the development with the commissioner and filing of a _________ statement.
registration, public offering
Common interest community (CIC) associations, cities, cooperatives, and counties may levy foreclosable ___________ on a property.
assessment
A ______________ of marriage severs all joint tenancies except those joint tenancies preserved in the decree.
Decree of Dissolution/Divorce
In a common interest community, reserved parking stalls and balconies would be considered _________ elements.
limited common
A _________ and _________ deed would sever a married couple’s joint tenancy ownership in their homestead and release their spousal interests in any remaining properties.
divorce; quitclaim
Property where an individual owner would have ______ ownership in severalty in a unit, combined with an undivided interest in the ________ as a tenant in common of the property is a condominium.
fee simple; common elements
Sellers of residential property are required to disclose if there are _______ on the land, because it is a material fact.
storage tanks
A landlord selling a home to the home’s current renter would NOT have to provide a ____________.
sellers disclosure
Condominiums, cooperatives, and planned communities are examples of ___________.
Common interest communities
According to the Common Interest Ownership Act, _________ a ___________ property is NOT a common interest community.
multitenant rental
Before accepting an offer, Minnesota Law requires property sellers to disclose information concerning ___________ systems to potential buyers.
wells, septics, storage tanks
A seller is liable for inaccurate well disclosures for ________ and inaccurate septic disclosure for ________ from closing.
6 years; 2 years
A seller’s disclosure form is NOT required if the seller obtains an inspection from a qualified __________.
3rd party
