Unit 3 Glossary Review Flashcards
The MN Mortgage Registry Tax is computed as _______ of the mortgage amount.
.23% (.0023)
The statutory redemption period for mortgages one-third paid, parcels over 40 acres, and agricultural properties over 10 acres is _______.
12 months
The MN State Deed tax is computed as _________ of the mortgage amount.
$3.30 per thousand (.0033)
If a buyer defaults on a contract for deed, the process the seller would undertake to regain equitable title is called _________.
termination
Surveyors, engineers, material suppliers, contractors, and subcontractors have lien rights only if they provide a ________ in their contract.
written lien notice
In a verbal agreement, a contractor may NOT file a lien unless they provided the property owner with the written lien notice within _________.
10 days
Landlords are required to store and care for tenant abandoned property for a minimum of __________ and provide a 14-day notice prior to disposal.
28 days
A landlord must provide the tenant with a written notice explaining any amounts withheld from a security deposit within _______ of the lease termination.
21 days
An owner of Torrens-registered property who wants to subdivide the parcel would order a __________.
registered land survey
Title to Torrens property transfers upon ________ of the _________.
registration; certificate of title
A rural property under Homestead protection may include up to _______.
160 acres
In MN, nonjudicial foreclosure is known as ________.
forceclosure by advertisement
A classification protected under the MN Human Rights Act but NOT under Federal Fair Housing Act is _________.
marital status
Statutory new home warranties begin at first legal occupancy or, ______, whichever occurs first.
closing
