MN Practice Exam Questions 2026 | Questions &
Answers | Latest Update | Exam Prep | 100% Pass
Guarantee
1. If a person without a real estate license attempts to sell a property on behalf
of another for a fee in Minnesota, what legal consequences might they face?
They may face penalties for practicing real estate without a license.
They can apply for a license retroactively.
They will receive a warning but no penalties.
They will be allowed to continue if they do not charge a fee.
2. A homeowner's association that was created after what year is required to
participate in the Minnesota Common Interest Ownership Act (MCIOA)?
1974
1994
2004
1984
3. What must a real estate agent do if a seller decides to remove an item from
the sale agreement?
Inform the buyer of the change.
Proceed with the sale without notifying the buyer.
Negotiate a new price for the property.
Include the item in the sale regardless of the seller's decision.
4. Which of the following real estate documents must be in writing in order to
be enforced by the courts?
, Lease for more than one year.
Real estate sales contract.
All of these choices.
5. Describe the implications for associated licensees when their supervising
broker's license is revoked in Minnesota.
Associated licensees are allowed to work under any broker
temporarily.
Associated licensees can continue their work without any changes.
Associated licensees can operate independently until they find a new
broker.
Associated licensees must find a new supervising broker to
continue practicing legally.
6. Describe the role of the Commerce Commissioner in relation to trust account
status changes for Minnesota brokers.
The Commerce Commissioner manages property transactions directly.
The Commerce Commissioner oversees and regulates the trust
account status changes reported by Minnesota brokers.
The Commerce Commissioner issues real estate licenses.
The Commerce Commissioner enforces penalties for non-compliance
with real estate laws.
7. The commissioner of the Minnesota Department of Commerce has the
authority to perform all of the following EXCEPT:
Conduct investigations related to the commissioner's duties and
responsibilities
, Deny, suspend, or revoke licenses as needed in order to protect the
public interest
Sentence license law violators to jail time and fines
Examine licensees' records, accounts, and files for compliance with
recordkeeping law
8. Describe the significance of the June 30 expiration date for salesperson
licenses in Minnesota.
The June 30 expiration date is when new licenses are issued.
The June 30 expiration date is irrelevant to the licensing process.
The June 30 expiration date indicates the end of the licensing
period, requiring salespersons to renew their licenses before this
date to continue practicing legally.
The June 30 expiration date applies only to brokers, not salespersons.
9. The initial purchaser of a condo ratified his contract to purchase on June 6th.
The purchaser was given the public offering statement on June 10th. The
purchaser may rescind the contract without penalty no later than:
midnight June 10th
midnight June 6th
midnight June 15th
midnight June 16th
10. Describe the role of the primary broker in the license renewal process at a
Minnesota brokerage.
The primary broker only submits their own renewal application.
The primary broker manages property transactions.
, The primary broker oversees the training of associated licensees.
The primary broker is responsible for submitting renewal
applications for all licenses at the brokerage.
11. Who is responsible for receiving trust account status change details from
Minnesota brokers?
The state governor
The Commerce Commissioner
The local municipality
The real estate board
12. On what day of the year do Minnesota real estate salesperson's licenses
expire?
December 31st.
On the salesperson's birthday.
June 30th.
January 1st.
13. What is dual agency in the context of real estate transactions in Minnesota?
A situation where a single agent represents both the buyer and the
seller.
A situation where two agents represent the buyer and seller
respectively.
A situation where the buyer and seller negotiate directly without an
agent.
A situation where the buyer and seller are represented by a neutral
third party.
Answers | Latest Update | Exam Prep | 100% Pass
Guarantee
1. If a person without a real estate license attempts to sell a property on behalf
of another for a fee in Minnesota, what legal consequences might they face?
They may face penalties for practicing real estate without a license.
They can apply for a license retroactively.
They will receive a warning but no penalties.
They will be allowed to continue if they do not charge a fee.
2. A homeowner's association that was created after what year is required to
participate in the Minnesota Common Interest Ownership Act (MCIOA)?
1974
1994
2004
1984
3. What must a real estate agent do if a seller decides to remove an item from
the sale agreement?
Inform the buyer of the change.
Proceed with the sale without notifying the buyer.
Negotiate a new price for the property.
Include the item in the sale regardless of the seller's decision.
4. Which of the following real estate documents must be in writing in order to
be enforced by the courts?
, Lease for more than one year.
Real estate sales contract.
All of these choices.
5. Describe the implications for associated licensees when their supervising
broker's license is revoked in Minnesota.
Associated licensees are allowed to work under any broker
temporarily.
Associated licensees can continue their work without any changes.
Associated licensees can operate independently until they find a new
broker.
Associated licensees must find a new supervising broker to
continue practicing legally.
6. Describe the role of the Commerce Commissioner in relation to trust account
status changes for Minnesota brokers.
The Commerce Commissioner manages property transactions directly.
The Commerce Commissioner oversees and regulates the trust
account status changes reported by Minnesota brokers.
The Commerce Commissioner issues real estate licenses.
The Commerce Commissioner enforces penalties for non-compliance
with real estate laws.
7. The commissioner of the Minnesota Department of Commerce has the
authority to perform all of the following EXCEPT:
Conduct investigations related to the commissioner's duties and
responsibilities
, Deny, suspend, or revoke licenses as needed in order to protect the
public interest
Sentence license law violators to jail time and fines
Examine licensees' records, accounts, and files for compliance with
recordkeeping law
8. Describe the significance of the June 30 expiration date for salesperson
licenses in Minnesota.
The June 30 expiration date is when new licenses are issued.
The June 30 expiration date is irrelevant to the licensing process.
The June 30 expiration date indicates the end of the licensing
period, requiring salespersons to renew their licenses before this
date to continue practicing legally.
The June 30 expiration date applies only to brokers, not salespersons.
9. The initial purchaser of a condo ratified his contract to purchase on June 6th.
The purchaser was given the public offering statement on June 10th. The
purchaser may rescind the contract without penalty no later than:
midnight June 10th
midnight June 6th
midnight June 15th
midnight June 16th
10. Describe the role of the primary broker in the license renewal process at a
Minnesota brokerage.
The primary broker only submits their own renewal application.
The primary broker manages property transactions.
, The primary broker oversees the training of associated licensees.
The primary broker is responsible for submitting renewal
applications for all licenses at the brokerage.
11. Who is responsible for receiving trust account status change details from
Minnesota brokers?
The state governor
The Commerce Commissioner
The local municipality
The real estate board
12. On what day of the year do Minnesota real estate salesperson's licenses
expire?
December 31st.
On the salesperson's birthday.
June 30th.
January 1st.
13. What is dual agency in the context of real estate transactions in Minnesota?
A situation where a single agent represents both the buyer and the
seller.
A situation where two agents represent the buyer and seller
respectively.
A situation where the buyer and seller negotiate directly without an
agent.
A situation where the buyer and seller are represented by a neutral
third party.
