Minnesota Real Estate Test Latest Update Graded A+

Minnesota Real Estate Test Latest Update Graded A+ Balloon Mortgage: A mortgage with monthly payments often based on a 30-year amortization schedule, with the unpaid balance due in a lump sum payment at the end of a specific period of time. Assessed Value: Typically the value placed on property for the purpose of taxation. Assessor: A public official who estab-lishes the value of a property for taxa-tion purposes. Comparables: An abbreviation for "com-parable properties," which are used as a comparison in determining the current value of a property. Concession: Something given up or agreed to in negotiating the sale of a house. For example, the sellers may agree to help pay for closing costs. Cooperative (Co-op) project in which a corporation holds title to a residential property and sells shares to individual buyers, who then receive a proprietary lease as their title. The Statute of Frauds applies to deeds, mortgages and other real estate contracts—with the exception of leases for periods shorter than 12 months in residential properties containing fewer than 12 units. Leases shorter than 12 months in Minnesota do not have to be in writing if the property is a residential building with fewer than 12 units. This is the only exception, in test world, that allows contracts to be verbal vs. in writing. Brokers are required to maintain an interest-bearing trust account. Minnesota Homestead Exemption Amounts -The Homestead exemption amount in Minnesota is $390,000..... -If the homestead is used primarily for agricultural purposes, then the exemption limit is $975,000..... -The property can't exceed a half acre within a city or town, or 160 acres everywhere else. If you purchase and occupy non-homestead property before _________, and apply for homestead treatment before ____________, then the homestead level of taxation will begin in the next year. December 1st & December 15th The seller signs the disclosure form at the time of listing,..... a well disclosure statement must be included at this time however, a well disclosure certificate is due at time of closing. The buyer signs the disclosure at the time of purchase agreement. Included in a WELL DISCLOSURE STATEMENT are 1. The legal description and county...... 2. A map showing the location of each well...... Whether each well is in use, not in use, or sealed. A well is "in use" if the well is functioning for some purpose. A well is "not in use" if the well is not functioning or is not capable of functioning, such as when the well pump on the well is disconnected, or when the well is no longer connected to a power supply. A well is "sealed" if the well has been filled with an approved sealing material (a type of grout like material) by a licensed well contractor or a licensed well sealing contractor and the Minnesota Department of Health (MDH) has received a Well and Boring Sealing Record. Well Disclosure Certificate must be provided at the time of closing. And include a well disclosure statement, the name and mailing