MN Real Estate State Test Practice Questions with Verified Solutions

MN Real Estate State Test Practice Questions with Verified Solutions Carmen was hired by the Navarreses to build a walk-in closet. She included a lien notice in the original contract. The Navarreses have provided final payment. What does Carmen need to do to remove the lien associated with this contract? Deliver a lien wavier to the Navarreses. Which of the following might qualify for reimbursement from the Minnesota Petroleum Tank Release Cleanup Fund (Petrofund)? Six years ago, Miles took corrective action to remove and clean up a leaking tank on his property, taking out a loan to cover some costs. Marin was the victim of a Minnesota real estate licensee's dishonest practices. She received a final judgment in court but hasn't been paid, despite going through all legal proceedings, reviews, and appeals. She's seeking recovery from the Real Estate Education, Research, and Recovery Fund. What's the maximum she'd be paid? $150,000 Once the disclosure form is received, how many days does a Minnesota buyer have to review and sign, or cancel the contract for deed agreement? Five A Minnesota court is determining whether a property should be considered abandoned. It has a bit of evidence to wade through. Which of the following items is NOT evidence of abandonment? A police report documenting an attempted arson on the property was filed. Preston is a condominium developer in Minnesota. He's just signed a sales contract with Brett to purchase one of the first units that will be completed. Which of the following statements must be true? Preston provided Brett with a public offering statement at least 15 days ago. How many years' experience is a real estate professional required to have in order to become a licensed broker? Three The amount a debtor still owes on his or her mortgage can influence the length of the statutory redemption period after a foreclosure sale in Minnesota. Which of the following scenarios would likely result in a six-month redemption period? Adam's original mortgage balance was $300,000. He still owes $210,000. Sue is selling a property outside Minneapolis with a private well. What must she do? Provide written disclosure of the well's location and status. What is the maximum civil penalty that can be imposed for a license law violation in Minnesota? $10,000 This is a renewal year in Minnesota and you're applying to renew your salesperson license. When does your license expire? June 30 What agency oversees the Underground Storage Tank Program in Minnesota? Minnesota Pollution Control Agency Redmond owns a property in Minnesota that is the site of a petroleum release. The release took place before Redmond owned the property, but Redmond paid for the $200,000 clean-up, which took place last year. Can Redmond seek reimbursement for his costs? Yes, since he's the current owner who took and paid for corrective action, Redmond can seek reimbursement. When must a Minnesota licensee disclose to the owner of real property that the licensee is a real estate agent salesperson, and in what capacity the licensee is acting, if the licensee, acquires, or intends to acquire, any interest in the owner's property? Before the negotiation or consummation of any transaction Janice and Tom's home is subject to foreclosure. Their deed of trust includes a power-of-sale clause. Which form of foreclosure will most likely be used? Foreclosure by advertisement Which of the following tanks must be registered with the Minnesota Pollution Control Agency? An above-ground, 1,000-gallon tank that's used to store commercially used petroleum Dylan has gotten behind on her mortgage payments. Her mortgage doesn't include a power-of- sale clause. If her lender pursues a foreclosure sale, which process will most likely be used? Foreclosure by action, which is a judicial