MN State exam reported questions well answered solution guaranteed.

What is the maximum amount of time a protection or override clause can be in effect? One month Six months Three months Two months - correct answer six months Joy is a new salesperson licensee in Minnesota. She received her license in the first year of the current renewal period. How many continuing education hours does she need to complete to renew her license? 15 24 30 Continuing education isn't required during a licensee's initial license period. - correct answer 30 Which of the following classes was added to the Minnesota Human Rights Act? Familial status Marital status National origin Sex - correct answer Sex Pria is a Minnesota real estate salesperson. She provided services to both a buyer and seller in the same transaction, but didn't represent either party. Which term best defines her role? Dual-agency broker Facilitator General agent Limited agent - correct answer Facilitator Which of the following could qualify for a Minnesota homestead exemption? 100 acres of vacant land A cabin used as a secondary dwelling that sits on 10 acres of land A primary dwelling situated upon 150 acres of land A primary residence that sits in 200 acres of land - correct answer A primary dwelling situated upon 150 acres of land If a lender wants to pursue a deficiency judgment against a Minnesota homeowner, which foreclosure process would most likely be used? Foreclosure by abandonment Foreclosure by action Foreclosure by advertisement Foreclosure by redemption - correct answer Foreclosure by action How does a contract for deed differ from third-party lending? The buyer decides all contract terms. The seller decides all contract terms. The seller leases the property to the buyer until the buyer saves up enough money to pay cash for it. The seller provides the financing. - correct answer The seller provides the financing. In the event a potential buyer cancels the contract for deed transaction in accordance with the law, the seller must ______. Find a new buyer within 30 days Inform the bank of the cancellation Refund all monies put down or payments made Sue the buyer for damages up to $2,500 - correct answer Refund all monies put down or payments made The seller must promptly refund all payments to the buyer when he or she cancels the contract for deed agreement. Janet gives Warren, the buyer of a condominium in her new Minnesota development, a copy of the public offering statement two weeks after he enters into a contract to buy the unit. Five days after receiving the statement, Warren decides to cancel the contract. Can he do this? No, Warren has already signed a sales agreement. No, Warren is past the three-day period permitted to cancel a sales agreement. Yes, Warren can cancel the contract but may be required to forfeit any earnest money he submitted. Yes, Warren can cancel the contract without penalty within 15 days of receiving the public offering statement. - correct answer Yes, Warren can cancel the contract without penalty within 15 days of receiving the public offering statement. Which of the following is considered a "responsible person" per Minnesota license law? An employee of an LLC A partnership The director of a corporation The general partner of an LLP - correct answer The general partner of an LLP Caitlin purchased a Minnesota property for $350,000. She put down $70,000 and financed the remaining $280,000. How much deed tax did she owe for the purchase? $1,155 $644 $805 $924 - correct answer $1,155 350,000 X .0033 Which of the following is true of Minnesota agency disclosure forms? They are only required for agricultural land transactions. They are only required for commercial transactions. They are only required for residential transactions. They are required for all real property transactions. - correct answer They are only required for residential transactions. What legislation is being violated if a Minnesota licensee refuses to show a property to a person because that person is homosexual? The federal Fair Housing Act The federal Fair Housing Act and the Minnesota Human Rights Act The Minnesota Human Rights Act The Minnesota Human Rights Act and the federal Civil Rights Act - correct answer The Minnesota Human Rights Act Paige is a Minnesota property owner. The entire amount of her property tax bill is due on May 15. What can we reasonably assume based on this fact? Paige intends to sell her property before October 15. Paige's property is agricultural land. Paige's property is designated as a homestead. Paige's tax bill was less than $100. - correct answer Paige's tax bill was less than $100. A Minnesota subdivision project was registered by qualification. Which of the following must be true about the project? The land is being offered or sold by the federal or state government. The project has 100 or fewer lots or sales. The project has been granted a HUD exemption. The project has more than 100 lots or sales. - correct answer The project has more than 100 lots or sales. Key word "Registered by qualification" Which of the following associations is automatically required to participate in the Minnesota Common Interest Ownership Act? A common interest ownership association created in January 1994 A condo association formed in January 1993 A homeowners association of single-family homes formed in January 1993 A townhome association formed in 1993 - correct answer A condo association formed in January 1993 Which of the following best describes foreclosure by advertisement in Minnesota? Notification of pending auction, public auction, notice of eviction Notification of pending auction, repossession, notice of eviction Petition for legal ownership, opportunity to redeem property, notice of eviction if property is not redeemed Petition to enter, repossession, notice of eviction - correct answer Notification of pending auction, public auction, notice of eviction Jim and Judy's Minnesota home was sold at a foreclosure sale. The sale didn't net the amount needed to pay off what Jim and Judy owe, but the lender can't take action to recoup the shortage from the couple. Which of these statements is most likely true? The foreclosure process was initiated by the filing of a lawsuit in court. The mortgage instrument for the property didn't include a power-of-sale clause. The property was sold using the foreclosure by action process. The property was sold using the foreclosure by advertisement process. - correct answer The property was sold using the foreclosure by advertisement process. 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 process requiring court supervision Foreclosure by action, which is a non-judicial process that doesn't require court supervision Foreclosure by advertisement, which is a judicial process requiring court supervision Foreclosure by advertisement, which is a non-judicial process that doesn't require court supervision - correct answer Foreclosure by action, which is a judicial process requiring court supervision Foreclosure by advertisement can be used for any mortgage in default that includes a power-of-sale clause, otherwise foreclosure by action may be required. Foreclosure by action is a judicial foreclosure process and requires court supervision. Which of the following is true about special assessments in Minnesota? Improvements for which special assessments are levied must benefit the properties they are levied against. Property owners only have to pay special assessments that they've agreed to fund. Special assessments must be paid by property owners in full in the year in which they're imposed. Unlike property taxes, a special assessment can't become a lien against the property. - correct answer Improvements for which special assessments are levied must benefit the properties they are levied against. The Minnesota statute on contracts mentions protective lists and who may be included on them. Which of the following individuals would be an inappropriate inclusion? A consumer who attended an open house for the property. A consumer who received an advertisement about the property and contacted the broker with questions