MN Practice Exam Questions All Answers Correct

MN Practice Exam Questions All Answers Correct Minnesota Real Estate Licensing When can a landlord deposit screening fees in Minnesota? Options: a. After one applicant has been selected; b. After all applicants have been screened and either rejected or offered a rental unit; c. After the rental agreement has been signed; d. After the security deposit has been paid Answer: b. After all applicants have been screened and either rejected or offered a rental unit; Foreclosure and Real Estate Law What clause is most likely missing from a security instrument in a foreclosure by action proceeding? Options: a. Power-of-sale clause; b. Judicial foreclosure clause; c. Default clause; d. Redemption clause Answer: a. Power-of-sale clause; Condominiums and Homeowners Associations Which statement best describes the participation of Greater Lakes Townhome Association in the Minnesota Common Interest Ownership Act? Options: a. Participation is optional; b. Participation is mandatory; c. Participation is automatic; d. No participation is required Answer: c. Participation is automatic; Minnesota Real Estate License Renewal When does a salesperson license expire in Minnesota? Options: a. June 15; b. June 30; c. July 31; d. August 31 Answer: b. June 30; Broker Responsibilities Who must submit renewal applications for licenses at a brokerage? Options: a. The primary broker only; b. The supervising broker only; c. All agents and associated brokers of the firm; d. Only the agents with expired licenses Answer: c. All agents and associated brokers of the firm; The Minnesota statute says a signed listing agreement authorizing the sale of the property must be in place before the property can be advertised to the general public. Advertising includes placing a sign Penelope is a broker in Minnesota who supervises five associated licensees. Her license was revoked by the commission. What do her associated licensees need to do to continue practicing real estate? ️Transfer their licenses to a new broker. If a broker loses his or her license, associated licensees must transfer their licenses to a new broker to continue practicing. A temporary permit can be issued to another individual at the brokerage to act as the broker, but only for 45 days. LuAnn is a Minnesota real estate licensee. Several of her former clients were awarded final judgments related to LuAnn's illegal trust fund conversion activities. Which statement best describes any recovery that could be paid out by the Real Estate Education, Research, and Recovery Fund to LuAnn's victims? ️A maximum of $150,000 may be paid per claimant, per transaction, and $250,000 per licensee. Maddie is purchasing a property in Minnesota using a contract for deed arrangement. She's not represented by a real estate agent, so the seller has provided her with a disclosure related to this arrangement. Which of the following is NOT required to be included in the disclosure? ️A notification of Maddie's rights as a tenant The contract for deed notice seeks to educate buyers about the risks of entering into this type of contract and to educate purchasers about their rights. Buyers aren't tenants in this type of arrangement, so landlord-tenant rights don't apply. 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 can't opt out of a special assessment if it's been approved for their district, but they should benefit from the improvement (e.g., new roads). Minnie owns a small parcel of land in northern Minnesota. Minnie's great aunt transferred the property to Minnie 10 years ago. At the time of the transfer, the land was registered with the county court, and evidence of ownership was given to Minnie. Now Minnie wishes to sell the property and needs to produce a marketable title. Which of these is she most likely to provide? ️Certificate of title Registering the land with the court means the Torrens system is being used. As a result of the transfer, Minnie should have a certificate of title, which is evidence of her ownership. This is what she can provide during the selling process. Which of the following USTs is a Minnesota environmental issue and must be removed? ️A UST that leaks Porter owns a house that sits on 30 acres of land. He uses the property for vacationing, hunting, and other recreational purposes. He's paid off about a quarter of the mortgage, but is now in foreclosure. If the property is sold at a foreclosure sale, how long can Porter expect the statutory redemption period to last? ️6 months Occupied properties generally have a six-month statutory redemption period. This period is extended to 12 months if the property is 40+ acres, 10+ acres and used for agricultural purposes, or the borrower owes less than two-thirds on the mortgage. Minnesota brokers should provide trust account status change details to whom? ️Commerce Commissioner