MN Practice Exam Questions and Answers with Verified Solutions

MN Practice Exam Questions and Answers with Verified Solutions Charlene, a landlord in Minnesota, collected screening fees from several applicants. When can she deposit these fees? She can deposit the fees after all applicants have been screened and either rejected or offered a rental unit. Zenya works for a lender in Minnesota and is initiating foreclosure by action proceedings on a property. If you were to look at the security instrument for this property, which of these clauses is most likely missing from the instrument? Power-of-sale clause Foreclosure by action is a judicial foreclosure process and requires court supervision. The lender initiates a case against the borrower in a Minnesota court. This process is used when the security instrument doesn't include a power-of-sale clause. Greater Lakes Townhome Association was formed in June 2004. Which statement best describes their participation in the Minnesota Common Interest Ownership Act? Based on the date the association formed, participation is automatically required. Common interest ownership associations created after June 1, 1994 are automatically required to participate in this act. The same goes for condos, regardless of when they were formed. Single- family or townhome associations created before June 1, 1994 must opt in. This is a renewal year in Minnesota and you're applying to renew your salesperson license. When does your license expire? June 30 Parker is the primary broker at a Minnesota brokerage. He has two associated licensees: Sally, who has a salesperson license, and Barry, who has a broker license. All of their licenses are coming up for renewal. Who must submit renewal applications? Parker must submit renewal applications for himself, Sally, and Barry. Rachel is a supervising broker in Minnesota. Which of the following is a true statement about her responsibilities? She's responsible for all agents and associated brokers of her firm. A homestead property owner has failed to pay their taxes by May 15th. What penalty will be assessed on July 1? 1% The first day of the month following the due date, an additional penalty of 2% for homestead property is assessed. The first day of each subsequent month through December, an additional penalty of 1% is assessed (to both homestead and nonhomestead properties). Which of the following actions is the Minnesota commerce commissioner NOT empowered to perform? Investigate a complaint that a licensee acted unethically. In Minnesota, license withdrawals without extenuating circumstances become effective how long after the receipt of a withdrawal request? 30 days When a Minnesota buyer and seller consent to dual agency, which of the following items are they acknowledging? That confidential information communicated to the broker which regards price, terms, or motivation to buy or sell will remain confidential unless seller(s) or buyer(s) instruct(s) broker in writing to disclose this information In Minnesota, certain agreements are required to be in writing to be enforceable. Which of these agreements does NOT need to be in writing? A one-year lease of a single-family property Minnesota law requires all contracts or agreements conveying ownership or interest in real property to be in writing. Leases for longer than one year are also required to be in writing. Serena, a Minnesota broker, represents a seller client. A buyer made an offer on the seller's property, which was accepted contingent upon a home inspection. After the inspection is performed, the buyer's agent provides a copy of the report, which doesn't include any mention of the roof leak Serena's client told her about. What obligation does Serena have? Serena has a duty to disclose material facts she's aware of, including facts that contradict the inspection report. Jamal is a Minnesota homeowner. He's registering his land with the county court and has submitted an application. If all goes according to plan, what should Jamal have in his hand at the end of the process? Certificate of Title A licensee wishes to place a sign in the yard of a new listing he's pursuing. What must be in place before that sign hits the ground in Minnesota? A signed listing agreement 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