MN Real Estate Salesperson Questions and Answers Already Passed

MN Real Estate Salesperson Questions and Answers Already Passed An Override (Broker Protection) Clause may not exceed 6 months Residential 2 years for Commercial Meth Labs must be Disclosed Do NOT need to disclose HIV/AIDs, Suicide, Accidental Death, natural death, nursing home, paranormal activity Megan's Law is for Sex Offenders, as a salesperson you must direct client to MN Dept of Corrections to look up sex offenders Seller who fails to disclose a seller is responsible for 2 years Stigmatized Properties are not Material facts Override (Broker Protection) Clause a salesperson must Submit a protective list within 72 hours of expiration of listing Real Estate Education, Research, and Recovery fund maximum per transaction $150,000.00 Total per Licensee $250,000. Application must be made within 1 Year After Judgement Agency Relationships in Real Estate Transactions must be given to someone at First Substantive contact for Residential Property, disclosed in writing, and Dual agency info. before NEGOTIATING Agency Relationships in Real Estate Transactions must disclose that you are a Realtor and Who You Represent Listing Agreement (Agency Agreements) must include Expiration Date Legal Desc Listing Price Amount of Compensation - (Financing Accepted) Negotiable Commission Clause Facilitator provides services but is not representing the buyer of seller, you owe CONFIDENTIALITY Condominium Unit Ownership is FEE SIMPLE as Joint Tenants or if owned by 1 it is in Severalty, with an undivided interest in the common interests. All Owners must be HOA members - need not attend meetings Developer converting Apartment into condominiums must give 120 day notice to vacate, and give option to buy in 60 days LIMITED Common Elements are balconies, parking space, storage units HOA has ability to foreclose by advertisement if members do not pay due accessments CIC property buyers like condominuims have a 10 days to rescind Subdivided Lands Act requires Land Developers to REGISTER with commmissioner FILE public offering Statement COPY of the PUBLIC OFFERING statement