Minnesota (real estate) practice State Exam Questions with Certified Solutions

Minnesota (real estate) practice State Exam Questions with Certified Solutions All of the following are considered common interests community properties, except ? Apartments The renewal period for real estate licensees is 2 years A couple owns property as joint tenants and is going through dissolution of marriage. One of the spouses wishes to sell a property they own. Which of the following statements about selling property is true The property may be sold by as per the divorce decree (dissolution of marriage) The following forms must be retained by the broker except Agency disclosure if no contract of representation is entered A seller and listing agent agreed to list a property for sale. The agent advertise the property specifically through the veterans administration, stating that the property is available with favorable VA financing. Is this discriminatory No- veterans of any protected class may purchase the property The buyer is purchasing an extensively remodeled, large older home in an area of smaller houses. What statement might the agent say about the future value of the property The value of an over improve property regresses to the surrounding values Which of the following cannot be LEVIED as a special assessment by an assessing authority Unpaid gas and electric bills What is the benefit of a low LTV High equity A buyer is paying a state tax on the purchase of their property. Which of the following is true .23% of the loan amount A buyer has received condo documents two days before writing an offer. Which of the following rules apply Buyer has 10 days to review docs and decide whether or not to rescind Another name for the main broker responsible for the license activities of the agent at the company Principal or primary I registered land survey would typically be performed with what type of legal description Subdivision plat A customer came to an open house and entered into a discussion with a real estate licensee. The licensee subsequently show the buyer that the property and several others. There was no written agreement between the buyer and the agent. What role does the agent have Facilitator for the buyer Which of the following requires having a real estate license For another and for a fee, negotiating the sale or lease a real property With regard to documents, what statement is correct Broker may keep electronic copies for six years Why does a broker have a trust account To protect clients money from being COMMINGLED If a brokers license is revoked, what can the agents do Agent must cease all real estate activity Who has disciplinary authority over licensees Department of commerce Broker A has property that is undergoing foreclosure proceedings. When doing a showing one day, the broker noticed that the locks have been changed, a new lockbox installed and brokers B's sign in front yard. What happened that would allow the lender to list the property with a new broker Sheriff sale Which of the following is a seller required to make a property disclosure to when selling a property Selling a vacation, second home The purpose of an agency disclosure is; To provide consumer the options of representation A listing sales person has received an earnest money check along with an offer, and has given the check to the listing broker. When must the broker deposit the check into a trust account By the third business day after acceptance of the offer A person interested in obtaining a real estate sales person license should be at least 18 years old at the time of making application for the