MN Real Estate Test Questions
About which of the following property types does a seller NOT have to disclose material
facts to a buyer? - ANS -Fourplex
A seller's disclosure must be in writing and given to the buyer before when? - ANS
-Before the seller accepts or signs a purchase agreement.
Disclosure is not required if: - ANS --Third party inspection
-Selling AS IS
-A homeowner giving a deed in lieu of foreclosure is not required to disclose.
Seller Disclosure- foreclosure exception - ANS -A lender selling home acquired in
foreclosure must give the buyer a disclosure.
A seller's property disclosure from would not be required for all of the following EXCEPT
- ANS -A lender selling a bank owned property
A seller must disclose the existence, location and status of all capped and current wells
on a property when? - ANS -Prior to accepting or signing an offer
A buyer, who bought a property using a contract for deed, has lost her job and
subsequently defaulted on the contract. How can the seller end the contract for deed? -
ANS -Termination
Foreclosure by advertisement - ANS --No lawsuit necessary
-Used to foreclose a unit owners association assessment lien or mortgage that contains
a power of sale clause
Statutory redemption period - ANS -Is the mortgagors right to redeem after foreclosure
sale. Mortgagor may redeem by paying foreclosure sale price, which is typically principal
interest and all fees owed.
What is the shortest time in the statutory redemption foreclosure process? - ANS -5
weeks if the property is abandoned as evidence by
- broken windows
-doors broken
-gas and electric terminated
-sanitary problems
-two or more police reports of trespassing
, -below community standards
Mechanic's or construction lien - ANS --Contractor has 10 days from verbal agreement to
deliver written notice. Must be delivered personally or by certified mail.
-To enforce, the lien must be recorded within 120 days after completion of their work
Homestead Exemptions - ANS -Protects homeowners from the forced sale of their
primary residence by unpaid creditors holding judgements.
-Applies to single family homes, condos, townhouses, co-ops, mobile homes and
homestead agriculture property.
Homestead qualifications - ANS --Must own and occupy by December 1 and file by
December 15 to receive full credit for the following year
-Limits on acreage may not exceed 160 acres
When a broker or salesperson is acting as a dual agent, the seller and buyer must give
their consent to dual agency in... - ANS -The purchase Agreement
A rental service that provides information on available apartment units must hold which
license? - ANS -Brokers license
The property tax year in MN begins on what day? - ANS -January 1
When are MN property taxes due? - ANS -October 15 and May 15
When must the protective list be submitted? - ANS -Within 72 hours
Where to salesperson and broker commissions go? - ANS -In the broker account
Real Estate education, Research and Recovery Fund is administered by who? - ANS
-Commissioner of Commerce
If a lien is put on your property but you pay the contractor how does the contractor get
the lien off the property? - ANS -By a release of lien
When can a salesperson petition to get their license back after it was revoked? - ANS -At
least 1 year after it was revoked
Who must have a real estate license? - ANS -Any person who for another and a fee lists,
sells, exchanges, manages, buys, rents, auctions or negotiates option on real property
must be licensed.
A trustee managing a trust, selling property owned by the trust, is not exempt and must
have a real estate license or hire a licensee. - ANS -True
About which of the following property types does a seller NOT have to disclose material
facts to a buyer? - ANS -Fourplex
A seller's disclosure must be in writing and given to the buyer before when? - ANS
-Before the seller accepts or signs a purchase agreement.
Disclosure is not required if: - ANS --Third party inspection
-Selling AS IS
-A homeowner giving a deed in lieu of foreclosure is not required to disclose.
Seller Disclosure- foreclosure exception - ANS -A lender selling home acquired in
foreclosure must give the buyer a disclosure.
A seller's property disclosure from would not be required for all of the following EXCEPT
- ANS -A lender selling a bank owned property
A seller must disclose the existence, location and status of all capped and current wells
on a property when? - ANS -Prior to accepting or signing an offer
A buyer, who bought a property using a contract for deed, has lost her job and
subsequently defaulted on the contract. How can the seller end the contract for deed? -
ANS -Termination
Foreclosure by advertisement - ANS --No lawsuit necessary
-Used to foreclose a unit owners association assessment lien or mortgage that contains
a power of sale clause
Statutory redemption period - ANS -Is the mortgagors right to redeem after foreclosure
sale. Mortgagor may redeem by paying foreclosure sale price, which is typically principal
interest and all fees owed.
What is the shortest time in the statutory redemption foreclosure process? - ANS -5
weeks if the property is abandoned as evidence by
- broken windows
-doors broken
-gas and electric terminated
-sanitary problems
-two or more police reports of trespassing
, -below community standards
Mechanic's or construction lien - ANS --Contractor has 10 days from verbal agreement to
deliver written notice. Must be delivered personally or by certified mail.
-To enforce, the lien must be recorded within 120 days after completion of their work
Homestead Exemptions - ANS -Protects homeowners from the forced sale of their
primary residence by unpaid creditors holding judgements.
-Applies to single family homes, condos, townhouses, co-ops, mobile homes and
homestead agriculture property.
Homestead qualifications - ANS --Must own and occupy by December 1 and file by
December 15 to receive full credit for the following year
-Limits on acreage may not exceed 160 acres
When a broker or salesperson is acting as a dual agent, the seller and buyer must give
their consent to dual agency in... - ANS -The purchase Agreement
A rental service that provides information on available apartment units must hold which
license? - ANS -Brokers license
The property tax year in MN begins on what day? - ANS -January 1
When are MN property taxes due? - ANS -October 15 and May 15
When must the protective list be submitted? - ANS -Within 72 hours
Where to salesperson and broker commissions go? - ANS -In the broker account
Real Estate education, Research and Recovery Fund is administered by who? - ANS
-Commissioner of Commerce
If a lien is put on your property but you pay the contractor how does the contractor get
the lien off the property? - ANS -By a release of lien
When can a salesperson petition to get their license back after it was revoked? - ANS -At
least 1 year after it was revoked
Who must have a real estate license? - ANS -Any person who for another and a fee lists,
sells, exchanges, manages, buys, rents, auctions or negotiates option on real property
must be licensed.
A trustee managing a trust, selling property owned by the trust, is not exempt and must
have a real estate license or hire a licensee. - ANS -True
