CE Shop Course 1 Final
Assuming all of the following individuals are performing these activities for
another
for a fee,and
who must hold a Minnesota real estate license in order to legally
perform the
activity? Correct answers A son selling his parent's
house
Generally, anyone performing real estate services for another and for
must hold a real estate license. There are exceptions for burial plot
compensation
sales, trustees,
public officers or employees performing official
duties.
Before appraising a specific property, Minnesota appraisers must
disclose evaluated
they've whether the same property within the last years. Correct
answers
Thre
e
Appraisers must disclose whether they've appraised the same property
within the last
three
years.
Which entity typically enforces the code restrictions and licensing and
insurance
requirements for contractors, thereby enforcing the building code?
Correct
Local building
answers
department
While builders and developers self-regulate to some degree, they're not
responsible
enforcing forbuilding code. This is the local building department's
the
responsibility.
In which method of involuntary alienation does a court decide how the
proceeds
the sale offrom
land owned by tenants in common will be distributed?
Correct answers
Court-ordered partition of
property
If the tenants in common cannot agree about how the property should be
divided,
courts may
thestep in and order the sale of the
property.
Valerie is converting an existing building into a new condominium
project.
Minnesota Under
law, she must . Correct answers Provide blueprints showing
boundaries,
the size, and location of
each unit
Owners of existing buildings or developers of new, unimproved land who
want
a to create project are required by the Minnesota Uniform
condominium
Condominium
provide Act to
blueprints showing the size, boundaries, and location of
each unit.
Monique rents an apartment in Minnesota. Her building is being
converted to and she's interested in buying her unit. What must she
condominiums
do? Correct
, answers Exercise her option to buy within 60 days of receiving the owner's
notice about
the
conversion.
If a building is being converted to condominiums, the building owner must
notify existing
tenants. Residents are given 60 days from the date the notice is delivered
to exercise
the option to buy their units or to continue as tenants until the
vacate date.
Clay is interested in purchasing a condo about a mile from the city center.
He went
the to
city records office to review everything that was filed by the condo
developer. In the
condominium declaration, he saw how ownership of the common areas
is shared
among the . Correct answers Unit
owners
Condominium ownership includes ownership of an individual unit as well as
a share
the common
of
areas.
Which type of contract is the opposite of an express contract? Correct
answers Implied
An express contract is an agreement between parties where the terms are
specifically
outlined in words (either written or oral). An implied contract is an
agreement that's
understood but not specifically stated
verbally.
Elvin owns 150 acres of prime hunting land. Every year, he gets requests
from private
groups that would like to use his land for a day or two during hunting
season. He grants these requests, but this year, he's decided to only use it
sometimes
himself
his withWhich right in the bundle of rights says that he can say
friends.
no to theseCorrect answers
requests?
Exclusion
The right of exclusion gives Elvin the right to refuse others the use of his
own property.
Which of these actions would cause a property to become an REO? Correct
answers
The bank doesn't get an acceptable bid at a foreclosure sale and takes
ownership of the
propert
y.
An REO, or real estate-owned property, is a property that a bank or
lender owns
because it failed to receive an acceptable bid at a
foreclosure sale.
When competitors agree to eliminate discounts to certain types of
customers,
engaging inthey
whatare
practice? Correct answers
Price fixing
Price fixing may include an agreement to eliminate
discounts.
What's one of the required elements of a valid option contract? Correct
answers of
amount Theconsideration the optionee is paying the
optionor
Assuming all of the following individuals are performing these activities for
another
for a fee,and
who must hold a Minnesota real estate license in order to legally
perform the
activity? Correct answers A son selling his parent's
house
Generally, anyone performing real estate services for another and for
must hold a real estate license. There are exceptions for burial plot
compensation
sales, trustees,
public officers or employees performing official
duties.
Before appraising a specific property, Minnesota appraisers must
disclose evaluated
they've whether the same property within the last years. Correct
answers
Thre
e
Appraisers must disclose whether they've appraised the same property
within the last
three
years.
Which entity typically enforces the code restrictions and licensing and
insurance
requirements for contractors, thereby enforcing the building code?
Correct
Local building
answers
department
While builders and developers self-regulate to some degree, they're not
responsible
enforcing forbuilding code. This is the local building department's
the
responsibility.
In which method of involuntary alienation does a court decide how the
proceeds
the sale offrom
land owned by tenants in common will be distributed?
Correct answers
Court-ordered partition of
property
If the tenants in common cannot agree about how the property should be
divided,
courts may
thestep in and order the sale of the
property.
Valerie is converting an existing building into a new condominium
project.
Minnesota Under
law, she must . Correct answers Provide blueprints showing
boundaries,
the size, and location of
each unit
Owners of existing buildings or developers of new, unimproved land who
want
a to create project are required by the Minnesota Uniform
condominium
Condominium
provide Act to
blueprints showing the size, boundaries, and location of
each unit.
Monique rents an apartment in Minnesota. Her building is being
converted to and she's interested in buying her unit. What must she
condominiums
do? Correct
, answers Exercise her option to buy within 60 days of receiving the owner's
notice about
the
conversion.
If a building is being converted to condominiums, the building owner must
notify existing
tenants. Residents are given 60 days from the date the notice is delivered
to exercise
the option to buy their units or to continue as tenants until the
vacate date.
Clay is interested in purchasing a condo about a mile from the city center.
He went
the to
city records office to review everything that was filed by the condo
developer. In the
condominium declaration, he saw how ownership of the common areas
is shared
among the . Correct answers Unit
owners
Condominium ownership includes ownership of an individual unit as well as
a share
the common
of
areas.
Which type of contract is the opposite of an express contract? Correct
answers Implied
An express contract is an agreement between parties where the terms are
specifically
outlined in words (either written or oral). An implied contract is an
agreement that's
understood but not specifically stated
verbally.
Elvin owns 150 acres of prime hunting land. Every year, he gets requests
from private
groups that would like to use his land for a day or two during hunting
season. He grants these requests, but this year, he's decided to only use it
sometimes
himself
his withWhich right in the bundle of rights says that he can say
friends.
no to theseCorrect answers
requests?
Exclusion
The right of exclusion gives Elvin the right to refuse others the use of his
own property.
Which of these actions would cause a property to become an REO? Correct
answers
The bank doesn't get an acceptable bid at a foreclosure sale and takes
ownership of the
propert
y.
An REO, or real estate-owned property, is a property that a bank or
lender owns
because it failed to receive an acceptable bid at a
foreclosure sale.
When competitors agree to eliminate discounts to certain types of
customers,
engaging inthey
whatare
practice? Correct answers
Price fixing
Price fixing may include an agreement to eliminate
discounts.
What's one of the required elements of a valid option contract? Correct
answers of
amount Theconsideration the optionee is paying the
optionor
