Minnesota Salesperson Course Exam
2025 With 100% Correct Answers
What industry is considered to be the largest in the US? - correct answers ✔✔The Real Estate
Industry
Which category of real estate related tasks do real estate salespersons spend the bulk of their
time and effort in? - correct answers ✔✔Sale or transfer
What are property sales at the mercy of? - correct answers ✔✔The local economy
An overabundance of lower-priced homes with many more buyers than homes available is
called? - correct answers ✔✔A seller's market
A number of higher-priced homes for sale with only a few buyers in that price range would
make? - correct answers ✔✔A buyer's market
What is an organization of member brokers who share listing information with one another
called? - correct answers ✔✔An MLS
What business do most real estate salespersons engage in? - correct answers ✔✔The business
of listing or selling residential property
What land is used for industrial purposes, such as warehouses, factories and power plants? -
correct answers ✔✔Industrial property
,This type of property refers to income-producing property, such as office buildings, restaurants,
shopping centers, hotels and motels, parking lots and stores. - correct answers ✔✔Commercial
Property
This is a type of property that is defined as land used primarily for growing crops or raising
livestock, such as farms, pastureland, orchards and timberland. - correct answers
✔✔Agricultural property
This type of property has a unique use to the persons who own and use it, such as churches,
hospitals, schools and government buildings. - correct answers ✔✔Special-purpose property
This land is used for leisure activities, such as parks, forests, time-shares and campgrounds. -
correct answers ✔✔Recreational property
This is defined as any property that is being held as an investment to generate income or profit.
- correct answers ✔✔Investment property
A licensed individual employed on a fee or commission basis as an agent to bring buyers and
sellers together and assist in negotiating real estate contracts between them. - correct answers
✔✔Real Estate Broker
A person licensed to perform any of the acts of a real estate broker but while associated with
and supervised by a broker. - correct answers ✔✔Real Estate Salesperson
The process whereby rights in a unit of property are transferred between two or more parties,
one party being the seller and the other being the buyer. - correct answers ✔✔Real Estate
Transaction
The term used by brokers to market a property for sale or rent. - correct answers ✔✔Listing
,An indication of the desire to purchase a property at a specific price. - correct answers ✔✔Offer
A sum of borrowed money that is generally repaid with interest. - correct answers ✔✔Loan
A term which can refer to the institution making the loan or to the individual representing the
firm. - correct answers ✔✔Lenders
A legal document that pledges a property to the lender as security for payment of a debt. -
correct answers ✔✔Mortgage
The largest and most prestigious real estate organization in the world. - correct answers
✔✔National Association of Realtors (NAR)
What type of course does NAR require its members to take every four years? - correct answers
✔✔Ethics Course
What is the oldest and largest minority trade association in the US? - correct answers
✔✔NAREB
Good ethical practices have to do with what three qualities? - correct answers
✔✔Trustworthiness, honesty , and competence
Anyone a state has licensed to practice real estate. - correct answers ✔✔A licensee
What is the goal of the Code of Ethics? - correct answers ✔✔To encourage the highest standard
of ethical business practice by all of the members of the association.
What does the formal Code of Ethics and Standards of Practice set forth by NAR call for
professionals to observe? - correct answers ✔✔The Golden Rule
, The beginning statements of the Code contain principles that we consider only to be. - correct
answers ✔✔Aspirational in other words, they may not be enforced
How often is the Code reviewed? - correct answers ✔✔Annually
How many articles are there in the Code? - correct answers ✔✔17
What is the purpose of the Standard of Practice? - correct answers ✔✔To clarify, interpret, or
give examples of the intent of the article itself.
What type of payment plan has a licensee start out at a lower percentage payment but then
graduate to a higher percentage rate as his or her production increases? - correct answers
✔✔Graduated Payment Plan
Who is a salesperson licensed to perform transactions on behalf of? - correct answers ✔✔His or
her licensed broker
Who is ultimately responsible for the actions of his or her affiliated licensees? - correct answers
✔✔The broker
What type of activities can a salesperson engage in? - correct answers ✔✔Only those activities
assigned by the broker
Who may the salesperson receive compensation from? - correct answers ✔✔Only the
employing broker
Who is hired to perform certain acts, but without the control how the salesperson does the
acts? - correct answers ✔✔An independent contractor
2025 With 100% Correct Answers
What industry is considered to be the largest in the US? - correct answers ✔✔The Real Estate
Industry
Which category of real estate related tasks do real estate salespersons spend the bulk of their
time and effort in? - correct answers ✔✔Sale or transfer
What are property sales at the mercy of? - correct answers ✔✔The local economy
An overabundance of lower-priced homes with many more buyers than homes available is
called? - correct answers ✔✔A seller's market
A number of higher-priced homes for sale with only a few buyers in that price range would
make? - correct answers ✔✔A buyer's market
What is an organization of member brokers who share listing information with one another
called? - correct answers ✔✔An MLS
What business do most real estate salespersons engage in? - correct answers ✔✔The business
of listing or selling residential property
What land is used for industrial purposes, such as warehouses, factories and power plants? -
correct answers ✔✔Industrial property
,This type of property refers to income-producing property, such as office buildings, restaurants,
shopping centers, hotels and motels, parking lots and stores. - correct answers ✔✔Commercial
Property
This is a type of property that is defined as land used primarily for growing crops or raising
livestock, such as farms, pastureland, orchards and timberland. - correct answers
✔✔Agricultural property
This type of property has a unique use to the persons who own and use it, such as churches,
hospitals, schools and government buildings. - correct answers ✔✔Special-purpose property
This land is used for leisure activities, such as parks, forests, time-shares and campgrounds. -
correct answers ✔✔Recreational property
This is defined as any property that is being held as an investment to generate income or profit.
- correct answers ✔✔Investment property
A licensed individual employed on a fee or commission basis as an agent to bring buyers and
sellers together and assist in negotiating real estate contracts between them. - correct answers
✔✔Real Estate Broker
A person licensed to perform any of the acts of a real estate broker but while associated with
and supervised by a broker. - correct answers ✔✔Real Estate Salesperson
The process whereby rights in a unit of property are transferred between two or more parties,
one party being the seller and the other being the buyer. - correct answers ✔✔Real Estate
Transaction
The term used by brokers to market a property for sale or rent. - correct answers ✔✔Listing
,An indication of the desire to purchase a property at a specific price. - correct answers ✔✔Offer
A sum of borrowed money that is generally repaid with interest. - correct answers ✔✔Loan
A term which can refer to the institution making the loan or to the individual representing the
firm. - correct answers ✔✔Lenders
A legal document that pledges a property to the lender as security for payment of a debt. -
correct answers ✔✔Mortgage
The largest and most prestigious real estate organization in the world. - correct answers
✔✔National Association of Realtors (NAR)
What type of course does NAR require its members to take every four years? - correct answers
✔✔Ethics Course
What is the oldest and largest minority trade association in the US? - correct answers
✔✔NAREB
Good ethical practices have to do with what three qualities? - correct answers
✔✔Trustworthiness, honesty , and competence
Anyone a state has licensed to practice real estate. - correct answers ✔✔A licensee
What is the goal of the Code of Ethics? - correct answers ✔✔To encourage the highest standard
of ethical business practice by all of the members of the association.
What does the formal Code of Ethics and Standards of Practice set forth by NAR call for
professionals to observe? - correct answers ✔✔The Golden Rule
, The beginning statements of the Code contain principles that we consider only to be. - correct
answers ✔✔Aspirational in other words, they may not be enforced
How often is the Code reviewed? - correct answers ✔✔Annually
How many articles are there in the Code? - correct answers ✔✔17
What is the purpose of the Standard of Practice? - correct answers ✔✔To clarify, interpret, or
give examples of the intent of the article itself.
What type of payment plan has a licensee start out at a lower percentage payment but then
graduate to a higher percentage rate as his or her production increases? - correct answers
✔✔Graduated Payment Plan
Who is a salesperson licensed to perform transactions on behalf of? - correct answers ✔✔His or
her licensed broker
Who is ultimately responsible for the actions of his or her affiliated licensees? - correct answers
✔✔The broker
What type of activities can a salesperson engage in? - correct answers ✔✔Only those activities
assigned by the broker
Who may the salesperson receive compensation from? - correct answers ✔✔Only the
employing broker
Who is hired to perform certain acts, but without the control how the salesperson does the
acts? - correct answers ✔✔An independent contractor
