MN 30-Hour Salesperson Course 1Practice Exam With Correct Answers 100% Correct Verified Answers.

**How many hours of education must an applicant for a salesperson's license take in Minnesota before applying for a license? - correct answer 90 Course 1 - correct answer What must you complete before you sit for your license exam? Courses 1,2,3 - correct answer What courses must be completed before you can apply for your license? Purpose of License Laws - correct answer License laws exist to protect consumers Law/Statute - correct answer begins as legislation proposed by and voted into effect by a state legislature Regulation - correct answer a standard or rule adopted by a government agency, such as a state department of commerce or a state real estate commission License laws protect consumers by ensuring a standard of professionalism by (4) - correct answer -Establishing basic education and experience requirements for licensure -Defining activities that require a license -Describing standards of conduct -Enforcing standards of conduct through penalties, sanctions, and license denial Minnesota Department of Commerce Licensing Unit - correct answer Which entity is in charge of licensing real estate professionals in Minnesota? How soon must you notify the Minnesota Department of Commerce Licensing Unit if anything changes (like address, phone #, legal name, etc.)? - correct answer within 10 days What are the 3 functions of the licensing unit? - correct answer - Administer initial licensing -Oversee license renewal -Provide education and exam information 30 days - correct answer How soon must licensees respond to any commissioner request Who can the commissioner investigate? - correct answer Those licensed under laws administered by the Department of Commerce 2 Years - correct answer How long you must wait to apply for restatement if your license is revoked Violations of license law are considered... - correct answer gross misdemeanors Associate Broker - correct answer A broker who chooses to work for another broker Brokerage - correct answer Any business structure, such as a corporation or LLC, that holds a real estate broker license Buyer's Broker - correct answer A licensee who represents a buyer under a signed buyer's broker agreement, and owes the buyer fiduciary duties Closing Agent - correct answer A person who provides closing services Commissioner - correct answer The commissioner of commerce or a designee Licensee - correct answer A person duly licensed under Chapter 82 Limited Broker - correct answer A broker authorized to conduct real estate transactions as principal only. Loan Broker - correct answer A person who, for a fee, directly or indirectly, negotiates or offers or attempts to negotiate a loan secured or to be secured by a mortgage or other encumbrance on real estate Primary Broker - correct answer The broker on whose behalf salespersons are licensed. Real Estate Broker - correct answer A person who, for another and for a fee, or with the intention or expectation of receiving compensation, lists, sells, exchanges, buys or rents, manages, or offers or attempts to negotiate a sale, option, exchange, purchase or rental of an interest or estate in real estate, or claims to be engaged in these activities Anyone who acts as a principal in BLANK transactions within a 12 month period is said to be officially engaged in real estate. - correct answer 5 or more Real Estate Salesperson - correct answer One who acts on behalf of a real estate broker in performing any act authorized by Chapter 82 Seller's broker - correct answer A licensee who represents a seller under a signed seller's broker agreement, and owes to the seller fiduciary duties Sponsor - correct answer A person offering or providing real estate education Trust account - correct answer A savings account, negotiable order of withdrawal account, demand deposit or checking account maintained for the purpose of segregating trust funds from other funds. **What's a trust fund (as commonly used in real estate)? - correct answer Money or other item of value accepted by a real estate licensee on behalf of a party to the transaction. 3 - correct answer Years experience as a salesperson to be a broker 30 - correct answer additional hours of education needed to be a broker Licensees must complete BLANK of the required 30 hours of continuing education in the first 12 months of each renewal period? - correct answer 15 By what date must the broker notify the salesperson if they will not be renewing the person's license? - correct answer 30 days before June 15 The date after which a licensee cannot perform real estate activities if they're renewal requirements are not done by June 15 - correct answer June 30 In Minnesota what is true about the continuing education for brokers compared to salespeople? - correct answer The requirements are the same as for a salesperson with one additional requirement License status will change when a licensee... (3) - correct answer -Terminates a relationship with a broker -Transfers to a new broker -Goes inactive or reactivates a license How soon must a broker notify the commissioner after termination? - correct answer 10 days automatic transfer - correct answer If a salesperson is terminating association with one broker to immediately associate with another broker, If a broker dies or is incapacitated or loses his license what can happen? - correct answer The commissioner may issue a 45-day temporary permit to a licensee with at least three years of experience as a real estate salesperson and who's reasonably qualified to act as a broker, even if the licensee is not a broker. Escrow Account - correct answer a temporary pass-through bank account held by an escrow agent or officer (usually a broker, title company representative, or attorney) who's responsible for maintaining funds that belong to others. earnest money - correct answer Buyers offer earnest money to show their commitment to the purchase. What happens to Escrow Funds? - correct answer escrow agent holds these funds in a special escrow (or trust) account until the buyer, seller, and their mortgage companies have all documents in order. When all terms of the agreement are satisfied, the escrow agent disburses the money held in escrow (typically toward the buyer's down payment). commingling - correct answer mixing the client's money with your own. Conversion - correct answer Conversion is using escrow funds for your own use what are the 2 allowable reasons for commingling - correct answer -if the bank requires you to maintain a minimum balance -if you need to pay account service charges what does the mortgage lender use the money in an escrow account to pay? - correct answer Taxes and insurance If a broker collects rent from several properties, what account must the rents be deposited into? - correct answer The broker's trust account Misrepresentation - correct answer -Representing more than one party in a transaction without full disclosure or permission of the parties -Providing real estate services while your license is inactive. -Guaranteeing future profits -Lying or making a material misstatement on your license application or any other documents provided to the commission. Related Services - correct answer -Requiring a specific bank or closing agent -Discouraging the use of an attorney Acting Outside the Scope of One's License - correct answer -Selling debt -You may not provide services for a fee for which you aren't licensed Fraudulent Practices - correct answer -Providing untruthful advertising statements -Violating state or federal fair housing laws -Failing to maintain a trust account. Note that this is not a violation if trust funds are placed in an escrow account. -Giving money or goods with a monetary value to an unlicensed person who isn't a party to the transaction for helping you get a listing or a buyer client How long must licensed real estate broker shall retain for three years copies of all listings, buyer representation and facilitator services contracts, deposit receipts, purchase money contracts, canceled checks, trust account records, and such other documents as may reasonably be related to carrying on a real estate brokerage business. - correct answer 6 years Real Estate Education, Research, and Recovery Fund. Maximum fund disbursement per transaction - correct answer $150,000 Maximum fund disbursement per licensee, regardless of the number of transactions, claimants, or number of awards: - correct answer $250,000 If the fund pays a claim to satisfy a judgment against a licensee, the license will be suspended. The licensee must repay... - correct answer two times the amount disbursed to the claimant plus interest at a 12% annual rate before their license will be reinstated. How is the education, research, and recovery account funded? - correct answer Fees for initial license and license renewal What is required to apply for an appraiser trainee license in MN? - correct answer -Pass the exam corresponding to their license type -Apply within two years of passing the appraisal exam -Be at least 18 years old -Submit to and pay for a criminal background check and fingerprinting On what date to appraisal licenses expire? - correct answer August 31 Trainee Real Estate Appraiser Appraisal Scope - correct answer Under a certified residential real property appraiser or a certified general real property appraiser, may appraise properties that the supervisor is eligible to appraise. Trainees may work with more than one supervising appraiser. Trainee Real Estate Appraiser Qualifications - correct answer -Complete 75 hours of Minnesota-approved pre-licensing appraiser coursework Includes the 15-hour national USPAP course Must be completed within five years before application submission -Complete the Minnesota Supervisor/Trainee Appraiser Course -Submit application with $150 renewal fee plus a $30 technology fee Licensed Residential Real Property Appraiser Appraisal Scope - correct answer May perform appraisals for federally-related transactions and non-complex one- to four-unit residential properties valued at less than $1M and complex one- to four-unit residential units valued at less than $250,000. Licensed Residential Real Property Appraiser qualifications - correct answer -Complete 1,000 hours of experience over the course of at least 6 months -Complete 150 hours of education, including 75 general appraisal coursework and the15-hour national USPAP courses -Submit application with $230 renewal fee plus a $30 technology fee Certified Residential Real Property Appraiser Appraisal Scope - correct answer May appraise residential one- to four-unit properties regardless of the value or complexity. This includes vacant or unimproved land used for one- to four-unit residential unit purposes. Certified Residential Real Property Appraiser Qualifications - correct answer -Complete 1,500 hours of experience over the course of at least 24 months -Complete 200 hours of education with emphasis on appraisal of 1-4-unit residential properties,