Property
what is needed if the owner of a homestead property is married - correct answer signatures from
both spouses are required to convey the homestead
who can each spouse appoint to convey property owned separately from the other spouse - correct
answer attorney-in-fact
what happens to a property that spouses own separately - correct answer can be conveyed without
the other spouse's signature
what happens to a homestead property that spouses own separately - correct answer REQUIRES
both spouses signatures
what are the 3 types of ownerships in MN - correct answer estate in severalty
joint tenancy
tenancy in common
what can co-owners convey in terms of their interest in property - correct answer they can convey all
or a portion of their interest in property separately from the other owners
EXCEPTIONS are for homesteads
what kind of state in MN in terms of marriage - correct answer an equitable distribution state
property is divided "fairly" by the court
, who can offer or sell subdivided land - correct answer only Real Estate licensees
what is subdivided land - correct answer real estate that is divided or is planned for division and then
sold or leased
this includes both improved and unimproved land
timeshares are also included
what is a timeshare - correct answer the right to occupy real property during intermittent intervals
(at least 3 separate time periods) over at least a 3-year period
what is a person classified as - correct answer an individual, corporation, government agency or
division, biz trust, estate, partnership, etc.
does subdivided land have to be registered with the state before any sales happen - correct answer
yes
what are the 2 ways subdivision can be registered - correct answer notification (100 or fewer
potential lots or sales)
qualification (more than 100 lots or sales)
what is a public offering statement - correct answer it discloses everything a purchaser needs to
know about the subdivided land
must be delivered to the purchaser either before or when a written offer is made or when payment of a
sale is made (whichever comes first)
how many days so purchasers have from the date they receive a copy of the sales contract and public
offering statement to rescind the contract - correct answer 5 days