- Study guides, Class notes & Summaries

Someone who, for another and for compensation, negotiates the sale of real property in Minnesota is a ______. - correct answer Real Estate Broker Interest earned on a security deposit - correct answer accrues on the first day of the month following deposit. How to ensure override clause is effective - correct answer Provide a protective list within 72 hours of the listing agreement's expiration registering land with the county court and submitting an application ear...

Six types of real property (SIMCAR) - correct answer 1. Special Purpose 2. Industrial 3. Mixed Use 4. Commercial 5. Agricultural 6. Residential Proprietary Lease - correct answer A lease given by the corporation that owns a cooperative apartment building to the shareholder for the shareholder's right as a tenant to an individual apartment. Condominium Owner - correct answer Owns an individual unit and shares ownership with other unit owners of common facilities...

False; The Department of Commerce and the commissioner of commerce do not arbitrate disputes between licensees. - correct answer True or False: The Department of Commerce and the commissioner of commerce arbitrate disputes between licensees. True; Only court-appointed trustees are exempt. - correct answer True or False: Private trustees managing or selling trust-owned properties are not exempt from licensure. False; A person may only sell four or fewer properties without a lice...

For a homestead exemption which of the following properties would qualify for an exemption through MN Homestead law? - correct answer 1.A 200-acre ranch 2.A primary residence on an acre lot 3.A second home 4.A second home in the city on a three-quarter-acre lo A seller tells his agent that he has to sell his house quickly because of a divorce proceeding and that he's willing to accept less than his list price. His agent tells a buyer that the seller will accept as much as $10,000 ...

A value opinion must be appropriately supported with - correct answer general and specific data Items of personal property are also called - correct answer chattel What is described as air, water, land and everything affixed to the land? - correct answer real estate The two types of cost used in appraising are - correct answer replacement cost and reproduction cost What are man-made structures attached to the land called? - correct answer improvements ...

An individual successfully completed the real estate licensing exam on April 1. The candidate must complete the remaining requirements and submit an application by A) December 31. B)June 30. C)June 15. D)April 1 of next year. - correct answer When a dual agency exists in a transaction, who signs the dual agency disclosure and consent provision in the purchase agreement? A) The seller(s) only B) The buyer(s) and the seller(s) C) The buyer(s) only D)The buyer(s), the seller(s...

**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 le...

About which of the following property types does a seller NOT have to disclose material facts to a buyer? - correct answer Fourplex A seller's disclosure must be in writing and given to the buyer before when? - correct answer Before the seller accepts or signs a purchase agreement. Disclosure is not required if: - correct answer -Third party inspection -Selling AS IS -A homeowner giving a deed in lieu of foreclosure is not required to disclose. Seller Disclosure- ...

The Minnesota statute on contracts mentions protective lists and who may be included on them. Which of the following individuals would be an inappropriate inclusion? A. A consumer who received an advertisement about the property and contacted the broker with questions B. A consumer who scheduled a showing to see the property C. A consumer who received an advertisement related to the property D. A consumer who attended an open house for the property. - correct answer C As a Minneso...

All of the following are considered common interests community properties, except ? - correct answer Apartments The renewal period for real estate licensees is - correct answer 2 years A couple owns property as joint tenants and is going through dissolution of marriage. One of the spouses wishes to sell a property they own. Which of the following statements about selling property is true - correct answer The property may be sold by as per the divorce decree (dissolution o...