Minnesota State Real Estate Test Review
A landowner wishes to build a neighborhood grocery store on a busy street in an area zoned for
residential use. Which of the following would MOST likely be used to obtain permission for this store? -
Conditional use permit or zoning variance
A broker, acting as agent for the seller, presents an offer to buy from the broker's former college
roommate. The broker knows that the buyer will increase the amount of the offer if the seller turns
down the offer. When presenting the offer, the broker should - tell the seller that the buyer will
pay more.
A company agrees to lease a property to be used as a gambling casino. State laws prohibit gambling. This
particular contract would be legally defined as - Void
A couple owns an older home in a neighborhood that is becoming a commercial area. Because of the
change in the use of the land, the couple can expect the value of their parcel to increase at some future
time. This is an example of the principle of - anticipation
A homeowner is willing to let his neighbor park an RV in his backyard. He does NOT want to make the
permission permanent in case he dislikes others who might move next door in the future. What should
he give his neighbor? - A license.
A landowner wishes to build a neighborhood grocery store on a busy street in an area zoned for
residential use. Which of the following would MOST likely be used to obtain permission for this store? -
Conditional use permit or zoning variance.
A property management plan may serve different purposes for different owners, and generally has to
strike a balance between preservation of the property's value and generation of income. Which of the
following owners would MOST likely prefer a property manager who emphasizes maintenance of value
over profitability? - Department of Housing and Urban Development
, A prospective buyer made an offer to purchase a property. The owner responded with a counteroffer.
While the buyer was reviewing the counteroffer, the owner received a better offer. The owner can accept
the second offer if - the owner withdraws the counteroffer before it is accepted.
A salesperson lists a property with a contract that allows for subagency and dual agency. The salesperson
is - an agent to the broker and a subagent to the principal.
A broker has brought a ready, willing, and able buyer to a seller. In MOST listing contracts, the broker has
earned his commission when - the seller accepts the offer
According to the principle of progression, a three-bedroom, one-story home is MOST likely to bring the
highest sales price if located in a neighborhood in which - most homes are larger than the sale
home
According to the Truth-in-Lending Act, if any "trigger terms" are used in an ad, all of the following
disclosures MUST appear in the ad EXCEPT the - prepayment penalties and rebates.
Additional clauses to property sales. - Only a licensed attorney may prepare a clause for inclusion
in a real estate sales contract.
Adverse possession of Torrens property - Even though a person can claim adverse possession after
15 years in Minnesota, after a property is registered as Torrens title no one can gain adverse possession
rights against the title of that property.
Affirmative action plan - A firm or business certified to be in compliance with affirmative action
requirements of a local human rights agency or the federal government, shall be deemed to be in
compliance upon receipt by the Commissioner of an affirmative action plan approved by a local human
rights agency or the federal government.
Affirmative Marketing Regulations - Affirmative Marketing Regulations require housing developers
receiving over $50,000 in state funding to adopt marketing policies that inform minorities and protected
groups of available housing.
A landowner wishes to build a neighborhood grocery store on a busy street in an area zoned for
residential use. Which of the following would MOST likely be used to obtain permission for this store? -
Conditional use permit or zoning variance
A broker, acting as agent for the seller, presents an offer to buy from the broker's former college
roommate. The broker knows that the buyer will increase the amount of the offer if the seller turns
down the offer. When presenting the offer, the broker should - tell the seller that the buyer will
pay more.
A company agrees to lease a property to be used as a gambling casino. State laws prohibit gambling. This
particular contract would be legally defined as - Void
A couple owns an older home in a neighborhood that is becoming a commercial area. Because of the
change in the use of the land, the couple can expect the value of their parcel to increase at some future
time. This is an example of the principle of - anticipation
A homeowner is willing to let his neighbor park an RV in his backyard. He does NOT want to make the
permission permanent in case he dislikes others who might move next door in the future. What should
he give his neighbor? - A license.
A landowner wishes to build a neighborhood grocery store on a busy street in an area zoned for
residential use. Which of the following would MOST likely be used to obtain permission for this store? -
Conditional use permit or zoning variance.
A property management plan may serve different purposes for different owners, and generally has to
strike a balance between preservation of the property's value and generation of income. Which of the
following owners would MOST likely prefer a property manager who emphasizes maintenance of value
over profitability? - Department of Housing and Urban Development
, A prospective buyer made an offer to purchase a property. The owner responded with a counteroffer.
While the buyer was reviewing the counteroffer, the owner received a better offer. The owner can accept
the second offer if - the owner withdraws the counteroffer before it is accepted.
A salesperson lists a property with a contract that allows for subagency and dual agency. The salesperson
is - an agent to the broker and a subagent to the principal.
A broker has brought a ready, willing, and able buyer to a seller. In MOST listing contracts, the broker has
earned his commission when - the seller accepts the offer
According to the principle of progression, a three-bedroom, one-story home is MOST likely to bring the
highest sales price if located in a neighborhood in which - most homes are larger than the sale
home
According to the Truth-in-Lending Act, if any "trigger terms" are used in an ad, all of the following
disclosures MUST appear in the ad EXCEPT the - prepayment penalties and rebates.
Additional clauses to property sales. - Only a licensed attorney may prepare a clause for inclusion
in a real estate sales contract.
Adverse possession of Torrens property - Even though a person can claim adverse possession after
15 years in Minnesota, after a property is registered as Torrens title no one can gain adverse possession
rights against the title of that property.
Affirmative action plan - A firm or business certified to be in compliance with affirmative action
requirements of a local human rights agency or the federal government, shall be deemed to be in
compliance upon receipt by the Commissioner of an affirmative action plan approved by a local human
rights agency or the federal government.
Affirmative Marketing Regulations - Affirmative Marketing Regulations require housing developers
receiving over $50,000 in state funding to adopt marketing policies that inform minorities and protected
groups of available housing.
