1
Minnesota State Real Estate Test Review Mostly
Tested Questions and Correct Answers (100% Pass
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? -
(answer)A license.
Legal descriptions using the government survey system are NOT generally used
in - (answer): the original 13 states.
Real property can be converted to personal property by - (answer)Severance
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? - (answer)Conditional use permit or
zoning variance.
Ordinances that specify construction standards are - (answer)Building Codes
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 - (answer)anticipation
, 2
If an older building cannot be air-conditioned, it is an example of -
(answer)functional obsolesence
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 - (answer)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 -
(answer)prepayment penalties and rebates.
The FHA functions MOST like - (answer)an insurance company
In helping a buyer to select a lender, if the buyer believes he has good credit
and his income is documentable as a salary and by tax returns, the licensee
might recommend a mortgage banker, instead of a mortgage broker, for all of
the following reasons EXCEPT - (answer)more variety of loan programs
available.
A salesperson lists a property with a contract that allows for subagency and
dual agency. The salesperson is - (answer)an agent to the broker and a
subagent to the principal.
, 3
An exclusive right to sell listing obtained by a broker associate belongs to -
(answer)the employing broker only
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 - (answer)tell the seller that the buyer
will pay more.
Unrepresented buyers ask the licensee who listed the home whether they
should order a property inspection as a part of their due diligence for the
purchase of the home. Which of the following would be the most appropriate
way for the listing agent to respond? - (answer)If you feel it is in your best
interest, please do so.
The Department of Housing and Urban Development estimates that most
private homes built before 1978 contain potentially dangerous levels of lead.
Because of this, some Federal agencies, such as FHA, - (answer)require the
buyer to acknowledge disclosure of the presence of any known lead paint.
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 - (answer)the owner withdraws the counteroffer before it is
accepted.
Minnesota State Real Estate Test Review Mostly
Tested Questions and Correct Answers (100% Pass
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? -
(answer)A license.
Legal descriptions using the government survey system are NOT generally used
in - (answer): the original 13 states.
Real property can be converted to personal property by - (answer)Severance
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? - (answer)Conditional use permit or
zoning variance.
Ordinances that specify construction standards are - (answer)Building Codes
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 - (answer)anticipation
, 2
If an older building cannot be air-conditioned, it is an example of -
(answer)functional obsolesence
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 - (answer)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 -
(answer)prepayment penalties and rebates.
The FHA functions MOST like - (answer)an insurance company
In helping a buyer to select a lender, if the buyer believes he has good credit
and his income is documentable as a salary and by tax returns, the licensee
might recommend a mortgage banker, instead of a mortgage broker, for all of
the following reasons EXCEPT - (answer)more variety of loan programs
available.
A salesperson lists a property with a contract that allows for subagency and
dual agency. The salesperson is - (answer)an agent to the broker and a
subagent to the principal.
, 3
An exclusive right to sell listing obtained by a broker associate belongs to -
(answer)the employing broker only
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 - (answer)tell the seller that the buyer
will pay more.
Unrepresented buyers ask the licensee who listed the home whether they
should order a property inspection as a part of their due diligence for the
purchase of the home. Which of the following would be the most appropriate
way for the listing agent to respond? - (answer)If you feel it is in your best
interest, please do so.
The Department of Housing and Urban Development estimates that most
private homes built before 1978 contain potentially dangerous levels of lead.
Because of this, some Federal agencies, such as FHA, - (answer)require the
buyer to acknowledge disclosure of the presence of any known lead paint.
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 - (answer)the owner withdraws the counteroffer before it is
accepted.
