MN State Exam Questions With
Complete Verified Solutions.
What is the maximum amount of time a protection or override clause can be in effect?
One month
Six months
Three months
Two months - Answer six months
Joy is a new salesperson licensee in Minnesota. She received her license in the first year of the current
renewal period. How many continuing education hours does she need to complete to renew her license?
15
24
30
Continuing education isn't required during a licensee's initial license period. - Answer 30
Which of the following classes was added to the Minnesota Human Rights Act?
Familial status
Marital status
National origin
Sex - Answer Sex
Pria is a Minnesota real estate salesperson. She provided services to both a buyer and seller in the same
transaction, but didn't represent either party. Which term best defines her role?
Dual-agency broker
,Facilitator
General agent
Limited agent - Answer Facilitator
Which of the following could qualify for a Minnesota homestead exemption?
100 acres of vacant land
A cabin used as a secondary dwelling that sits on 10 acres of land
A primary dwelling situated upon 150 acres of land
A primary residence that sits in 200 acres of land - Answer A primary dwelling situated upon 150 acres
of land
If a lender wants to pursue a deficiency judgment against a Minnesota homeowner, which foreclosure
process would most likely be used?
Foreclosure by abandonment
Foreclosure by action
Foreclosure by advertisement
Foreclosure by redemption - Answer Foreclosure by action
How does a contract for deed differ from third-party lending?
The buyer decides all contract terms.
The seller decides all contract terms.
The seller leases the property to the buyer until the buyer saves up enough money to pay cash for it.
The seller provides the financing. - Answer The seller provides the financing.
, In the event a potential buyer cancels the contract for deed transaction in accordance with the law, the
seller must ______.
Find a new buyer within 30 days
Inform the bank of the cancellation
Refund all monies put down or payments made
Sue the buyer for damages up to $2,500 - Answer Refund all monies put down or payments made
The seller must promptly refund all payments to the buyer when he or she cancels the contract for deed
agreement.
Janet gives Warren, the buyer of a condominium in her new Minnesota development, a copy of the
public offering statement two weeks after he enters into a contract to buy the unit. Five days after
receiving the statement, Warren decides to cancel the contract. Can he do this?
No, Warren has already signed a sales agreement.
No, Warren is past the three-day period permitted to cancel a sales agreement.
Yes, Warren can cancel the contract but may be required to forfeit any earnest money he submitted.
Yes, Warren can cancel the contract without penalty within 15 days of receiving the public offering
statement. - Answer Yes, Warren can cancel the contract without penalty within 15 days of receiving
the public offering statement.
Which of the following is considered a "responsible person" per Minnesota license law?
Complete Verified Solutions.
What is the maximum amount of time a protection or override clause can be in effect?
One month
Six months
Three months
Two months - Answer six months
Joy is a new salesperson licensee in Minnesota. She received her license in the first year of the current
renewal period. How many continuing education hours does she need to complete to renew her license?
15
24
30
Continuing education isn't required during a licensee's initial license period. - Answer 30
Which of the following classes was added to the Minnesota Human Rights Act?
Familial status
Marital status
National origin
Sex - Answer Sex
Pria is a Minnesota real estate salesperson. She provided services to both a buyer and seller in the same
transaction, but didn't represent either party. Which term best defines her role?
Dual-agency broker
,Facilitator
General agent
Limited agent - Answer Facilitator
Which of the following could qualify for a Minnesota homestead exemption?
100 acres of vacant land
A cabin used as a secondary dwelling that sits on 10 acres of land
A primary dwelling situated upon 150 acres of land
A primary residence that sits in 200 acres of land - Answer A primary dwelling situated upon 150 acres
of land
If a lender wants to pursue a deficiency judgment against a Minnesota homeowner, which foreclosure
process would most likely be used?
Foreclosure by abandonment
Foreclosure by action
Foreclosure by advertisement
Foreclosure by redemption - Answer Foreclosure by action
How does a contract for deed differ from third-party lending?
The buyer decides all contract terms.
The seller decides all contract terms.
The seller leases the property to the buyer until the buyer saves up enough money to pay cash for it.
The seller provides the financing. - Answer The seller provides the financing.
, In the event a potential buyer cancels the contract for deed transaction in accordance with the law, the
seller must ______.
Find a new buyer within 30 days
Inform the bank of the cancellation
Refund all monies put down or payments made
Sue the buyer for damages up to $2,500 - Answer Refund all monies put down or payments made
The seller must promptly refund all payments to the buyer when he or she cancels the contract for deed
agreement.
Janet gives Warren, the buyer of a condominium in her new Minnesota development, a copy of the
public offering statement two weeks after he enters into a contract to buy the unit. Five days after
receiving the statement, Warren decides to cancel the contract. Can he do this?
No, Warren has already signed a sales agreement.
No, Warren is past the three-day period permitted to cancel a sales agreement.
Yes, Warren can cancel the contract but may be required to forfeit any earnest money he submitted.
Yes, Warren can cancel the contract without penalty within 15 days of receiving the public offering
statement. - Answer Yes, Warren can cancel the contract without penalty within 15 days of receiving
the public offering statement.
Which of the following is considered a "responsible person" per Minnesota license law?
