Minnesota (real estate) practice STATE EXAM Actual Questions And Answers 100% Verified.

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 of marriage) The following forms must be retained by the broker except - correct answer Agency disclosure if no contract of representation is entered A seller and listing agent agreed to list a property for sale. The agent advertise the property specifically through the veterans administration, stating that the property is available with favorable VA financing. Is this discriminatory - correct answer No- veterans of any protected class may purchase the property The buyer is purchasing an extensively remodeled, large older home in an area of smaller houses. What statement might the agent say about the future value of the property - correct answer The value of an over improve property regresses to the surrounding values Which of the following cannot be LEVIED as a special assessment by an assessing authority - correct answer Unpaid gas and electric bills What is the benefit of a low LTV - correct answer High equity A buyer is paying a state tax on the purchase of their property. Which of the following is true - correct answer .23% of the loan amount A buyer has received condo documents two days before writing an offer. Which of the following rules apply - correct answer Buyer has 10 days to review docs and decide whether or not to rescind Another name for the main broker responsible for the license activities of the agent at the company - correct answer Principal or primary I registered land survey would typically be performed with what type of legal description - correct answer Subdivision plat A customer came to an open house and entered into a discussion with a real estate licensee. The licensee subsequently show the buyer that the property and several others. There was no written agreement between the buyer and the agent. What role does the agent have - correct answer Facilitator for the buyer Which of the following requires having a real estate license - correct answer For another and for a fee, negotiating the sale or lease a real property With regard to documents, what statement is correct - correct answer Broker may keep electronic copies for six years Why does a broker have a trust account - correct answer To protect clients money from being COMMINGLED If a brokers license is revoked, what can the agents do - correct answer Agent must cease all real estate activity Who has disciplinary authority over licensees - correct answer Department of commerce Broker A has property that is undergoing foreclosure proceedings. When doing a showing one day, the broker noticed that the locks have been changed, a new lockbox installed and brokers B's sign in front yard. What happened that would allow the lender to list the property with a new broker - correct answer Sheriff sale Which of the following is a seller required to make a property disclosure to when selling a property - correct answer Selling a vacation, second home The purpose of an agency disclosure is; - correct answer To provide consumer the options of representation A listing sales person has received an earnest money check along with an offer, and has given the check to the listing broker. When must the broker deposit the check into a trust account - correct answer By the third business day after acceptance of the offer A person interested in obtaining a real estate sales person license should be at least - correct answer 18 years old at the time of making application for the license In Minnesota, all real estate licenses expire on - correct answer June 30th Which of the following will require a 10 day written noticed to the commissioner - correct answer A change of home address Violation of a real estate license law is a - correct answer Gross misdemeanor How many purchase/sales transaction may someone perform and a 12 month period (without assistance of a license )without needing a real estate license - correct answer Less than five Placing money received from a client in the licensee's personal account checking account is - correct answer Commingling According to RESPA, how far in advance of the closing was a buyer/seller receive a copy of the closing statement - correct answer Three business days Dual agent must keep all of the following confidential except - correct answer Length of employment A security deposit must be returned to the tenant how many days after termination of their lease - correct answer 21 days When converting an apartment building into a condominium. The owner must give the tenants a property conversion notice. Each tenant will have the right to purchase one of the units for - correct answer 60 days A 12 month redemption period occurs when - correct answer Mortgage is more than 1/3 paid A buyer sees a property with an agent and decides to write an offer on the property , subject to the buyer having an acceptance inspection and approved financing. The seller excepts the offer and the inspection is scheduled. While waiting for the inspector, the buyer sees a different property and write an offer on that property which is accepted by the seller. What statement is true - correct answer Both offers are valid A broker becomes in incapacitated and cannot perform their duties. There are serval licensed sales agents working for the broker. What is true - correct answer A 45 days permit to continue real estate can be issued Which of the following is a prohibited activity - correct answer Disclosed the details of your sellers offer to a different buyer An applicant for real estate license has taken the license education and passed the exam. how long are the exam results valid - correct answer One year from passing the exams Property taxes in Minnesota are due - correct answer May 15 and October 15 Which of the following forms does not need to be retained for six years - correct answer Agency disclosure when no contract has been entered into When installing or removing a petroleum underground storage tank, what statement is true - correct answer The pollution control agency is notified 30 days in advance and a certificate of compliance issued What governmental body establishes zoning ordinance - correct answer Local municipalities Which of the following items is not a fixture - correct answer Cement garden bench A couple is separated. One wishes to purchase a property but doesn't want to have the other person to have a claim on the property they want to purchase before the divorce is finalized. What should the real estate agent recommend - correct answer Speak to legal counsel Your broker has an ownership interest in a title closing company - correct answer An affiliated business agreement disclosure must be May regardless if the buyer chooses to close elsewhere A buyer is concerned about lead levels in the property they are considering buying. All of the following items may contain lead which can cause harm to humans except - correct answer Electrical wiring How many years do u have to go after construction worker for construction on your house - correct answer 2 years , construction warranty is 2 years