MN Practice Exam Questions with
Correct Answers
Charlene, a landlord in Minnesota, collected screening fees from several applicants. When can she
deposit these fees? - CORRECT ANSWER✔️✔️-She can deposit the fees after all applicants have
been screened and either rejected or offered a rental unit.
Zenya works for a lender in Minnesota and is initiating foreclosure by action proceedings on a
property. If you were to look at the security instrument for this property, which of these clauses is
most likely missing from the instrument? - CORRECT ANSWER✔️✔️-Power-of-sale clause
Foreclosure by action is a judicial foreclosure process and requires court supervision. The lender
initiates a case against the borrower in a Minnesota court. This process is used when the security
instrument doesn't include a power-of-sale clause.
Greater Lakes Townhome Association was formed in June 2004. Which statement best describes
their participation in the Minnesota Common Interest Ownership Act? - CORRECT
ANSWER✔️✔️-Based on the date the association formed, participation is automatically required.
FOR STUDY PURPOSES ONLY COPYRIGHT © 2025 ALL RIGHTS RESERVED 1
, Common interest ownership associations created after June 1, 1994 are automatically required to
participate in this act. The same goes for condos, regardless of when they were formed. Single-family
or townhome associations created before June 1, 1994 must opt in.
This is a renewal year in Minnesota and you're applying to renew your salesperson license. When
does your license expire? - CORRECT ANSWER✔️✔️-June 30
Parker is the primary broker at a Minnesota brokerage. He has two associated licensees: Sally, who
has a salesperson license, and Barry, who has a broker license. All of their licenses are coming up for
renewal. Who must submit renewal applications? - CORRECT ANSWER✔️✔️-Parker must
submit renewal applications for himself, Sally, and Barry.
Rachel is a supervising broker in Minnesota. Which of the following is a true statement about her
responsibilities? - CORRECT ANSWER✔️✔️-She's responsible for all agents and associated
brokers of her firm.
A homestead property owner has failed to pay their taxes by May 15th. What penalty will be
assessed on July 1? - CORRECT ANSWER✔️✔️-1%
The first day of the month following the due date, an additional penalty of 2% for homestead
property is assessed. The first day of each subsequent month through December, an additional
penalty of 1% is assessed (to both homestead and nonhomestead properties).
Which of the following actions is the Minnesota commerce commissioner NOT empowered to
perform? - CORRECT ANSWER✔️✔️-Investigate a complaint that a licensee acted unethically.
FOR STUDY PURPOSES ONLY COPYRIGHT © 2025 ALL RIGHTS RESERVED 2
Correct Answers
Charlene, a landlord in Minnesota, collected screening fees from several applicants. When can she
deposit these fees? - CORRECT ANSWER✔️✔️-She can deposit the fees after all applicants have
been screened and either rejected or offered a rental unit.
Zenya works for a lender in Minnesota and is initiating foreclosure by action proceedings on a
property. If you were to look at the security instrument for this property, which of these clauses is
most likely missing from the instrument? - CORRECT ANSWER✔️✔️-Power-of-sale clause
Foreclosure by action is a judicial foreclosure process and requires court supervision. The lender
initiates a case against the borrower in a Minnesota court. This process is used when the security
instrument doesn't include a power-of-sale clause.
Greater Lakes Townhome Association was formed in June 2004. Which statement best describes
their participation in the Minnesota Common Interest Ownership Act? - CORRECT
ANSWER✔️✔️-Based on the date the association formed, participation is automatically required.
FOR STUDY PURPOSES ONLY COPYRIGHT © 2025 ALL RIGHTS RESERVED 1
, Common interest ownership associations created after June 1, 1994 are automatically required to
participate in this act. The same goes for condos, regardless of when they were formed. Single-family
or townhome associations created before June 1, 1994 must opt in.
This is a renewal year in Minnesota and you're applying to renew your salesperson license. When
does your license expire? - CORRECT ANSWER✔️✔️-June 30
Parker is the primary broker at a Minnesota brokerage. He has two associated licensees: Sally, who
has a salesperson license, and Barry, who has a broker license. All of their licenses are coming up for
renewal. Who must submit renewal applications? - CORRECT ANSWER✔️✔️-Parker must
submit renewal applications for himself, Sally, and Barry.
Rachel is a supervising broker in Minnesota. Which of the following is a true statement about her
responsibilities? - CORRECT ANSWER✔️✔️-She's responsible for all agents and associated
brokers of her firm.
A homestead property owner has failed to pay their taxes by May 15th. What penalty will be
assessed on July 1? - CORRECT ANSWER✔️✔️-1%
The first day of the month following the due date, an additional penalty of 2% for homestead
property is assessed. The first day of each subsequent month through December, an additional
penalty of 1% is assessed (to both homestead and nonhomestead properties).
Which of the following actions is the Minnesota commerce commissioner NOT empowered to
perform? - CORRECT ANSWER✔️✔️-Investigate a complaint that a licensee acted unethically.
FOR STUDY PURPOSES ONLY COPYRIGHT © 2025 ALL RIGHTS RESERVED 2
