MN Course 1 Exam Prep: Licensing, Agency, And Cont
MN Course 1 Exam Prep: Licensing, Agency, And Cont
MN Course 1 Exam Prep: Licensing, Agency, and Cont
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MN Course 1 Exam Prep: Licensing, Agency, and Contracts
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MN Course 1 Exam Prep: Licensing, Agency, and Cont
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MN Course 1 Exam Prep: Licensing, Agency, And Cont
MN Course 1 Exam Prep: Licensing, Agency, and Contracts
Minnesota Real Estate Education
How many hours of education must an applicant for a salesperson's license complete in Minnesota
before taking the exam? Options: a. 30 hours; b. 60 hours; c. 90 hours; d. 120 hours
Answer: a. 30 hours;
...
MN Course 1 Exam Prep: Licensing, Agency, and Cont
MN Course 1 Exam Prep: Licensing, Agency, and Cont
MN Course 1 Exam Prep: Licensing, Agency, and Cont
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MN Course 1 Exam Prep: Licensing, Agency, and Contracts
Minnesota Real Estate Education
How many hours of education must an applicant for a salesperson's license complete in Minnesota
before taking the exam? Options: a. 30 hours; b. 60 hours; c. 90 hours; d. 120 hours
Answer: a. 30 hours;
What is the total number of education hours required for a salesperson's license in Minnesota? Options:
a. 30 hours; b. 60 hours; c. 90 hours; d. 120 hours
Answer: c. 90 hours;
Minnesota Real Estate Licensing
What is the passing percentage for the Minnesota salesperson license exam? Options: a. 50%; b. 60%; c.
75%; d. 85%
Answer: c. 75%;
How is the Minnesota Salesperson Course 1 course final administered? Options: a. Online proctored
exam; b. In-person proctored exam; c. Open-book exam; d. Self-paced online course
Answer: b. In-person proctored exam;
Minnesota Real Estate License Requirements
How many pieces of ID must an applicant bring to the testing center? Options: a. One; b. Two; c. Three;
d. Four
Answer: b. Two;
What does the term "REALTOR" refer to? Options: a. A member of the National Association of
REALTORS; b. A licensed real estate agent; c. A real estate broker; d. A real estate attorney
Answer: a. A member of the National Association of REALTORS;
, What are the categories of appraiser licensure, in order from least to most qualified? ✔️Trainee,
licensed residential appraiser, certified residential appraiser, certified general appraiser
How is the Real Estate Recovery Fund overseen? ✔️The fund's custodian is the commissioner of
management and budget, and the fund is administered by the commissioner of commerce.
Which standards must appraisers follow? ✔️Uniform Standards of Professional Appraisal Practice
(USPAP)
What's the purpose of the Subdivided Land Act ✔️Addresses registration and licensing requirements,
offering statements, sales contracts, and exemptions
Are timeshare agents exempt from licensure? ✔️Yes, if their work is limited to timeshare sales, and
they work for a limited broker
How are subdivisions registered? ✔️By notification, or by qualification (registration by notification is
available only when the land will be subdivided into a maximum of 100 separate lots or units)
Fiduciary ✔️A person in whom another's trust and confidence is placed.
Client/principal ✔️Person who has agent representation.
Customer ✔️Person related to the transaction who is not represented by the agent.
Non-agent ✔️A licensee acting as a facilitator but not in a representative capacity in a transaction.
General agent ✔️A person who is authorized to act for another (the principal or client) in a range of
matters.
Special agent ✔️An agent whose scope of authority is limited to a specific area.
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