MN Real Estate Exam Questions and Answers New (2024/2025) Solved 100% Correct
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Course
MN Real Estate
Institution
MN Real Estate
a homeowner of a new construction property must send a written notice to the contractor within _____
months of discovering a defect. After receiving the written notice, the contractor must inspect the home
and the defect within _____ days. Once the contractor has completed the inspection, they mu...
MN Real Estate Exam
a homeowner of a new construction property must send a written notice to the contractor within _____
months of discovering a defect. After receiving the written notice, the contractor must inspect the home
and the defect within _____ days. Once the contractor has completed the inspection, they must provide
the owner with a written offer to repair within ____ days of the inspection. Any action (lawsuit) the
homeowner may take to recover damages or force the contractor to perform must occur within _____
days of the homeowner notifying the contractor of the defect. - 6, 30, 15, 180
a financial institution may not discriminate on basis of receipt of _____________ - public
assistance
_______ hours of CE first license (from activation to second June 30) - 30
_____________ and ____________ are exempt from the licensing requirement when helping another
sell real estate for a fee - Licensed attorney, court-appointed trustees
_______________________ is not required in a foreclosure notice - reason for default
1-year warranty for: - materials and workmanship
10-year warranty for: - major structural defects (structural defects, not structural damage)
120/60 rule for condominiums - When an existing building is converted into a condominium, the
developer is required to give the current tenants at least 120 days notice before requiring them to
vacate. The current tenants have an option to purchase their unit for 60 days after notice is sent.
An additional 60 days may be granted if any of the tenants are 62 years or older, disabled, or a minor
child.
2-year warranty for: - plumbing, electrical, heating, ventilation, cooling systems
,28/14 rule for abandoned property - landlord may sell or dispose of tenant's personal property 28
days after they receive actual notice of the abandonment. The landlord is required to serve notice to
tenant at least 14 days before he sells personal propertyl
4 forms of agency relationships - 1) Seller's Broker
2) Buyer's Broker
3) Dual Agent
4) Facilitator
5 types of agency relationships allowed in MN - 1) Seller's broker reps the seller
2) Subagent
3) Buyer's broker reps the buyer
4) Dual agency
5) Facilitator
A ____ day temporary permit may be issued to a qualified salesperson if the primary broker becomes
incapacitated - 45
a ____ to _____ day notice is required for a landlord to enforce an automatic renewal clause - 15,
30
A __________________________ may be rquired to create or subdivide a Torrens property -
Registered Land Survey (RLS)
a ___% vote is required for changes at an association meeting - 67%
A broker is required to maintain an interest-bearing demand account for the deposit of ___________ -
trust funds
,A broker may keep his own money in a trust account as long as it is identified as
_______________________ - funds to maintain the account, pay checking fees, minimum
balance, and so forth
A broker may kick back a portion of her commission to the ___________________ of her listing -
buyer
A broker must deposit funds received as earnest money deposits into trust accounts no later than -
3 business days after receipt
A broker must keep transaction records for ___ years - 6
A broker's special responsibilities include... - Supervising salespeople, maintaining a trust account,
and keeping records for each real estate transaction
A closing agent may __________________________ for conducting a real property settlement -
collect a fee
______ hours of CE every 2 years (24 months) thereafter. ____ hours must occur in the first ____ months
of licensing period - 30, 15, 12
A condominium buyer has a ____ day right to rescind (cancel) the agreement after receiving the
disclosure statement - 10
A contract for deed cannot contain a ___________________ prior to cancellation of the contract -
waiver of notice
A homeowner has entered into a verbal contract for remodeling. The remodeling was completed 30 days
ago, and the general contractor has not been paid. What is TRUE? - The contractor cannot file a
lien unless he delivered the required notice within 10 days after the remodel was agreed upon.
, A homeowner hires an architect to draw plans for a new home. Upon completion of the plans, the
homeowner does not pay. The architect could record a lien against the property.... - within 120
days, if proper lien notice was provided to the property owner
a homeowner of a new construction property must send a written notice to the contractor within _____
months of discovering a defect. After receiving the written notice, the contractor must inspect the home
and the defect within _____ days. Once the contractor has completed the inspection, they must provide
the owner with a written offer to repair within ____ days of the inspection. Any action (lawsuit) the
homeowner may take to recover damages or force the contractor to perform must occur within _____
days of the homeowner notifying the contractor of the defect. - 6, 30, 15, 180
A homestead outside a city may include up to but not exceed _____ acres - 160
A landlord must return security deposit $ to tenants within _____ days or _____ weeks - 21, 3
A licensed MN broker may share their commission with a licensed broker from
________________________- who referred the client - another state
A licensee found in violation of MN Real Estate Law is guilty of a _________________________ -
gross misdemeanor
A licensee may be fined up to $____________ per occurrence for violating state licensing law -
$10,000
A licensee may receive _____ direct expense reimbursements - 100%
A limited broker may represent himself as principal in an ____________________ number of real estate
transactions - unlimited
A loan broker must deposit any fees into an escrow account within ____ hours of receipt - 48
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