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MN Exam with correct answers
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MN Exam with correct answers
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MN Exam with correct answersContracts n& nDisclosures n- ncorrect nanswer-15 nQuestions
Contracts nbelong nto n- ncorrect nanswer-the nbroker nbut nany nagreements nwith nsellers nor nbuyers nare
nbetween nthe nparty nand nthe nbroker
Licensees nmust nhave na nsigned nlisting n(or nsimilar) nagreement nin nplace nwith nthe nproperty nowner nprior nto
n- ncorrect nanswer-property nfor nsale nor nlease. nAdvertising nincludes nplacing nsigns non nthe nproperty. nIf
nthere's nno nagreement, nno nfor nsale nsign nis nallowed.
Listing nagreements nmust nbe nin nwriting nand ninclude n- ncorrect nanswer-Definite nexpiration ndate n
Description nof nproperty
List nprice nand nany nother nterms nrequired nby nthe nseller nCompensation, ncommission, nor ncalculation nof
nthese nitems
override nclause n- ncorrect nanswer-relates nto na nseller nrelisting nthe nproperty nwith nanother nbroker nupon
ntermination nof nthe noriginal nlisting nagreement) nand nthat nthe nlicensee nmust nprovide na nprotective nlist nto
nthe nseller nwithin n72 nhours nof ncontract ntermination
Buyer's nbroker nagreements nmust nbe nin nwriting nand ninclude n- ncorrect nanswer-Definite nexpiration ndate n
Compensation/commission namount nor ncalculation nof nthese nitems n
Details nabout nthe nservices nthe nlicensee nwill nprovide nto nthe nbuyer, nand nwhen ncompensation nhas nbeen
nearned nDetails nabout nwhen nthe nagreement ncan nbe ncanceled nInformation nabout nthe noverride nclause
Upon nfirst nsubstantive ncontact nrelated nto nthe nsale nor npurchase nof nresidential nreal nproperty n- ncorrect
nanswer-licensees nmust nprovide nconsumers nwith nan nagency ndisclosure. nThe ndisclosure ndescribes nthe
nagency n(seller's nbroker, nbuyer's nbroker, ndual-agency nbroker) nand nnon-agency n(facilitator) nrelationship
noptions navailable nand nthe nlicensee's nrole nin neach ncase
,facilitator n- ncorrect nanswer-is na nlicensee nwho ndoesn't nrepresent neither nparty nin nthe ntransaction nas na
nfiduciary n(and nthus nonly nowes nthe nduty nof nconfidentiality) nbut nmay nperform nservices nfor neither nor
nboth ntransaction nparties
Dual nagency nis npermitted nin nMinnesota n- ncorrect nanswer-but nthe nbroker nmust nfully ndisclose nthe
nrelationship nto nall nparties, nand nexplain nhow nthis nrelationship nchanges nthe nduties nthe nbroker nowes nto
neach nparty.
Brokers ncan nonly nconduct nbusiness nunder n- ncorrect nanswer-their nlicensed nbrokerage's nname. nLicensees
nmust ndisclose ntheir nbrokerage's nname nbefore nthe nnegotiation nor ncompletion nof nany nreal nestate
ntransactions.
If nthe ntransaction nprincipal nis nthe nlicensee nor na nrelative nof nthe nlicensee n- ncorrect nanswer-this nmust nbe
ndisclosed nin nwriting nto nother nparties.
Licensees nmust ndisclose nmaterial nfacts nthat nthey nknow nabout nand nthat ncould n"adversely nand
nsignificantly" naffect nuse nand/or nenjoyment nof nthe nproperty. nThe nfollowing nare nNOT nmaterial nfacts: n-
ncorrect nanswer-A nprevious nowner nor noccupant nwas ninfected nwith nHIV nor nAIDS. n
A nsuicide, nnatural nor naccidental ndeath, nor nparanormal nactivity noccurred non nthe nproperty. n
The nproperty nis nlocated nin na nneighborhood nwith nan nadult nfamily nhome, nnursing nhome, nor nother
ncommunity-based nresidential nfacility
Licensees ndo nnot nhave nto ndisclose ninformation non: n- ncorrect nanswer-Sexual noffenders n(Megan's nLaw).
nLicensees ndo nhowever nneed nto ngive nwritten nnotice nto nconsumers nabout nhow nto ncheck nthis nfor
nthemselves
airport nzoning nregulations nif nthey've nnotified nconsumers nabout nwhere na ncopy nof nthe nzoning
nregulations ncan nbe nfound
information nrelated nto na nproperty's ncondition nif na nqualified nthird nparty's nwritten nreport ndisclosed nsuch
ninformation n(such nas na nhome ninspection nreport nperformed nby na nperson nwith nthat nexpertise).
,nHowever, nif na nlicensee nhas nreceived na ncopy nof nthe nwritten nreport nand nhas nfactual ninformation nthat
nconflicts nwith nit, nhe nor nshe nmust ndisclose nthis
Straight-pipe nsystems nare n- ncorrect nanswer-prohibited nin nMinnesota
Septic nwater neventually nenters nthe ngroundwater n(and nthus nthe npublic nsupply nand ncitizens' nwells), nso
nMinnesota nlaw nsets nminimum nstandards nfor nall nnew nor nreplacement nseptic nsystems nto nhelp ncurb
npotential ncontamination n- ncorrect nanswer-The nlaw nalso nrequires nsellers nto ndisclose nthe npresence nof nan
nSSTS.
Subsurface nsewage ntreatment nsystems n(SSTS) n- ncorrect nanswer-(formerly nindividual nsewage ntreatment
nsystems n[ISTSs]) nare nseptic nsystems nthat nserve nindividual nbuildings nor nhomes
All ncounties nin nMinnesota nare nrequired nto nset nminimum nstandards nfor n- ncorrect nanswer-design,
nlocation, nuse, nand nmaintenance nof nSSTSs. nCities nand ntowns nmay nto nhave nstricter nregulations nthan nthe
ncounty. nCounties nmay nalso nadopt nan nSSTS nmanagement nplan nthat noutlines nhow nthe ncounty nplans nto
noversee nSSTS nneeds.
SSTS nmanufacturers nmust nwarranty nsystems nthat nthey nsell/install nfor nat nleast n- ncorrect nanswer-at nleast
nfive nyears nafter ninstallation
They nmust nalso nprove nthat ntheir nsystems nare neither nwarrantied n- ncorrect nanswer-(or nare na nmodified
nversion nof na npreviously nwarrantied nsystem) nor nat nleast n50 nof ntheir npreviously ninstalled nsystems nare
noperating nproperly nand nhave nfor nthe nprevious nthree nyears.
Existing nsystem ninspections nmust ndetermine nwhether nthere nis nany: n- ncorrect nanswer-Sewage ndischarge
nto nthe nground nor ngroundwater nSewage nbackup
Other nissue nthat ndoes nor ncould naffect npublic nhealth nor nsafety n
Seepage npit, nleaching npit, ncesspool, nor ndrywell n
Failure nto nprotect nthe ngroundwater nsufficiently
IF nFOUND, nmust nbe nreplaced, nshut ndown, nwithin n10 nmonths nor nsooner nof nreceiving nnon ncompliance
nnotice.
, Compliance ncertificates nare nvalid nfo n- ncorrect nanswer-five nyears nfor nnew nSSTSs, nand nthree nyears nfor
nexisting nSSTSs.
Sellers nare nrequired nto ndisclose nwhether nsewage non nthe nproperty ngoes nto na nsewage ntreatment nfacility
n(e.g., npublic nsewer) nor nto nan nSSTS. n- ncorrect nanswer-This ndisclosure nmust nbe nprovided nbefore nsigning na
npurchase nagreement
Sellers nare nrequired nto nprovide nwritten ndisclosure nof nthe npresence nof nany nwells non nthe nproperty
nbefore nsigning na npurchase nagreement. n- ncorrect nanswer-The ndisclosure nshould ninclude nthe nproperty's
nlegal ndescription n(including nthe ncounty), na nmap nof nthe nlocation nof nany nwells non nthe nproperty, nand
nidentification nas nto nwhether nthe nwells nare nin nuse, nnot nin nuse, nor nsealed.
A ndeed nmay nnot nbe nrecorded nunless nthe nwell ndisclosure ncertificate nis nprovided nor nthe nrequired
nlanguage nstating nno nknowledge nof nwells nis nincluded nin nthe ndeed. n- ncorrect nanswer-The ncounty
nrecorder nmay ncharge n$50 nfor nreceipt nof nthe nwell ndisclosure.
Sellers nwho nfail nto ndisclose nthe npresence nand nknown nstatus nof na nwell nare nliable nto nthe nbuyer nfor ncosts
nrelated nto nsealing nthe nwell, nincluding nany nreasonable nattorney's nfees n- ncorrect nanswer-as nlong nas nthe
nbuyer nbrings naction nagainst nthe nseller nwithin nsix nyears nof nthe nsale.
Common ninterest ncommunity nassociations nmust nnotify nthe ncommissioner nwithin n- ncorrect nanswer-
within n30 ndays nif nthe nstatus nof nany nof nthe ncommunity's nwells nchange.
Underground nstorage ntanks n(USTs) nare n- ncorrect nanswer-in nwhich nat nleast n10% nof nthe ntank's nvolume nis
nunderground.
Owners nof nUSTs nwith na ncapacity nof n- ncorrect nanswer-110+ ngallons nor nabove-ground ntanks nwith na
ncapacity nof n500+ ngallons n(used nto nstore ncommercially nused nhazardous nmaterials, nsuch nas npetroleum)
nmust nregister nwith nthe nMinnesota nPollution nControl nAgency n(MPCA).
Certain ntypes nof ntanks nare nexempt nfrom nregistration n- ncorrect nanswer-Tanks nwith na n1,100-gallon nor
nsmaller nstorage ncapacity nthat nare nused nfor nnon-commercial npurposes nto nstore nmotor nfuel nor nheating
noil n(for non-site nusage)
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