Colibri Real Estate - MN Salesperson - Readiness Assessment Guide with Q & S 2024.
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Course
Colibri Real Estate
Institution
Colibri Real Estate
Colibri Real Estate - MN Salesperson - Readiness Assessment Guide with Q & S 2024.Colibri Real Estate - MN Salesperson - Readiness Assessment Guide with Q & S 2024.Colibri Real Estate - MN Salesperson - Readiness Assessment Guide with Q & S 2024.
,1. When considering land use controls and regulations, which of
the following is not a typical method of public control?
A) Zoning
B) Eminent domain
C) Deed restrictions
D) Building codes
Correct Answer: C) Deed restrictions
2. In Minnesota, which fiduciary duty requires an agent to disclose
all known facts that materially affect the value of the property?
A) Duty of Care
B) Duty of Loyalty
C) Duty of Disclosure
D) Duty of Obedience
Correct Answer: C) Duty of Disclosure
3. Which appraisal method estimates the value of a property by
comparing it to similar properties with known sale prices?
A) Cost approach
, B) Income approach
C) Sales comparison approach
D) Replacement cost approach
Correct Answer: C) Sales comparison approach
4. What type of financing might involve a new mortgage that
includes the remaining balance of the old mortgage?
A) Package mortgage
B) Blanket mortgage
C) Wraparound mortgage
D) Open-end mortgage
Correct Answer: C) Wraparound mortgage
5. The process by which the government can take private property
for public use is known as:
A) Taxation
B) Escheat
C) Condemnation
D) Eminent domain
Correct Answer: D) Eminent domain
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