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Minnesota State Real Estate Test Review Questions and Answers
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Minnesota State Real Estate Test Review Questions and Answers A homeowner is willing to let his neighbor park an RV in his backyard. He does NOT want to make the permission permanent in case he dislikes others who might move next door in the future. What should he give his neighbor? - ANSWER-A ...

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  • November 4, 2024
  • 17
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • minnesota state real estate test review questions

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  • Real Estate
  • Real Estate

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KaylinHoffman

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Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024




Minnesota State Real Estate Test Review

Questions and Answers


A homeowner is willing to let his neighbor park an RV in his backyard. He does NOT want to make the

permission permanent in case he dislikes others who might move next door in the future. What should

he give his neighbor? - ANSWER✔✔-A license.


Legal descriptions using the government survey system are NOT generally used in - ANSWER✔✔-: the

original 13 states.


Real property can be converted to personal property by - ANSWER✔✔-Severance


A landowner wishes to build a neighborhood grocery store on a busy street in an area zoned for

residential use. Which of the following would MOST likely be used to obtain permission for this store? -

ANSWER✔✔-Conditional use permit or zoning variance.


Ordinances that specify construction standards are - ANSWER✔✔-Building Codes


A couple owns an older home in a neighborhood that is becoming a commercial area. Because of the

change in the use of the land, the couple can expect the value of their parcel to increase at some future

time. This is an example of the principle of - ANSWER✔✔-anticipation


If an older building cannot be air-conditioned, it is an example of - ANSWER✔✔-functional obsolesence




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,Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024


According to the principle of progression, a three-bedroom, one-story home is MOST likely to bring the

highest sales price if located in a neighborhood in which - ANSWER✔✔-most homes are larger than the

sale home


According to the Truth-in-Lending Act, if any "trigger terms" are used in an ad, all of the following

disclosures MUST appear in the ad EXCEPT the - ANSWER✔✔-prepayment penalties and rebates.


The FHA functions MOST like - ANSWER✔✔-an insurance company


In helping a buyer to select a lender, if the buyer believes he has good credit and his income is

documentable as a salary and by tax returns, the licensee might recommend a mortgage banker, instead

of a mortgage broker, for all of the following reasons EXCEPT - ANSWER✔✔-more variety of loan

programs available.


A salesperson lists a property with a contract that allows for subagency and dual agency. The salesperson

is - ANSWER✔✔-an agent to the broker and a subagent to the principal.


An exclusive right to sell listing obtained by a broker associate belongs to - ANSWER✔✔-the employing

broker only


A broker, acting as agent for the seller, presents an offer to buy from the broker's former college

roommate. The broker knows that the buyer will increase the amount of the offer if the seller turns

down the offer. When presenting the offer, the broker should - ANSWER✔✔-tell the seller that the buyer

will pay more.


Unrepresented buyers ask the licensee who listed the home whether they should order a property

inspection as a part of their due diligence for the purchase of the home. Which of the following would be




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the most appropriate way for the listing agent to respond? - ANSWER✔✔-If you feel it is in your best

interest, please do so.


The Department of Housing and Urban Development estimates that most private homes built before

1978 contain potentially dangerous levels of lead. Because of this, some Federal agencies, such as FHA, -

ANSWER✔✔-require the buyer to acknowledge disclosure of the presence of any known lead paint.


A prospective buyer made an offer to purchase a property. The owner responded with a counteroffer.

While the buyer was reviewing the counteroffer, the owner received a better offer. The owner can accept

the second offer if - ANSWER✔✔-the owner withdraws the counteroffer before it is accepted.


When a listing broker is preparing an Offer to Purchase for a buyer customer, contingencies involving

inspections or approval by a third party should - ANSWER✔✔-have short deadlines.


A company agrees to lease a property to be used as a gambling casino. State laws prohibit gambling. This

particular contract would be legally defined as - ANSWER✔✔-Void


A broker has brought a ready, willing, and able buyer to a seller. In MOST listing contracts, the broker has

earned his commission when - ANSWER✔✔-the seller accepts the offer


An equal housing opportunity notice MUST be - ANSWER✔✔-displayed in the brokerage office.


Salesperson Susan was at the local coffee shop with some agents from other offices. The subject of

commissions came up, and agents began to compare their commission rates. Susan should -

ANSWER✔✔-advise her friends this could constitute a violation of Sherman Antitrust Act.


A property management plan may serve different purposes for different owners, and generally has to

strike a balance between preservation of the property's value and generation of income. Which of the




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