Minnesota State Real Estate Test Review Verified Solutions
Real Estate Agreements
What type of agreement would a homeowner give to his neighbor to allow him to park an RV in his
backyard without making it permanent? Options: a. A deed; b. A license; c. A lease; d. A contract
Answer: b. A li...
Minnesota State Real Estate Test Review Verified Solutions
Real Estate Agreements
What type of agreement would a homeowner give to his neighbor to allow him to park an RV in his
backyard without making it permanent? Options: a. A deed; b. A license; c. A lease; d. A contract
Answer: b. A license;
Zoning and Land Use
What type of permit would a landowner need to obtain to build a neighborhood grocery store on a busy
street in an area zoned for residential use? Options: a. Building permit; b. Zoning variance or conditional
use permit; c. Business license; d. Environmental permit
Answer: b. Zoning variance or conditional use permit;
Real Estate Principles
What is an example of the principle of anticipation? Options: a. A couple selling their home to a
developer for commercial use; b. An older home becoming more valuable due to nearby commercial
development; c. A family selling their home because they are downsizing; d. A couple renovating their
home to increase its value
Answer: b. An older home becoming more valuable due to nearby commercial development;
Property Types and Conditions
What is an example of functional obsolescence? Options: a. An older building that cannot be air-
conditioned; b. A small house in a neighborhood of large homes; c. A property with a poor location; d. A
property with outdated electrical wiring
Answer: a. An older building that cannot be air-conditioned;
Real Estate Marketing and Sales
, According to the Truth-in-Lending Act, what disclosures must appear in an advertisement if "trigger
terms" are used? Options: a. Prepayment penalties and rebates; b. Interest rates and loan terms; c. All
of the above; d. None of the above
Answer: b. Interest rates and loan terms;
A broker has brought a ready, willing, and able buyer to a seller. In MOST listing contracts, the broker
has earned his commission when ✔️the seller accepts the offer
An equal housing opportunity notice MUST be ✔️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 ✔️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
following owners would MOST likely prefer a property manager who emphasizes maintenance of value
over profitability? ✔️Department of Housing and Urban Development
Which restrictive covenant would be considered illegal? ✔️A covenant that restricts the type of
building that may be constructed.
Even with title insurance, the policyholder may still suffer losses arising from ✔️land use change due to
zoning ordinances.
To be valid, every deed must ✔️be executed by the grantor.
For Federal income tax purposes, which of the following are costs of homeownership that may be
deducted from gross income? ✔️Mortgage loan interest, local property taxes, mortgage loan
origination fees.
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