MN Real Estate State Test Practice Guaranteed Success
Real Estate Contracts
To remove a lien associated with a contract, what must Carmen do? Options: a. File a lawsuit against the
Navarreses; b. Deliver a lien waiver to the Navarreses; c. Negotiate with the Navarreses to settle the
debt; d...
MN Real Estate State Test Practice Guaranteed Success
Real Estate Contracts
To remove a lien associated with a contract, what must Carmen do? Options: a. File a lawsuit against the
Navarreses; b. Deliver a lien waiver to the Navarreses; c. Negotiate with the Navarreses to settle the
debt; d. Seek mediation with a neutral third party
Answer: b. Deliver a lien waiver to the Navarreses;
Minnesota Real Estate
What might qualify for reimbursement from the Minnesota Petroleum Tank Release Cleanup Fund
(Petrofund)? Options: a. A homeowner who replaced their old septic system with a new one; b. A
business owner who installed a new commercial roof; c. A person who took corrective action to remove
and clean up a leaking tank on their property, taking out a loan to cover some costs; d. A property
manager who handled a maintenance issue on behalf of an absentee landlord
Answer: c. A person who took corrective action to remove and clean up a leaking tank on their property,
taking out a loan to cover some costs;
Real Estate Litigation
Marin is seeking recovery from the Real Estate Education, Research, and Recovery Fund after being a
victim of dishonest practices by a Minnesota real estate licensee. What is the maximum she would be
paid? Options: a. $50,000; b. $100,000; c. $150,000; d. $200,000
Answer: c. $150,000;
Minnesota Law
After receiving a disclosure form, how many days does a Minnesota buyer have to review and sign or
cancel the contract for deed agreement? Options: a. Three days; b. Five days; c. Seven days; d. Ten days
Answer: b. Five days;
,Janice and Tom's home is subject to foreclosure. Their deed of trust includes a power-of-sale clause.
Which form of foreclosure will most likely be used? ✔️Foreclosure by advertisement
Which of the following tanks must be registered with the Minnesota Pollution Control Agency? ✔️An
above-ground, 1,000-gallon tank that's used to store commercially used petroleum
Dylan has gotten behind on her mortgage payments. Her mortgage doesn't include a power-of-sale
clause. If her lender pursues a foreclosure sale, which process will most likely be used? ✔️Foreclosure
by action, which is a judicial process requiring court supervision
What's the Real Estate Education, Research and Recovery Fund fee for a Minnesota license renewal
applicant? ✔️$20
Under the Minnesota statute of frauds, which of the following agreements would NOT be enforceable?
✔️A homeowner and landscaper entered into a verbal agreement for $1,500 in plants and labor, but
the landscaper backed out before any goods or money changed hands.
A homestead property owner has failed to pay their taxes by May 15th. What penalty will be assessed
on June 1? ✔️2%
In Minnesota, in which of the following situations can you sell subdivided lands without a real estate
license? ✔️When the lots are registered and are being sold as securities
In Minnesota, when should you present the agency disclosure form to a potential client? ✔️At the first
substantive contact
Gerald purchased a property under a contract for deed arrangement. He missed some payments,
received notice that the seller was going to terminate the contract, and today was evicted. Which of the
following statements is most likely true? ✔️Gerald received notice of default at least 60 days ago.
Which of the following actions would violate Minnesota statute related to records? ✔️Not providing
the commissioner access to the records in a reasonable time
, What type of rights to the property does a Minnesota seller have during the contract for deed process?
✔️Legal title rights
What is a subdivision, according to Minnesota's Subdivided Land Act? ✔️Undeveloped land that is
being divided into smaller lots
Bartholomew was a practicing real estate licensee in Minnesota, but spent some time dabbling in other
careers for a few years before deciding to get back into real estate. He's studying to take the licensing
examination again. Which of the following is most likely true? ✔️It's been at least two years since
Bartholomew's last renewal deadline.
Wayne is a real estate salesperson in Minnesota. He notified his broker that he no longer wishes to be
associated with her, she then notified the commission in writing within 10 days. Which of these is NOT
an option for Wayne? ✔️Continue practicing real estate while finding a new broker to associate with.
A listing broker in Minnesota received a commission check from the seller at closing. The broker would
be committing a license law violation if he were to deposit the check in a ______ account. ✔️Trust
The broker of Merit Realty in Duluth has become incapacitated. For how long may the temporary broker
serve? ✔️45 days
Which of the following occurrences does NOT require the licensee to notify the commission within 10
days? ✔️Driving under the influence (misdemeanor) charge
Genevieve performs real estate activities in Minnesota on behalf of Vern, a real estate broker. What
type of license does she have? ✔️Real estate salesperson
Robbie's lender notifies him of an impending foreclosure, and is told that his property will be sold at
public auction. Six months after the auction occurs, Robbie receives a notice of eviction for which the
lender had to petition a court. What does this describe? ✔️Foreclosure by advertisement
Kuhn received notice that he defaulted on his Minnesota contract for deed arrangement when he
missed last month's payment. Since receiving the notice, Kuhn has paid past due amounts, costs
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