Unit 3 - MN Real Estate Financial Instruments, Foreclosures and Foreclosable
Liens, and Protection of Rights and Interests
Minnesota Real Estate Taxes
What is the Minnesota Mortgage Registry Tax computed as? Options: a. 0.23% of the mortgage amount;
b. 1.65 per $500; c. $3.30; d. 10%
Answ...
Unit 3 - MN Real Estate Financial Instruments, Foreclosures and Foreclosable
Liens, and Protection of Rights and Interests
Minnesota Real Estate Taxes
What is the Minnesota Mortgage Registry Tax computed as? Options: a. 0.23% of the mortgage amount;
b. 1.65 per $500; c. $3.30; d. 10%
Answer: a. 0.23% of the mortgage amount;
Deed and Property Tax
What is the minimum registry tax amount for a property? Options: a. $3.30; b. $1.65 per $500; c. The
amount depends on the county; d. There is no minimum
Answer: b. $1.65 per $500;
Torrens Property and Land Survey
What type of survey may be required to create or subdivide a property? Options: a. Registered land
survey; b. Written lien notice; c. Deed; d. Abstract
Answer: a. Registered land survey;
Lien and Notice
How long must a contractor provide written notice before filing a lien? Options: a. 10 days; b. 21 days; c.
1 year; d. Never
Answer: a. 10 days;
Landlord and Tenant
How long must a landlord provide written notice to a tenant explaining any amounts withheld for a
security deposit? Options: a. 10 days; b. 21 days; c. 30 days; d. Upon lease termination
, Answer: d. Upon lease termination;
Real Estate Law
What is the classification protected under Minnesota Human Rights Act, but not under Federal Fair
Housing Act? Options: a. Marital status, sexual orientation, and public assistance; b. Age, disability, and
gender identity; c. Race, religion, and national origin; d. None
Answer: a. Marital status, sexual orientation, and public assistance;
2 years ✔️The new home warranty that covers defects in plumbing, heating, electrical, cooling and
ventilation systems, last for how long?
10 years ✔️In a new home warranty, how long is the coverage for major structural defects?
False ✔️True or False,
A new home warranty includes coverage for major structural damage.
30 days ✔️How soon must a contractor inspect a home, after receiving written notice of a defect,
covered in the home warranty?
within 15 days of completing the inspection. ✔️The contractor has inspected the defect covered in a
home warranty. When will he need to do the repair?
mortgagor ✔️The borrower is the __________.
mortgagee ✔️The lender is the __________.
Contract for Deed ✔️A land contract or installment land contract is also know as a __________.
foreclose ✔️What is the remedy a lender uses to cancel a mortgage in default?
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