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CE Shop Course 1 Final Exam Questions and Answers
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CE Shop Course 1 Final Exam Questions and Answers
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CE Shop Course 1 Final Exam Questionsand Answers
Assuming all of the following individuals are performing these activities for another and
for a fee, who must hold a Minnesota real estate license in order to legally perform the
activity? - Answer -A son selling his parent's house
Generally, anyone performing real estate services for another and for compensation
must hold a real estate license. There are exceptions for burial plot sales, trustees,
public officers or employees performing official duties.
Before appraising a specific property, Minnesota appraisers must disclose whether
they've evaluated the same property within the last _______ years. - Answer -Three
Appraisers must disclose whether they've appraised the same property within the last
three years.
Which entity typically enforces the code restrictions and licensing and insurance
requirements for contractors, thereby enforcing the building code? - Answer -Local
building department
While builders and developers self-regulate to some degree, they're not responsible for
enforcing the building code. This is the local building department's responsibility.
In which method of involuntary alienation does a court decide how the proceeds from
the sale of land owned by tenants in common will be distributed? - Answer -Court-
ordered partition of property
If the tenants in common cannot agree about how the property should be divided, the
courts may step in and order the sale of the property.
Valerie is converting an existing building into a new condominium project. Under
Minnesota law, she must ______. - Answer -Provide blueprints showing the size,
boundaries, and location of each unit
Owners of existing buildings or developers of new, unimproved land who want to create
a condominium project are required by the Minnesota Uniform Condominium Act to
provide blueprints showing the size, boundaries, and location of each unit.
, Monique rents an apartment in Minnesota. Her building is being converted to
condominiums and she's interested in buying her unit. What must she do? - Answer -
Exercise her option to buy within 60 days of receiving the owner's notice about the
conversion.
If a building is being converted to condominiums, the building owner must notify existing
tenants. Residents are given 60 days from the date the notice is delivered to exercise
the option to buy their units or to continue as tenants until the vacate date.
Clay is interested in purchasing a condo about a mile from the city center. He went to
the city records office to review everything that was filed by the condo developer. In the
condominium declaration, he saw how ownership of the common areas is shared
among the ______. - Answer -Unit owners
Condominium ownership includes ownership of an individual unit as well as a share of
the common areas.
Which type of contract is the opposite of an express contract? - Answer -Implied
An express contract is an agreement between parties where the terms are specifically
outlined in words (either written or oral). An implied contract is an agreement that's
understood but not specifically stated verbally.
Elvin owns 150 acres of prime hunting land. Every year, he gets requests from private
groups that would like to use his land for a day or two during hunting season. He
sometimes grants these requests, but this year, he's decided to only use it himself with
his friends. Which right in the bundle of rights says that he can say no to these
requests? - Answer -Exclusion
The right of exclusion gives Elvin the right to refuse others the use of his own property.
Which of these actions would cause a property to become an REO? - Answer -The
bank doesn't get an acceptable bid at a foreclosure sale and takes ownership of the
property.
An REO, or real estate-owned property, is a property that a bank or lender owns
because it failed to receive an acceptable bid at a foreclosure sale.
When competitors agree to eliminate discounts to certain types of customers, they are
engaging in what practice? - Answer -Price fixing
Price fixing may include an agreement to eliminate discounts.
What's one of the required elements of a valid option contract? - Answer -The amount of
consideration the optionee is paying the optionor
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