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CE SHOP COURSE 1 FINAL PRACTICE EXAM AND STUDY GUIDE NEWEST 2024 ACTUAL COMPLETE 500+ QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+$35.49
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CE SHOP COURSE 1 FINAL PRACTICE EXAM AND STUDY GUIDE NEWEST 2024 ACTUAL COMPLETE 500+ QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+
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CE SHOP COURSE 1 FINAL PRACTICE EXAM AND STUDY GUIDE NEWEST 2024 ACTUAL COMPLETE 500+ QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+
CE SHOP COURSE 1 FINAL PRACTICE
EXAM AND STUDY GUIDE NEWEST 2024
ACTUAL COMPLETE 500+ QUESTIONS
AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY
GRADED A+
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
To be enforceable, there must be consideration (something of value—generally
money) given in exchange for the promises made in the contract. The amount of
consideration must be stated in the contract.
A quitclaim deed does which one of the following? - ANSWER✔✔ Transfers
without warranty any interest or title the grantor has when conveying it.
A quitclaim deed provides no warranties or covenants; it only guarantees that the
grantor is transferring any interest or title he or she may have in the property.
Bradley is acting as a finder for Emma. He's introducing her to Rachel, the other
party in the transaction. Which fiduciary duties does Bradley owe Emma? -
ANSWER✔✔ A finder doesn't owe any fiduciary duties.
Finders aren't agents, and don't owe fiduciary duties to either party in the
transaction.
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