Mn real estate exam Study guides, Class notes & Summaries

MN Salesperson State Exam Questions and Answers Already Passed How many years shall a new home be free from defects caused by faulty workmanship and defective materials due to noncompliance with building standards? One year How many years a new home shall be free from defects caused by faulty installation of plumbing, electrical, heating and cooling systems due to noncompliance with building standards? Two Years How many years a new home shall be free from major construction defec...

MN Course 1 Exam Prep: Property Types, Title, and Environmental Issues Already Passed Manufactured vs. modular home Manufactured: A home that is built according to HUD construction standards. Updated term for a mobile home or house trailer. Modular: Units that are constructed in factories off-site according to state building codes. Once assembled on the home site, considered to be real property. Land Property that includes the surface of the earth, down to the center of the earth,...

MN Course 1 Exam Prep: Licensing, Agency, and Contracts Questions and Answers Already Passed How many hours of education must an applicant for a salesperson's license take in Minnesota before sitting for the exam? 30 (Course 1) How many hours of education must an applicant for a salesperson's license take in Minnesota before applying for a license? 90 (Courses 1, 2, and 3) What's a passing percentage for the Minnesota salesperson license exam? 75% How is the Minnesota Salesp...

MN Course 2 Exam Prep: Buyer Contracts and Financing Latest Update Graded A+ Buyer's agent The agent representing the buyer, and only the buyer, in a real estate transaction Buyer agency agreement An agency agreement between a buyer and an agent to provide representation; it explains the duties of the agent to the buyer and the duties of the buyer to the agent. Client The principal in a transaction who is represented by an agent Customer A person related to the transaction wh...

Granting Clause What's the name of the required clause in a deed that "grants" or "conveys"? Acknowledgment Granting clause Habendum clause Warranty clause encumbrance Liens and easements define different types of ____________. Credits Debits Encumbrances Mortgages The path of title ownership over time What does a chain of title document establish? A chain of past title liens An abstract of the title history The path of title ownership over time Whether the titl...

MN Course 1 Exam Prep: Licensing, Agency, and Contracts questions and answers latest top score. How many hours of education must an applicant for a salesperson's license take in Minnesota before sitting for the exam? - correct answers.30 (Course 1) How many hours of education must an applicant for a salesperson's license take in Minnesota before applying for a license? - correct answers.90 (Courses 1, 2, and 3) What's a passing percentage for the Minnesota sales...

MN Contractors Exam (licensing quiz) Questions with correct Answers Who applies for a license? a)The owner of a sole proprietorship b)At least one general partner or managing employee of a partnership c)A Chief Executive Officer, responsible managing employee or qualifying person in a corporation d)All of the above D) All of the above A person can be a qualifying person for two corporations if at least 25% of each corporation has common ownership, or the second corporation is a sub...