MN Real Estate Exam Already Rated A+
Real Estate Agency
What are the four forms of agency relationships in real estate? Options: a. Seller's Agent, Buyer's Agent,
Dual Agent, Facilitator; b. Listing Agent, Buyer's Agent, Real Estate Broker, Property Manager; c. Realtor,
Real Estate Agent, R...
MN Real Estate Exam Already Rated A+
Real Estate Agency
What are the four forms of agency relationships in real estate? Options: a. Seller's Agent, Buyer's Agent,
Dual Agent, Facilitator; b. Listing Agent, Buyer's Agent, Real Estate Broker, Property Manager; c. Realtor,
Real Estate Agent, Real Estate Broker, Property Owner; d. Agent, Broker, Facilitator, Consultant
Answer: a. Seller's Agent, Buyer's Agent, Dual Agent, Facilitator;
When must the agency disclosure form be provided to the buyer and/or seller? Options: a. At the first
meeting; b. At the second meeting; c. At the first substantive contact; d. At the closing
Answer: c. At the first substantive contact;
Fiduciary Duties
What are the six fiduciary duties that an agent owes to their clients? Options: a. Obedience, Loyalty,
Confidentiality, Accountability, Reasonable Care; b. Obedience, Loyalty, Disclosure, Responsibility; c.
Obedience, Confidentiality, Disclosure, Care; d. Obedience, Loyalty, Care, Responsibility
Answer: a. Obedience, Loyalty, Confidentiality, Accountability, Reasonable Care;
Real Estate Agreements
What must a listing agreement and buyer's representation agreement include? Options: a. Written
contracts only; b. Definite expiration date and terms of sale; c. Listing price and terms of sale only; d. All
of the above
Answer: d. All of the above;
Minnesota Real Estate Laws
What chapter of Minnesota State Statutes regulates real estate licensees? Options: a. Chapter 81; b.
Chapter 82; c. Chapter 83; d. Chapter 84
Answer: b. Chapter 82;
,Let me know if you'd like me to continue with the rest of the questions!
The recovery portion of the Real Estate Education, Research, and Recovery Fund (REERRF) is used to...
✔️Compensate claimants who have obtained a judgement against a licensee based on fraud in a real
estate transaction, but have been unable to collect the judgement from the licensee
Who is exempt from Minnesota's real estate licensing requirement? ✔️A court-appointed trustee
selling property
Limited Broker ✔️Owner buying or selling own property if involved in 5 or more transactions in a year;
may not act as a real estate agent for others
Broker Price Opinion (BPO) ✔️An estimate that details the probable selling price of a particular
property and provides a varying level of detail about the property's condition, market, and
neighborhood, as well as info on comparable sales, but does not include an automated valuation model.
Anyone who produces a BPO must be a licensed real estate salesperson, broker, or appraiser.
NOT AN APPRAISAL.
Licensee may prepare and charge a fee for a BPO.
Salesperson's license is only effective while _____________ and may transfer to another broker before
__________ ✔️Working for broker, expiration
Licensee with legal problem must notify Commissioner within ___ days ✔️10
Notify commissioner within ___ days of any change of address, name, and so on ✔️10
A broker must keep transaction records for ___ years ✔️6
, A real estate licensee must not try to convince any party to a contract to ____ ✔️Breach it
What are recovery limits for REERRF? ✔️$150k per claim, $250k per licensee
If recovery portion of REERRF covers a claim, the licensee's license is _____ ✔️Suspended
A broker must deposit funds received as earnest money deposits into trust accounts no later than ✔️3
business days after receipt
A ____ day temporary permit may be issued to a qualified salesperson if the primary broker becomes
incapacitated ✔️45
A loan broker must deposit any fees into an escrow account within ____ hours of receipt ✔️48
_____________ and ____________ are exempt from the licensing requirement when helping another
sell real estate for a fee ✔️Licensed attorney, court-appointed trustees
What does the phrase "One to buy, two to sell" mean? ✔️When conveying ownership of homestead
property, both spouses must sign the deed.
In MN, co-ownership is presumed to be _____________________ ✔️tenancy in common
In divorce, the court may issue a ______________________________________, which severs all joint
tenancy interests, except for the ones the divorcing couple chooses to keep intact ✔️Decree of
Dissolution of Marriage
How does non-homestead property differ from homestead property when wanting to sell? ✔️Non-
homestead real estate can be sold separately (separate deed) by the spouse who bought it, with one
signature on the deed.
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