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CE Shop course 1 Final MN Questions with verified answers
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CE Shop course 1 Final MN Questions with verified answers
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CE Shop course 1 Final MNwhich of the following is a benefit of a redeemable ground lease? - correct answer ✔✔The Tenant can buy out the lease from the landlord
what term identifies real estate property required by either spouse during a marriage to be considered community property? - correct answer ✔✔community property rights
what is the best description of a deed? - correct answer ✔✔A document to transfer ownership/interest in real estate.
Non-lawful possession after the expiration of a lease is called ______. - correct answer ✔✔estate at sufferance
a __________ gives the purchaser the right to possess the property at given times for a given duration but doesn't convey ownership. - correct answer ✔✔timeshare use
Estella is representing seller Margaret which of the following tasks is one that Estella is required to perform as Margarets agent? - correct answer ✔✔inform Margaret about required property condition disclosures
which of the following is a type of sublime loan usually offered to consumers with insufficient or marginal history? - correct answer ✔✔qualified mortgage with the rebuttable presumptions
which of the following statements is true about ground water? - correct answer ✔✔its a source of drinking water
In Minnesota a party to a contract has ________ from the date of a contract breach to sue the other party? - correct answer ✔✔6 years What's an environmental impact statement? - correct answer ✔✔A written statement used to consider ways to minimize a project's negative impact on the environment
to calculate the down payment subtract the loan amount from the _____________? - correct answer ✔✔purchase price
What's the purpose of a quiet title suit? - correct answer ✔✔Remove any claims against the property's title.
The golden rule - correct answer ✔✔provides guidelines for all personal and professional ethical situations
What's true about protected groundwater? - correct answer ✔✔many regulations are in place
which of the following is considered a "responsible person" per Minnesota license law? - correct answer ✔✔the general partner of an LLP
which of the following describes amortized debt? - correct answer ✔✔Debt that's paid off by making periodic payments
the doctrine of "use it or lose it" is known as the doctrine of _________? - correct answer ✔✔Laches
Bonnie just sold a property in Duluth with an underground storage tank. She should ______. - correct answer ✔✔file a change of ownership form within 30 days
Loans for ______ purposes don't require TILA disclosure. - correct answer ✔✔business
Anika is short selling her home. This means ______. - correct answer ✔✔the sale won't bring in enough to pay off her loan
How many feet are in a mile? - correct answer ✔✔5280 ft
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