MN Course 1 Exam Prep: Licensing, Agency, and Contracts Updated 2024/2025 Actual Questions and answers with complete solutions
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MN Course 1: Licensing, Agency,
Institution
MN Course 1: Licensing, Agency,
Statute of frauds - Law that contracts involving the creation or conveyance of an interest in real
property must be in writing to be enforceable.
Group boycott - An illegal agreement between parties to not do business with a particular person
or company.
Antitrust law - Laws relating to the sup...
MN Course 1 Exam Prep: Licensing,
Agency, and Contracts
Statute of frauds - Law that contracts involving the creation or conveyance of an interest in real
property must be in writing to be enforceable.
Group boycott - An illegal agreement between parties to not do business with a particular person
or company.
Antitrust law - Laws relating to the suppression of competition in the marketplace.
Are penalties for license law civil or criminal? - License law violations are considered gross
misdemeanors, so penalties may be civil or criminal.
Are timeshare agents exempt from licensure? - Yes, if their work is limited to timeshare sales, and
they work for a limited broker
Assignment - Substitution of contract parties
Bilateral contract - Contract where two parties make promises to one another.
By when must Minnesota licensees respond to a request by the commissioner of commerce? - 30
days
By when must renewal requirements be met? - By June 15 of the renewal year
Client duties owed to licensees - The duties of compensation, information, indemnification, and
availability
, Client/principal - Person who has agent representation.
Consideration - The giving of something of value, which can include the agreement to not do
something. Consideration is a required element of a binding contract. It can be either valuable (money)
or good (love and affection).
Contingency - A condition of an offer
Contract for deed - Also called an "installment contract" or "land contract," this enables the seller
to finance the buyer by permitting the buyer to make a down payment followed by monthly payments.
Counter-offer - An acceptance that varies from the offer. When a seller makes a counter-offer, no
contract exists regarding the first offer.
Customer - Person related to the transaction who is not represented by the agent.
Dual agenc Agency - A relationship in which an agent is authorized by a principal to act on the
principal's behalf in certain areas.
y- Representing both sides in a real estate transaction. A broker acting as dual agent may
designate one agent to represent the seller, and another agent to represent the buyer as designated
agents.
Enforceable contract - A contract that would hold up in court.
Equitable title - The rights of ownership without the possession of title
Executed contract - A contract where all terms have been fully completed.
Executory contract - A contract where some terms haven't been completed yet
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