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MN Practice Exam Questions with complete solutions
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MN Practice Exam Questions with completesolutions
Charlene, nna nnlandlord nnin nnMinnesota, nncollected nnscreening nnfees nnfrom nnseveral nnapplicants. nnWhen nncan
nnshe nndeposit nnthese nnfees? nn- nncorrect nnanswer-She nncan nndeposit nnthe nnfees nnafter nnall nnapplicants nnhave
nnbeen nnscreened nnand nneither nnrejected nnor nnoffered nna nnrental nnunit.
Zenya nnworks nnfor nna nnlender nnin nnMinnesota nnand nnis nninitiating nnforeclosure nnby nnaction nnproceedings nnon
nna nnproperty. nnIf nnyou nnwere nnto nnlook nnat nnthe nnsecurity nninstrument nnfor nnthis nnproperty, nnwhich nnof nnthese
nnclauses nnis nnmost nnlikely nnmissing nnfrom nnthe nninstrument? nn- nncorrect nnanswer-Power-of-sale nnclause
Foreclosure nnby nnaction nnis nna nnjudicial nnforeclosure nnprocess nnand nnrequires nncourt nnsupervision. nnThe
nnlender nninitiates nna nncase nnagainst nnthe nnborrower nnin nna nnMinnesota nncourt. nnThis nnprocess nnis nnused
nnwhen nnthe nnsecurity nninstrument nndoesn't nninclude nna nnpower-of-sale nnclause.
Greater nnLakes nnTownhome nnAssociation nnwas nnformed nnin nnJune nn2004. nnWhich nnstatement nnbest
nndescribes nntheir nnparticipation nnin nnthe nnMinnesota nnCommon nnInterest nnOwnership nnAct? nn- nncorrect
nnanswer-Based nnon nnthe nndate nnthe nnassociation nnformed, nnparticipation nnis nnautomatically nnrequired.
Common nninterest nnownership nnassociations nncreated nnafter nnJune nn1, nn1994 nnare nnautomatically nnrequired
nnto nnparticipate nnin nnthis nnact. nnThe nnsame nngoes nnfor nncondos, nnregardless nnof nnwhen nnthey nnwere nnformed.
nnSingle-family nnor nntownhome nnassociations nncreated nnbefore nnJune nn1, nn1994 nnmust nnopt nnin.
This nnis nna nnrenewal nnyear nnin nnMinnesota nnand nnyou're nnapplying nnto nnrenew nnyour nnsalesperson nnlicense.
nnWhen nndoes nnyour nnlicense nnexpire? nn- nncorrect nnanswer-June nn30
Parker nnis nnthe nnprimary nnbroker nnat nna nnMinnesota nnbrokerage. nnHe nnhas nntwo nnassociated nnlicensees:
nnSally, nnwho nnhas nna nnsalesperson nnlicense, nnand nnBarry, nnwho nnhas nna nnbroker nnlicense. nnAll nnof nntheir
nnlicenses nnare nncoming nnup nnfor nnrenewal. nnWho nnmust nnsubmit nnrenewal nnapplications? nn- nncorrect
nnanswer-Parker nnmust nnsubmit nnrenewal nnapplications nnfor nnhimself, nnSally, nnand nnBarry.
, Rachel nnis nna nnsupervising nnbroker nnin nnMinnesota. nnWhich nnof nnthe nnfollowing nnis nna nntrue nnstatement
nnabout nnher nnresponsibilities? nn- nncorrect nnanswer-She's nnresponsible nnfor nnall nnagents nnand nnassociated
nnbrokers nnof nnher nnfirm.
A nnhomestead nnproperty nnowner nnhas nnfailed nnto nnpay nntheir nntaxes nnby nnMay nn15th. nnWhat nnpenalty nnwill
nnbe nnassessed nnon nnJuly nn1? nn- nncorrect nnanswer-1%
The nnfirst nnday nnof nnthe nnmonth nnfollowing nnthe nndue nndate, nnan nnadditional nnpenalty nnof nn2% nnfor
nnhomestead nnproperty nnis nnassessed. nnThe nnfirst nnday nnof nneach nnsubsequent nnmonth nnthrough nnDecember,
nnan nnadditional nnpenalty nnof nn1% nnis nnassessed nn(to nnboth nnhomestead nnand nnnonhomestead nnproperties).
Which nnof nnthe nnfollowing nnactions nnis nnthe nnMinnesota nncommerce nncommissioner nnNOT nnempowered nnto
nnperform? nn- nncorrect nnanswer-Investigate nna nncomplaint nnthat nna nnlicensee nnacted nnunethically.
In nnMinnesota, nnlicense nnwithdrawals nnwithout nnextenuating nncircumstances nnbecome nneffective nnhow
nnlong nnafter nnthe nnreceipt nnof nna nnwithdrawal nnrequest? nn- nncorrect nnanswer-30 nndays
When nna nnMinnesota nnbuyer nnand nnseller nnconsent nnto nndual nnagency, nnwhich nnof nnthe nnfollowing nnitems
nnare nnthey nnacknowledging? nn- nncorrect nnanswer-That nnconfidential nninformation nncommunicated nnto nnthe
nnbroker nnwhich nnregards nnprice, nnterms, nnor nnmotivation nnto nnbuy nnor nnsell nnwill nnremain nnconfidential
nnunless nnseller(s) nnor nnbuyer(s) nninstruct(s) nnbroker nnin nnwriting nnto nndisclose nnthis nninformation
In nnMinnesota, nncertain nnagreements nnare nnrequired nnto nnbe nnin nnwriting nnto nnbe nnenforceable. nnWhich nnof
nnthese nnagreements nndoes nnNOT nnneed nnto nnbe nnin nnwriting? nn- nncorrect nnanswer-A nnone-year nnlease nnof nna
nnsingle-family nnproperty
Minnesota nnlaw nnrequires nnall nncontracts nnor nnagreements nnconveying nnownership nnor nninterest nnin nnreal
nnproperty nnto nnbe nnin nnwriting. nnLeases nnfor nnlonger nnthan nnone nnyear nnare nnalso nnrequired nnto nnbe nnin
nnwriting.
Serena, nna nnMinnesota nnbroker, nnrepresents nna nnseller nnclient. nnA nnbuyer nnmade nnan nnoffer nnon nnthe nnseller's
nnproperty, nnwhich nnwas nnaccepted nncontingent nnupon nna nnhome nninspection. nnAfter nnthe nninspection nnis
nnperformed, nnthe nnbuyer's nnagent nnprovides nna nncopy nnof nnthe nnreport, nnwhich nndoesn't nninclude nnany
nnmention nnof nnthe nnroof nnleak nnSerena's nnclient nntold nnher nnabout. nnWhat nnobligation nndoes nnSerena nnhave?
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