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MINNESOTA STATE REAL ESTATE TEST EXAM 2024/2025
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MINNESOTA STATE REAL ESTATE TEST EXAM 2024/2025
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MINNESOTA STATE REAL ESTATE TESTEXAM 2024/2025
A homeowner is willing to let his neighbor park an RV in his backyard.
He does NOT want to make the permission permanent in case he
dislikes others who might move next door in the future. What should he
give his neighbor? - Precise Answer ✔✔A license.
Legal descriptions using the government survey system are NOT
generally used in - Precise Answer ✔✔: the original 13 states.
Real property can be converted to personal property by - Precise Answer
✔✔Severance
A landowner wishes to build a neighborhood grocery store on a busy
street in an area zoned for residential use. Which of the following would
MOST likely be used to obtain permission for this store? - Precise
Answer ✔✔Conditional use permit or zoning variance.
Ordinances that specify construction standards are - Precise Answer
✔✔Building Codes
A couple owns an older home in a neighborhood that is becoming a
commercial area. Because of the change in the use of the land, the
couple can expect the value of their parcel to increase at some future
,time. This is an example of the principle of - Precise Answer
✔✔anticipation
If an older building cannot be air-conditioned, it is an example of -
Precise Answer ✔✔functional obsolesence
According to the principle of progression, a three-bedroom, one-story
home is MOST likely to bring the highest sales price if located in a
neighborhood in which - Precise Answer ✔✔most homes are larger than
the sale home
According to the Truth-in-Lending Act, if any "trigger terms" are used in
an ad, all of the following disclosures MUST appear in the ad EXCEPT
the - Precise Answer ✔✔prepayment penalties and rebates.
The FHA functions MOST like - Precise Answer ✔✔an insurance
company
In helping a buyer to select a lender, if the buyer believes he has good
credit and his income is documentable as a salary and by tax returns, the
licensee might recommend a mortgage banker, instead of a mortgage
broker, for all of the following reasons EXCEPT - Precise Answer
✔✔more variety of loan programs available.
A salesperson lists a property with a contract that allows for subagency
and dual agency. The salesperson is - Precise Answer ✔✔an agent to the
broker and a subagent to the principal.
, An exclusive right to sell listing obtained by a broker associate belongs
to - Precise Answer ✔✔the employing broker only
A broker, acting as agent for the seller, presents an offer to buy from the
broker's former college roommate. The broker knows that the buyer will
increase the amount of the offer if the seller turns down the offer. When
presenting the offer, the broker should - Precise Answer ✔✔tell the
seller that the buyer will pay more.
Unrepresented buyers ask the licensee who listed the home whether they
should order a property inspection as a part of their due diligence for the
purchase of the home. Which of the following would be the most
appropriate way for the listing agent to respond? - Precise Answer ✔✔If
you feel it is in your best interest, please do so.
The Department of Housing and Urban Development estimates that most
private homes built before 1978 contain potentially dangerous levels of
lead. Because of this, some Federal agencies, such as FHA, - Precise
Answer ✔✔require the buyer to acknowledge disclosure of the presence
of any known lead paint.
A prospective buyer made an offer to purchase a property. The owner
responded with a counteroffer. While the buyer was reviewing the
counteroffer, the owner received a better offer. The owner can accept the
second offer if - Precise Answer ✔✔the owner withdraws the
counteroffer before it is accepted.
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