Mn real estate Study guides, Class notes & Summaries

MN Salesperson State Exam Questions and Answers Already Passed How many years shall a new home be free from defects caused by faulty workmanship and defective materials due to noncompliance with building standards? One year How many years a new home shall be free from defects caused by faulty installation of plumbing, electrical, heating and cooling systems due to noncompliance with building standards? Two Years How many years a new home shall be free from major construction defec...

MN Real Estate Exam Prep Solved 100% Correct!!!

MN Course 1 Exam Prep: Property Types, Title, and Environmental Issues Already Passed Manufactured vs. modular home Manufactured: A home that is built according to HUD construction standards. Updated term for a mobile home or house trailer. Modular: Units that are constructed in factories off-site according to state building codes. Once assembled on the home site, considered to be real property. Land Property that includes the surface of the earth, down to the center of the earth,...

Real Estate-Minnesota Unit 1 Questions and Answers Already Passed When must a real estate salesperson or broker provide an "agency disclosure form?" At the FIRST substantive contact with the residential buyer or seller. What is the "Agency Relationships in Real Estate Transactions" document? This is ONLY a disclosure form and explains what duties an agent owes the potential client in regards to what relationship they form. (NOT a contract. There is a provision for the client t...

Carmen was hired by the Navarreses to build a walk-in closet. She included a lien notice in the original contract. The Navarreses have provided final payment. What does Carmen need to do to remove the lien associated with this contract? - ANS - Deliver a lien wavier to the Navarreses. Which of the following might qualify for reimbursement from the Minnesota Petroleum Tank Release Cleanup Fund (Petrofund)? - ANS - Six years ago, Miles took corrective action to remove and clean up a leaking t...

How many years shall a new home be free from defects caused by faulty workmanship and defective materials due to noncompliance with building standards? - One year How many years a new home shall be free from defects caused by faulty installation of plumbing, electrical, heating and cooling systems due to noncompliance with building standards? - Two Years How many years a new home shall be free from major construction defects due to noncompliance with building standards? - Ten years Quit...

MN Course 1 Exam Prep: Licensing, Agency, and Contracts Questions and Answers Already Passed How many hours of education must an applicant for a salesperson's license take in Minnesota before sitting for the exam? 30 (Course 1) How many hours of education must an applicant for a salesperson's license take in Minnesota before applying for a license? 90 (Courses 1, 2, and 3) What's a passing percentage for the Minnesota salesperson license exam? 75% How is the Minnesota Salesp...

MN Course 2 Exam Prep: Buyer Contracts and Financing Latest Update Graded A+ Buyer's agent The agent representing the buyer, and only the buyer, in a real estate transaction Buyer agency agreement An agency agreement between a buyer and an agent to provide representation; it explains the duties of the agent to the buyer and the duties of the buyer to the agent. Client The principal in a transaction who is represented by an agent Customer A person related to the transaction wh...