Minnesota Real Estate Brokerage License Law Exam 2024/2025, Exams of Nursing

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MINNESOTA REAL ESTATE

BROKERAGE LICENSE LAW EXAM-

2024/

who is considered to be engaged in the biz of selling real estate - Precise Answer ✔✔if he or she is a principal in 5 or more transactions during any 12-month period (unless represented by a licensed real estate broker or salesperson) what is a closing agents duties - Precise Answer ✔✔a person who is directly or indirectly performing services related to the sale, trade, lease, or loan of residential real estate includes creating or assisting in the creation of closing paperwork what are trust funds - Precise Answer ✔✔these include down payments, earnest money, rent, escrow payments funds are held in a trust pending consummation or termination of the transaction what is a trust account - Precise Answer ✔✔these accounts must be interest bearing what is the automated valuation model - Precise Answer ✔✔a computerized model used by mortgage originators and secondary market issuers that calculates the collateral worth of a dwelling that'll be secured by a mortgage or other instrument

what is a brokers price opinion - Precise Answer ✔✔an informal estimate of a property's probable selling price created by a real estate licensee or licensed appraiser what is an override clause - Precise Answer ✔✔this may be included in a listing or buyer rep agreement this clause can last up to 6 months if a protective list was provided in the appropriate time period what is a protective list - Precise Answer ✔✔related to the override clause, this list must be provided within 72 hours of contract expiration this is the list of names and addresses of prospective buyers who the licensee negotiated with or showed the property to during this listing period how old must a license applicant be - Precise Answer ✔✔ 18 when is the renewal period for a licensee - Precise Answer ✔✔every 24 months what date must you renew your license by - Precise Answer ✔✔June 15 of the renewal year who is responsible for sending in an applicants application to the commission - Precise Answer ✔✔the primary broker

what does a broker need to do if they are not renewing the applicants license - Precise Answer ✔✔the broker must notify the salesperson in writing at least 30 days before June 15 of the renewal year what happens if the license is not renewed within 2 years of the renewal deadline - Precise Answer ✔✔the licensee will need to take their exam again what is an automatic transfer - Precise Answer ✔✔transfer app must be signed by the original broker prior to the new broker signing, a transfer fee must be submitted along with a transfer app, the original broker destroys the salesperson's license, the commission will issue a new license to the salespersons new broker how long do licensees have to tell the commissioner of any changes they have had

• Precise Answer ✔✔10 days exceptions to licensing requirements - Precise Answer ✔✔licensed attorney executor/trustee custodian/janitor of a residential building bank public officers auctioneers people acquiring real estate related to construction

licensed securities broker-dealer individuals selling franchises accountants who maintains the trust account - Precise Answer ✔✔broker what has to happen with a nondepositable item - Precise Answer ✔✔must be deposited with an authorized escrow agent what kind of funds can be deposited into a trust account - Precise Answer ✔✔trust funds NOT personal funds what are the only 2 reasons that a trust fund could hold personal funds - Precise Answer ✔✔maintaining minimum account balances OR to pay account service fees without committing commingling violations when and by who can disburse trust funds - Precise Answer ✔✔only by the broker upon the transaction closing, with a written agreement between the 2 parties disbursement must be made within 10 days what has to be the case with all advertisements - Precise Answer ✔✔clearly present the real estate brokerages name

who must real estate licensees provide copies of transaction documents to - Precise Answer ✔✔any interested parties how long must brokers keep documents - Precise Answer ✔✔6 years what does the MN Human Rights Act do - Precise Answer ✔✔eliminates discrimination based on: employment and education housing public accommodations public services what is a covered multi-family dwelling - Precise Answer ✔✔a building with four or more dwellings, all on the building's ground floor or in a building with at least one elevator- that is not accessible to disabled persons if someone feels they are discriminated against, how long do they have to file a written complaint - Precise Answer ✔✔must be done within 1 year of the discriminatory act to the department of human rights Which of the following actions is the Minnesota commerce commissioner NOT empowered to perform? - Precise Answer ✔✔Investigate a complaint that a licensee acted unethically.

The commission generally doesn't investigate ethical complaints unless the licensee's actions could be a violation of license law. In that case, the commission can investigate, subpoena witnesses, and issue cease and desist orders , among other actions. A listing broker in Minnesota received a commission check from the seller at closing. The broker would be committing a license law violation if he were to deposit the check in a ______ account. - Precise Answer ✔✔Trust Trust accounts should only be used to hold money on behalf of clients. An exception to this is a broker depositing personal funds to pay account fees or maintain a minimum balance. The broker of Merit Realty in Duluth has become incapacitated. For how long may the temporary broker serve? - Precise Answer ✔✔45 days Jasmine has a real estate license and provides rental services in Minnesota. Which of the following is considered a rental service? - Precise Answer ✔✔Providing rental listings to Olivia, a consumer looking for an apartment to rent A consumer received payment from the Minnesota Real Estate Education, Research, and Recovery Fund to satisfy a judgment against a Minnesota licensee. Which statement best describes the consequences the licensee faces? - Precise Answer ✔✔The license will be suspended until the licensee pays back double the amount disbursed, plus interest According to the Minnesota standards of conduct, which of the following is a requirement for any guaranteed sale program? - Precise Answer ✔✔Details about profit disbursement must be disclosed up front.

Which of the following individuals is considered a loan broker in Minnesota? - Precise Answer ✔✔A real estate licensee who negotiates loans for real property for an advanced fee Minnesota brokers can use personal funds in trust accounts for which reason? - Precise Answer ✔✔To pay administrative service fees Which of the following is an allowed expenditure from Minnesota's Real Estate Education, Research, and Recovery Fund? - Precise Answer ✔✔Creating a university real estate department and a position to chair that department A Minnesota licensee is being investigated for a possible license law violation. The commerce commissioner has asked the licensee for certain documentation. What should the licensee do to cooperate with this investigation? - Precise Answer ✔✔reply within 30 days What's a possible penalty for providing false information on a license renewal application? - Precise Answer ✔✔License suspension Misrepresentation on an application may result in the license being suspended. what is the highest amount the commissioner can impose for civil penalties - Precise Answer ✔✔10,000 for each violation when applying for recovery, what is the max amount you can get back - Precise Answer ✔✔150,000 per claimant and 250,000 per licensee how much will you have to pay if you are found guilty of any discriminatory actions - Precise Answer ✔✔up to 25,