Which of the following best describes a person as defined in Minnesota license law?

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Below are free Minnesota real estate practice exam questions that will closely resemble your licensing exam. Review these questions and see what you know! The answers are provided beneath the question set.

1. Minnesota law requires sellers to provide prospective buyers with a written disclosure of material facts related to the property’s condition. Which of the following scenarios requires disclosure?

1. "A foreclosed property has a leak in the roof.
2. A newly constructed home had to be repaired after it suffered minor smoke damage when a wastebasket caught fire after a contractor threw a lit cigarette into it.
3. An investor is selling a property on which a suicide occurred to his grandson.
4. A person is selling his property, which has a septic system, to a newly married couple.

2. John and Mattie are a married couple in Minnesota who are currently going through a divorce. How will their marital property be handled?

1. Minnesota is a community property state, so their marital property will be split equally (50/50).
2. Minnesota is an equitable distribution state, so their marital property will be divided fairly as determined by a court, but not necessarily equally.
3. Minnesota is an equitable distribution state, so their marital property will be split equally (50/50).
4. Minnesota is an equitable property state, so their marital property will be split fairly and equally (50/50), as determined by a court.

3. Carter and Joanie own property in Minnesota and just received their $2,400 tax statement. Which of the following best describes how they’ll handle their property tax payment?

1. They must pay half of the statement amount by May 15 and the remaining half by October 15.
2. They must pay the full amount of their statement by May 15.
3. They must pay the full amount of their statement by October 15.
4. They must pay the full amount of their statement within 30 days.

4. Harry dabbles in real estate in Minnesota by buying and selling several properties for himself throughout the year. He’s unlicensed and isn’t represented by a real estate licensee in these transactions. The real estate commission hasn’t knocked on his door yet, so which of the following is most likely true about Harry?

1. "Each property is Harry’s primary dwelling at the time he sells it.
2. He’s engaged in the business of selling real estate.
3. He’s the principal in four or fewer transactions during a 12-month period.
4. He’s violating real estate license law by buying and selling properties without a license, and it’s only a matter of time before the commission comes knocking.

5. Caitlin purchased a Minnesota property for $350,000. She put down $70,000 and financed the remaining $280,000. How much deed tax did she owe for the purchase?

1. $1,155
2. $644
3. $805
4. $924

6. In which situation is the contract for deed disclosure required to be presented to a buyer in Minnesota?

1. "When the buyer is not represented by either an attorney or a real estate licensee
2. When the buyer is only represented by an attorney
3. When the buyer is only represented by a real estate licensee
4. When the buyer is represented by both an attorney and a real estate licensee

7. Margie is selling her Minnesota home to Braden. What's her responsibility to disclose the presence of wells on the property to Braden?

1. "At least three days prior to closing, Margie must provide Braden with a map of any existing wells.
2. Margie can't accept Braden's offer until she's disclosed the location and status of any known wells on the property.
3. Margie has no responsibility to disclose wells, provided the property isn't in a flood plain.
4. Margie must disclose in writing any well that exceeds a depth of 75 feet at or before closing.

8. Which of the following scenarios constitutes illegal licensee compensation in Minnesota?

1. Carrie's broker made her commission check out to ""Shoe Gal, LLC,"her sole-proprietor company.
2. Miranda's seller client reimbursed Miranda for the special signage she paid for when marketing his property.
3. Per the listing agreement, Charlotte's broker shared her listing commission with the buyer agent's broker.
4. Samantha's broker paid an out-of-state broker a referral fee after he sent a local client Samantha's way.

Answers: 1. D, 2. B, 3. A, 4. C, 5. A, 6. A, 7. B, 8. B

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