Unit 3 Quiz Flashcards
How many acres may be include in a rural homestead?
160
A buyer with a contract for deed on a residential property is in default. The process the seller would use to gain equitable title to the property is ________.
termination
A homeowner has entered into a verbal contract for remodeling. The remodeling was completed 30 days ago, and the general contractor has not been paid. Which of the following is TRUE?
The contractor cannot file a lien unless he delivered the required notice within 10 days after the remodel was agreed upon.
A holder of Torrens title will receive _____.
a certificate of title
The current interest rate landlords are required to pay on funds held as security deposits is:
1 percent simple interest
The Statutory New Home Warranty is effective on the date of:
closing
When does legal title transfer with Torrens property?
upon registration of the Certificate of Title
In order to force the contractor to make repairs covered under the Statutory New Home Warranty, a homeowner who discovers a defect must notify the contractor within:
6 months
First National Savings and Loan has begun a judicial foreclosure on a defaulted mortgage. The lender had to foreclose in this way because the mortgage did NOT include:
a power of sale clause
The landlord must provide tenant notice at least _______ before disposal or sale of personal property.
14 days (can be part of 28 days).
MN protected classifications:
- Marital Status
- Sexual Orientation
- Public Assistance
Owner-occupant of single-family home, when renting a room may NOT discriminate based on ________. May discriminate based on _____.
Race, religion, color or national origin;
sex, familial status, handicap, marital status, sexual orientation or receipt of public assistance
