3.1

Question 0

An individual grievance that can be recovered through the Real Estate Education Research and Recovery Fund is $_______.

Answer 0

$150,000

Question 1

The Statutory Home Warranty Law offers how long of a period as a warranty against major construction defects for _______ years.

Answer 1

10

Question 2

______ is the type of insurance to protect real estate brokers against claims of mistakes.

Answer 2

Errors and omissions

Question 3

A person who is in the business of constructing industrial buildings for the purpose of resale needs to have a real estate license if that person has more than 25 transactions in any _____ month period.

Answer 3

12

Question 4

An override clause must not last longer than _____ months from date of protective list.

Answer 4

6

Question 5

A broker must _______ the activities of his or her real estate salespersons.

Answer 5

Supervise

Question 6

True or False:

An unlicensed office assistant can tell inquirers whether a listed property has any contingencies on it.

Answer 6

False

Question 7

The real estate licensing authority for Minnesota is the _______.

Answer 7

Minnesota Department of Commerce

Question 8

True or False:

The Minnesota Department of Commerce arbitrates disputes between licensees.

Answer 8

False

Question 9

______ is the term of a Minnesota salesperson license.

Answer 9

Two years, expiring on June 30

Question 10

______ is the term of a Minnesota broker license.

Answer 10

Two years, expiring on June 30

Question 11

A person is presumed to be engaged in the business of selling real estate if the person engages as principal in ________ transations druing any 12-month period.

Answer 11

5

Question 12

A Minnesota real estate salesperson licensee must complete _____ hours of Minnesota approved continuing education within the two years prior to each renewal.

Answer 12

30

Question 13

At least ______ hours of the required continuing education must be completed within the first 12 months of each license period.

Answer 13

15

Question 14

A Salesperson’s license must be returned to Commissioner within _____ days of termination.

Answer 14

10

Question 15

A broker or salesperson has _____ years from the date of termination to reactivate the license without having to re-test.

Answer 15

2

Question 16

You must notify the Commerce Commissioner within _______ days in writing if you have a name or address change.

Answer 16

10

Question 17

______ insurance protects you against lawsuits or arbitration decisions against you.

Answer 17

Errors & omissions (E&O)

Question 18

Earnest money for a real estate transaction must be deposited in the listing broker’s trust account within _______ business days unless agreed otherwise.

Answer 18

3

Question 19

A real estate broker or salesperson must complete _______ hour(s) each of Minnesota approved continuing education for fair housing and agency within the two years prior to each renewal.

Answer 19

1

Question 20

A real estate license is a right granted by a ______ to an individual to operate as a real estate broker or salesperson.

Answer 20

State

Question 21

A _____ is granted by a state to an individual, which gives the individual the right to operate as a real estate broker or salesperson.

Answer 21

License

Question 22

If someone has a complaint against a real estate company, or licensee, they would file that complaint through the Minnesota Department of _______.

Answer 22

Commerce

Question 23

Chapter ______ of the Minnesota Statutes is the Legislation for the real estate industry.

Answer 23

82

Question 24

The purpose of ____ is to reduce unnecessary lending costs.

Answer 24

RESPA

Question 25

The term "settlement" can be used interchangeably with ______.

Answer 25

Closing

Question 26

When a borrower applies for a loan, the lender must furnish a _____.

Answer 26

Good Faith Estimate (GFE)

Question 27

As a real estate salesperson, with whom do you place your real estate license?

Answer 27

Your broker

Question 28

What is the natural erosion of soil on one side of a watercourse and the gradual addition of soil to the other side?

Answer 28

Accretion

Question 29

What is an addition to the agreement and is a part of it.

Answer 29

Addendum

Question 30

What is the change to the agreement after it was originally accepted?

Answer 30

Amendment

Question 31

What is a written instrument given to pass title of personal property from a seller to a buyer?

Answer 31

Bill of Sale

Question 32

What is the mixing of personal funds with trust funds?

Answer 32

Commingling

Question 33

On what does the government base the determination of title ownership and encumbrances on title?

Answer 33

The registration of the instruments affecting the title

Question 34

Each time a land title transaction takes place, the transfer instrument is recorded with whom?

Answer 34

A local government recorder

Question 35

True or False: | Title opinions given by attorneys are uniform.

Answer 35

False