Kstate 2 Flashcards Preview

MN Real Estate Salesperson Exam 1 > Kstate 2 > Flashcards

Flashcards in Kstate 2 Deck (11)
Loading flashcards...
0
Q
All of the following would be considered common interest communities EXCEPT:
A. planned community
b. 4-plex
c. Condominium
d. cooperative
A

b. 4-plex (rental)

1
Q

A seller must disclose the status and location of all known wells on the property before:

A

signing a purchase agreement

2
Q

An individual holds ownership in a condominium in severalty plus

A

tenancy in common in the common elements

3
Q

The owner of a property has applied for a building permit for new construction that will include a private septic system. In order to obtain a building permit, the owner must obtain which document from a licensed inspector or site evaluator?

A

Certificate of Compliance

4
Q

When must the seller of property disclose to the buyer how sewage generated at the property is managed?

A

before signing the purchase agreement

5
Q

Jones has purchased the home he was renting from Smith. Smith did NOT provide Jones with a property condition disclosure statement. Is this legal?

A

Yes, because Jones was a current tenant - not required,

6
Q

Minnesota’s Subdivided Lands Practices Act requires developers to do all of following EXCEPT:

a. register the subdivision with the Commission of Commerce
b. Give all buyers a copy of the public offering
c. file a public offering statement with the Commission of Commerce
d. have an on-site inspection of the property by the Commissioner

A

d. have an on-site inspection of the property by the Commissioner - not required

7
Q

A seller of a property containing a leaking storage tank must

A

file an affidavit with the county recorder

8
Q

The owner of a steel fabrication plant has decided to install a 1,200 gallon underground storage tank. The owner must notify the Pollution Control agency:

A

10 days before installation

9
Q

A Decree of Dissolution of Marriage severs all joint tenancies EXCEPT

A

joint tenancy the decree preserves

10
Q

Jones is the owner of an apartment building and plans to convert it to condominiums. Jones must give the tenants an option to purchase the unit they are occupying at LEAST how long after delivery of notice to vacate?

A

60 days - may run concurrently with 120 day notice to vacate