The Minnesota Mortgage Registry Tax is computed as __________ of the mortgage amount.
.23% NOT 23%
The Minnesota state deed tax is computed as __________ of the net sales price.
$3.30,
memory tip, deed has 2 e’s and $3.30 has 2 3’s
What is the minimum registry tax amount for a property?
$1.65 per $500,
this might occur when property is given as a gift
A registered land survey may be required to create or subdivide a __________.
Torrens property, which is also referred to as registered property
Surveyors, engineers, material suppliers, contractors, and subcontractors have lien rights only if they provide a __________ in their contract.
written lien notice
In a verbal agreement, a contractor may not file a lien unless they provided the property owner with the written lien notice within __________ of the verbal agreement.
10 days,
notice must be delivered personally or by certified mail
A landlord must provide the tenant with a written notice explaining any amounts withheld for a security deposit within __________ of lease termination.
21 Days
An owner of a Torrens-registered property who wants to subdivide the parcel would order a __________.
registered land survey
Title to Torrens property transfers upon registration of the __________ to the district court.
certificate of title
With an abstract, title passes once the deed has been delivered and accepted.
True
What is the search called that includes property taxes, judgment and special assessments?
registered property abstract, RPA
A rural property under Homestead protection may include up to __________.
160 Acres
In Minnesota, a non-judicial foreclosure is known as __________.
Advertised Foreclosure
The classifications protected under the Minnesota Human Rights Act, but not under Federal Fair Housing Act are __________.
MSP
Marital status,
Sexual orientation, and,
Public assistance
Statutory new home warranties begin at first legal occupancy or __________, whichever occurs first
closing
The Statutory New Home Warranty covers __________ caused by substandard workmanship and faulty installation of electrical, plumbing, and HVAC systems.
defects
After closing, a buyer discovers a defect not previously known. How soon do they have to act on the home warranty?
6 months,
via written notice to the contractor responsible
A new home warranty will transfer to subsequent owners
True
A new home warranty that covers defects in materials and workmanship, lasts for how long?
1 Year
The new home warranty that covers defects in plumbing, heating, electrical, cooling and ventilation systems, last for how long?
2 Years
In a new home warranty, how long is the coverage for major structural defects?
10 Years
A new home warranty includes coverage for major structural damage.
False - Defects not Damages are covered
How soon must a contractor inspect a home, after receiving written notice of a defect, covered in the home warranty?
30 Days
The contractor has inspected the defect covered in a home warranty. When will he need to do the repair?
within 15 days of completing the inspection.
The borrower is the __________.
mortgagor
The lender is the __________.
mortgagee
A land contract or installment land contract is also know as a __________.
Contract for Deed
What is the remedy a lender uses to cancel a mortgage in default?
Foreclose
The statute of limitations for filing a complaint of discrimination is how long?
1 Year
In Contract for Deed the buyer has legal title
True
What is the remedy a seller uses for default in a Contract for Deed?
Terminate
What is it called when a seller finances the buyer’s purchase and the buyer makes installment payments to the seller, and receives deed upon final payment?
Contract for Deed
In a Contract for Deed the seller is called the __________.
vendor
In a Contract for Deed the buyer is called __________.
Vendee
In a Contract for Deed financing arrangement, the buyer gets the deed at closing.
False - The Buyer has equitable title but does not receive the deed until the final payment is made
Who holds equitable title in a Contract for Deed financing arrangement?
Buyer
In a Contract for Deed a seller terminates to regain equitable title.
True
What are the 3 methods of foreclosure in Minnesota?
1) Judicial/legal action,
2) Foreclosure by advertisement,
3) Strict foreclosure
What is the Latin term for written notice that a lawsuit has been filed?
Lis Pendens
What gives the lender the right to foreclose without going to court?
Power of Sale Clause in mortgage
Foreclosure by advertisement requires published notice for
__________ consecutive weeks; and
__________ weeks prior personal delivery notice to borrower
6,
4
What is it called when the court orders a direct transfer of property from mortgagor to mortgagee, without public auction?
Strict Foreclosure
Minnesota allows strict foreclosure in residential transactions
False
What are the steps to foreclosure?
Step 1 - Equitable redemption - cure default and stop foreclosure,
Step 2 - Sheriff’s foreclosure sale,
Step 3 - Statutory redemption period
How long is the typical statutory redemption period in Minnesota?
6 Months
If more than 1/3 of the loan has been paid off, how long is the redemption period?
12 Months
If a property has _________ acres used for agriculture, the redemption period is 12 month.
10 or More Months
If a property has more than 40 acres, what is the redemption period?
12 Months
What is the redemption period for property that qualifies as abandoned?
5 Weeks
How can you tell if a property qualifies as abandoned?
•broken windows,
•doors broken off hinges,
•gas, electric or water service terminated,
•garbage and sanitary problems,
•2 or more police reports of trespassing,
•the premises are below minimum community standards for
public safety and sanitation
In a foreclosure, who gets the excess sale proceeds?
Mortgagor
Insufficient sale proceeds are a result of a foreclosure sale where the lender does not recover all of the money that was borrowed. This may result in a __________ against the mortgagor
deficiency judgment
The holder of the sheriff’s certificate can inspect the property, secure it if necessary, hire a management company and immediately remove tenant’s abandoned property.
False,
*they cannot remove the tenant’s personal property - they are required to store it
How long must abandoned personal property by a tenant be stored?
28 Days
How long must abandoned personal property by a tenant be stored?
14 Days
Written lease is required for any lease exceeding __________.
12 Months
Written lease is required for apartment buildings with __________.
12 or more units
After a tenant has moved out, a security deposit must be returned within __________.
3 weeks/21 days
All or part of the security deposit may be retained by the landlord if no new address is given, if money is owed, or if there is damage to the property.
True,
*A landlord must provide a statement explaining why all/some of the deposit is retained.
A renter moved out and the carpet is worn in the traffic pattern so part of the security deposit can be retained for damages.
False,
*this is normal wear and tear and does not qualify
A renter qualifies for a full refund for their security deposit of $500 which was paid. How much do they get back if they lived there for over a year?
$500 plus $5.00
because interest accrues at 1% starting the 1st of the month after the landlord receives the money.
Landlord entry notice is required except when:
- there is an emergency,
- determining tenant safety,
- complying with law enforcement
