state numbers

Question 1

what chapter is the mn licensing law act?

Answer 1

Chapter 82

Question 2

How much notice for the comissioner for license infractions, closing trust account, moving ect.

Answer 2

10 days

Question 3

How long do you need to maintain a trust account?

Answer 3

6 years

Question 4

How much expense reimbursement may an licensee recieve?

Answer 4

100%

Question 5

Override may not exceed how many months unless sale of a business then it is up to…

Answer 5

6 months 2 years

Question 6

Brokers must give a proctective list within how many hours of expiration?

Answer 6

72 hours

Question 7

No license is needed when you sell how many houses or if you are a construction for resale it is…

Answer 7

4 or fewer properties in one year or
25 or fewer properties in one year

Question 8

to apply to a broker you need to be a licensee for how long?

Answer 8

3 of the last 5 years

Question 9

Temporary broker permit in case a broker dies or incapacitated is given to a qualified salesperson for how many days?

Answer 9

45

Question 10

Licenses expiration is

Answer 10

24 month period

Question 11

what date does a license expire?
When is it to renew?

Answer 11

June 30th
June 15th
must be within 2 years

Question 12

how much continue education?

Answer 12

30 hours for first license activation to second june 30th
30 hours every 2 years and 15 hours have to be done in the first year

Question 13

required education for residential agents

Answer 13

one hour agency and one hour fair housing every 2 years\
3.75 or 7.5 hour module of commissioner determined contact annually

Question 14

commercial loan brokers must be a

Answer 14

licensed real estate broker

Question 15

where do fees get deposited and within how many hours after receipt?

Answer 15

escrow account within 48 hours

Question 16

how long does a client have to cancel contract for loan services?

Answer 16

3 business days

Question 17

REERRF (real estate education, research and recover fund)
maximums

Answer 17

150,000 per transaction
250,000 per licensee regardless of how many claims

Question 18

remedies against a licensee

Answer 18

suspension of license
repay twice the amount + 12 percent interest + $40,000 bond
\

Question 19

How long does an application work for recoverfund?

Answer 19

within one year after final judgement against licensee

Question 20

Subdivided lands act says

Answer 20

buyer has a 5 day right to rescind a copy of the signed purchase agreement

Question 21

When are property taxes due?

Answer 21

May 15 and October 15

Question 22

CIC has how many days of recession after receiving association documents?

Answer 22

10 days

Question 23

conversion requires how many days notice to vacate?

Answer 23

120

Question 24

CIC an occupant has how many days to purchase unit after receipt of notice of selling

Answer 24

60 days

Question 25

Statue of Frauds for a landlord requires what?

Answer 25

a written lease for apartments buildings within 12 or more units-any length all leases over 12 months on any property type

Question 26

Automatic renewal clause for a landlord means they must

Answer 26

remind the tenant 15-30 days before lease renewal notice date

Question 27

Damage deposit return in landlord-tenant act must be returned by when?

Answer 27

three weeks 21 days

Question 28

damage deposit return must include what?

Answer 28

a 1% simple interest from first month landlord received the deposit

Question 29

a damage deposit cannot be witheld because of

Answer 29

normal wear and tear

Question 30

how long must a landlord give notice to dispose of abandoned property?

Answer 30

14 days

Question 31

When can the landlord sell or dispose of the abandoned property?

Answer 31

after 28 days

Question 32

tenants vacating the premises in winter which is when to when must give how much notice?

Answer 32

November 15 to April 15 must give 3 days notice

Question 33

State Deed Tax

Answer 33

paid by the seller on net sales price (sale price-assumed mortgage=net sales price) .33% or $3.30 per thousand

Question 34

Mortgage registry tax

Answer 34

paid by the mortgagor or borrower .23% or $2.30 per thousand of the new mortgage

Question 35

Statutary new home warranty law

Answer 35

takes effect at first legal occupancy and covers structural defects not structural damage

Question 36

what is the statutory new home waranty law coverage

Answer 36

1 year materials and workmanship 2 years plumbing, electrical, heating, ventilation and cooling systems 10 years major structural defects

Question 37

How soon should the homeowner notify the builder of any discovered defects?

Answer 37

6 months

Question 38

how soon should a homeowner bring legal action to a builder?

Answer 38

within 2 years of notice

Question 39

Minnesota human rights act include what

Answer 39

FReSH CoRN and MSP minnesota protected classifications

Question 40

Seller is liable for how many years after closing for failure to disclose known material facts?

Answer 40

2 years after closing

Question 41

All wells and septic even capped and closed wells and systems must be disclosed. A seller is liable for inaccurate well disclosure for how many years and for septic disclosure for how many?

Answer 41

6 years well and two years septic

Question 42

Sellers with an existing septic system certification of compliance is valid for?

Answer 42

3 years

Question 43

seller with a new septic system certification of compliance is valid for?

Answer 43

5 years

Question 44

existence of above ground and undergroudn storage tanks must disclose

Answer 44

if there are leaking exemptions for commercial not residential motor fuel tanks 1,100 gallons or less heating oil tanks 1,100 or less MUST COMPLY WITH PCA

Question 45

How many days notice before installation or removal of storage tank must be given to PCA?

Answer 45

10 days

Question 46

Within how many days after installation or removal must the owner fill out required PCA forms?

Answer 46

30 days

Question 47

Foreclosure by advertisement means no lawsuit necessary what is used to foreclose?

Answer 47

a unit owners association assessment lien mortgage that contains a POWER OF SALE clause

Question 48

Foreclosure required notice is

Answer 48

6 consecutive weeks prior published notice 4 weeks prior personal delivery of notice to borrower

Question 49

Statutory redemtption period is

Answer 49

the morgagors right to redeem after foreclosure sale

Question 50

mortgagor my redeem by paying what?

Answer 50

foreclosure sale price

Question 51

What is the time period for statutory redemtion?

Answer 51

5 weeks if property is abandoned 6 months for most properties 12 months if: -mortgage is 1/3rd paid off -has more than 40 acres or 10 acres of agricultural use 5weeks or 6 months redemption with no deficiency judgements 12 month redemption period or judicial foreclosure lender may file for deficiency judgement

Question 52

What is a contract for deed?

Answer 52

if you default you can terminate 30 day notice of default 60 day equitable redemption buyer must record CD within 4 months 2% penalty for failure to record

Question 53

Mechanics or construction lien

Answer 53

architects, engineers, surveyors, material suppliers and contractors lien rights attach as soon as labor, skill or materials are furnished

Question 54

Time Requirements for mechanics or construction liens

Answer 54

10-10-45-120 10 days from verbal agreement to deliver written lien notice must be hand delivered or certified mail 10 days to respond to subcontractors request for owner information 45 subcontractors give lien norice from starting work 120 lien must be recoreded within this time period after completion of the project

Question 55

Homestead status

Answer 55

protects homeowners from the forced sale of the PRIMARY RESIDENCE by unpaid creditors holding judgement must not exceed 160 acres

Question 56

homestead status limits on value

Answer 56

390,000 for homestead properties (most) $975,000 for agricultural homesteads

Question 57

homestead tax status requirements

Answer 57

must own and occupy by December 1 and file by December 15 to receive full credit for the following year.