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State exam > state numbers > Flashcards

state numbers Flashcards

1
Q

what chapter is the mn licensing law act?

A

Chapter 82

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2
Q

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

A

10 days

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3
Q

How long do you need to maintain a trust account?

A

6 years

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4
Q

How much expense reimbursement may an licensee recieve?

A

100%

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5
Q

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

A

6 months 2 years

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6
Q

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

A

72 hours

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7
Q

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

A

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

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8
Q

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

A

3 of the last 5 years

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9
Q

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

A

45

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10
Q

Licenses expiration is

A

24 month period

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11
Q

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

A

June 30th
June 15th
must be within 2 years

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12
Q

how much continue education?

A

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

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13
Q

required education for residential agents

A

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

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14
Q

commercial loan brokers must be a

A

licensed real estate broker

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15
Q

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

A

escrow account within 48 hours

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16
Q

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

A

3 business days

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17
Q

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

A

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

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18
Q

remedies against a licensee

A

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

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19
Q

How long does an application work for recoverfund?

A

within one year after final judgement against licensee

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20
Q

Subdivided lands act says

A

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

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21
Q

When are property taxes due?

A

May 15 and October 15

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22
Q

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

A

10 days

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23
Q

conversion requires how many days notice to vacate?

A

120

24
Q

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

A

60 days

25
Q

Statue of Frauds for a landlord requires what?

A

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

26
Q

Automatic renewal clause for a landlord means they must

A

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

27
Q

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

A

three weeks 21 days

28
Q

damage deposit return must include what?

A

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

29
Q

a damage deposit cannot be witheld because of

A

normal wear and tear

30
Q

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

A

14 days

31
Q

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

A

after 28 days

32
Q

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

A

November 15 to April 15 must give 3 days notice

33
Q

State Deed Tax

A

paid by the seller on net sales price (sale price-assumed mortgage=net sales price)

.33% or $3.30 per thousand

34
Q

Mortgage registry tax

A

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

35
Q

Statutary new home warranty law

A

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

36
Q

what is the statutory new home waranty law coverage

A

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

37
Q

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

A

6 months

38
Q

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

A

within 2 years of notice

39
Q

Minnesota human rights act include what

A

FReSH CoRN
and MSP minnesota protected classifications

40
Q

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

A

2 years after closing

41
Q

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?

A

6 years well and two years septic

42
Q

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

A

3 years

43
Q

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

A

5 years

44
Q

existence of above ground and undergroudn storage tanks must disclose

A

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

45
Q

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

A

10 days

46
Q

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

A

30 days

47
Q

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

A

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

48
Q

Foreclosure required notice is

A

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

49
Q

Statutory redemtption period is

A

the morgagors right to redeem after foreclosure sale

50
Q

mortgagor my redeem by paying what?

A

foreclosure sale price

51
Q

What is the time period for statutory redemtion?

A

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

52
Q

What is a contract for deed?

A

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

53
Q

Mechanics or construction lien

A

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

54
Q

Time Requirements for mechanics or construction liens

A

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

55
Q

Homestead status

A

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

56
Q

homestead status limits on value

A

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

57
Q

homestead tax status requirements

A

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

State exam (1 decks)

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