MN Real Estate Exam
MN Real Estate ExamMN
? Verified Questions and Answers
Real Estate Exam
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1. The Minnesota statute on contracts mentions pro- C
tective lists and who may be included on them.
Which of the following individuals would be an in-
appropriate inclusion?
A. A consumer who received an advertisement
about the property and contacted the broker with
questions
B. A consumer who scheduled a showing to see the
property
C. A consumer who received an advertisement re-
lated to the property
D. A consumer who attended an open house for the
property.
2. As a Minnesota real estate licensee, in which of C
these situations would you need to provide a con-
sumer with the Agency Relationships in Real Estate
Transactions form?
A. To a prospective buyer to whom you're showing
commercial properties
B. To a prospective tenant looking to lease an apart-
ment for six months
C. To a couple considering listing their home for
sale
D. To an open house attendee who asks about the
home's square footage
3. Pria is a Minnesota real estate salesperson. She pro- D
vided services to both a buyer and seller in the same
transaction, but didn't represent either party. Which
MN Real Estate Exam ? Verified Questions and Answers
, MN Real Estate Exam
MN Real Estate ExamMN
? Verified Questions and Answers
Real Estate Exam
Study online at https://quizlet.com/_de86a1
term best defines her role?
A. Dual-agency broker
B. Limited agent
C. General agent
D. Facilitator
4. Minnesota law requires sellers to provide prospec- B
tive buyers with a written disclosure of material
facts related to the property's condition. Which of
the following requires disclosure?
A. The property is in a neighborhood containing a
community-based residential facility.
B. A homicide occurred on the property.
C. An occupant of the home is infected with HIV.
D. An accidental death occurred on the property.
5. Serena, a Minnesota broker, represents a seller D
client. A buyer made an offer on the seller's prop-
erty, which was accepted contingent upon a home
inspection. After the inspection is performed, the
buyer's agent provides a copy of the report, which
doesn't include any mention of the roof leak Ser-
ena's client told her about. What obligation does
Serena have?
A. Serena must receive written permission to dis-
close this fact to the buyer.
B. Serena doesn't need to disclose this fact be-
cause the buyer had an independent inspection per-
formed.
C. Serena owes her seller client the duty of confiden-
MN Real Estate Exam ? Verified Questions and Answers
, MN Real Estate Exam
MN Real Estate ExamMN
? Verified Questions and Answers
Real Estate Exam
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tiality and shouldn't disclose this fact to the other
buyer.
D. Serena has a duty to disclose material facts she's
aware of, including facts that contradict the inspec-
tion report.
6. Inigo is selling his house, which has a septic system. A
He's not sure it's compliant with regulations, so he's
asked his plumber friend, Westley, to take a look
and prepare an inspection report. He thinks this will
be fine. Is he right?
A. No. A certified local government inspector or li-
censed inspection company should prepare an in-
spection report.
B. Yes. Westley is a plumber, so his opinion is suffi-
cient.
C. No. It's not an issue as long as the system appears
to be in working order.
D. No. The buyers are responsible for any septic
system information.
7. Five years ago, Steven purchased a home in Min- A
nesota from Janine. To his surprise, he recently dis-
covered that there's a well on the property. The well
needs to be sealed, which will cost $1,000. Who's
liable for the cost to seal the well?
A. Janine is liable because she failed to disclose the
well, and Steven is still within the timeframe to bring
action against her.
B. Janine is liable because she had the well installed
MN Real Estate Exam ? Verified Questions and Answers
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MN Real Estate ExamMN
? Verified Questions and Answers
Real Estate Exam
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on the property.
C. Steven is liable because he's the current home-
owner.
D. Steven is liable because he failed to bring action
against Janine within the appropriate timeframe.
8. Which of the following tanks must be registered D
with the Minnesota Pollution Control Agency?
A. A septic tank on a residential property
B. A 1,000-gallon tank used for non-commercial pur-
poses to store heating oil that will be used on-site
C. A 275-gallon tank in a homeowner's basement
that's used to store heating oil
D. An above-ground, 1,000-gallon tank that's used
to store commercially used petroleum
9. Redmond owns a property in Minnesota that is the A
site of a petroleum release. The release took place
before Redmond owned the property, but Redmond
paid for the $200,000 cleanup, which took place
last year. Can Redmond seek reimbursement for his
costs?
A. Yes, as the current owner who took and paid
for corrective action, Redmond can seek reimburse-
ment.
B. Yes, as the responsible person, Redmond can
seek reimbursement.
C. No, only the responsible person can seek reim-
bursement for corrective action.
MN Real Estate Exam ? Verified Questions and Answers
MN Real Estate ExamMN
? Verified Questions and Answers
Real Estate Exam
Study online at https://quizlet.com/_de86a1
1. The Minnesota statute on contracts mentions pro- C
tective lists and who may be included on them.
Which of the following individuals would be an in-
appropriate inclusion?
A. A consumer who received an advertisement
about the property and contacted the broker with
questions
B. A consumer who scheduled a showing to see the
property
C. A consumer who received an advertisement re-
lated to the property
D. A consumer who attended an open house for the
property.
2. As a Minnesota real estate licensee, in which of C
these situations would you need to provide a con-
sumer with the Agency Relationships in Real Estate
Transactions form?
A. To a prospective buyer to whom you're showing
commercial properties
B. To a prospective tenant looking to lease an apart-
ment for six months
C. To a couple considering listing their home for
sale
D. To an open house attendee who asks about the
home's square footage
3. Pria is a Minnesota real estate salesperson. She pro- D
vided services to both a buyer and seller in the same
transaction, but didn't represent either party. Which
MN Real Estate Exam ? Verified Questions and Answers
, MN Real Estate Exam
MN Real Estate ExamMN
? Verified Questions and Answers
Real Estate Exam
Study online at https://quizlet.com/_de86a1
term best defines her role?
A. Dual-agency broker
B. Limited agent
C. General agent
D. Facilitator
4. Minnesota law requires sellers to provide prospec- B
tive buyers with a written disclosure of material
facts related to the property's condition. Which of
the following requires disclosure?
A. The property is in a neighborhood containing a
community-based residential facility.
B. A homicide occurred on the property.
C. An occupant of the home is infected with HIV.
D. An accidental death occurred on the property.
5. Serena, a Minnesota broker, represents a seller D
client. A buyer made an offer on the seller's prop-
erty, which was accepted contingent upon a home
inspection. After the inspection is performed, the
buyer's agent provides a copy of the report, which
doesn't include any mention of the roof leak Ser-
ena's client told her about. What obligation does
Serena have?
A. Serena must receive written permission to dis-
close this fact to the buyer.
B. Serena doesn't need to disclose this fact be-
cause the buyer had an independent inspection per-
formed.
C. Serena owes her seller client the duty of confiden-
MN Real Estate Exam ? Verified Questions and Answers
, MN Real Estate Exam
MN Real Estate ExamMN
? Verified Questions and Answers
Real Estate Exam
Study online at https://quizlet.com/_de86a1
tiality and shouldn't disclose this fact to the other
buyer.
D. Serena has a duty to disclose material facts she's
aware of, including facts that contradict the inspec-
tion report.
6. Inigo is selling his house, which has a septic system. A
He's not sure it's compliant with regulations, so he's
asked his plumber friend, Westley, to take a look
and prepare an inspection report. He thinks this will
be fine. Is he right?
A. No. A certified local government inspector or li-
censed inspection company should prepare an in-
spection report.
B. Yes. Westley is a plumber, so his opinion is suffi-
cient.
C. No. It's not an issue as long as the system appears
to be in working order.
D. No. The buyers are responsible for any septic
system information.
7. Five years ago, Steven purchased a home in Min- A
nesota from Janine. To his surprise, he recently dis-
covered that there's a well on the property. The well
needs to be sealed, which will cost $1,000. Who's
liable for the cost to seal the well?
A. Janine is liable because she failed to disclose the
well, and Steven is still within the timeframe to bring
action against her.
B. Janine is liable because she had the well installed
MN Real Estate Exam ? Verified Questions and Answers
, MN Real Estate Exam
MN Real Estate ExamMN
? Verified Questions and Answers
Real Estate Exam
Study online at https://quizlet.com/_de86a1
on the property.
C. Steven is liable because he's the current home-
owner.
D. Steven is liable because he failed to bring action
against Janine within the appropriate timeframe.
8. Which of the following tanks must be registered D
with the Minnesota Pollution Control Agency?
A. A septic tank on a residential property
B. A 1,000-gallon tank used for non-commercial pur-
poses to store heating oil that will be used on-site
C. A 275-gallon tank in a homeowner's basement
that's used to store heating oil
D. An above-ground, 1,000-gallon tank that's used
to store commercially used petroleum
9. Redmond owns a property in Minnesota that is the A
site of a petroleum release. The release took place
before Redmond owned the property, but Redmond
paid for the $200,000 cleanup, which took place
last year. Can Redmond seek reimbursement for his
costs?
A. Yes, as the current owner who took and paid
for corrective action, Redmond can seek reimburse-
ment.
B. Yes, as the responsible person, Redmond can
seek reimbursement.
C. No, only the responsible person can seek reim-
bursement for corrective action.
MN Real Estate Exam ? Verified Questions and Answers
