Minnesota Real Estate
Final Exam Questions
And Correct Answers
(Verified Answers)
Plus Rationales
2025/2026 Q&A |
Instant Download Pdf
1. Which entity regulates real estate licensing in Minnesota?
A. Minnesota Housing Finance Agency
B. Minnesota Department of Commerce
C. Minnesota Realtors Association
D. Federal Housing Authority
2. A Minnesota real estate license is issued for how long
before renewal?
A. 1 year
B. 2 years
,C. 3 years
D. 4 years
3. Which of the following BEST describes an agency
relationship?
A. A buyer owns the property
B. A fiduciary relationship between broker and client
C. A contract between buyers only
D. A lease agreement
4. Minnesota requires licensees to complete continuing
education every:
A. 6 months
B. 1 year
C. 2 years
D. 4 years
5. Which law protects against discrimination in housing?
A. Sherman Act
B. Fair Credit Reporting Act
C. Fair Housing Act
D. Truth in Lending Act
6. A listing agreement is BEST described as:
A. A lease contract
B. A contract between broker and seller
C. A contract between buyers
D. A mortgage document
7. Which of the following is NOT a fiduciary duty?
, A. Loyalty
B. Obedience
C. Disclosure
D. Profit maximization
8. A broker in Minnesota must deposit client funds into a:
A. Personal account
B. Trust account
C. Savings account
D. Investment account
9. Which type of ownership involves two or more owners
with equal rights and survivorship?
A. Tenancy in common
B. Joint tenancy
C. Fee simple
D. Life estate
10. What is a “fixture”?
A. Personal property
B. Movable item
C. Item attached to real property
D. Lease agreement
11. Which document transfers ownership of real estate?
A. Mortgage
B. Deed
C. Listing agreement
D. Survey
Final Exam Questions
And Correct Answers
(Verified Answers)
Plus Rationales
2025/2026 Q&A |
Instant Download Pdf
1. Which entity regulates real estate licensing in Minnesota?
A. Minnesota Housing Finance Agency
B. Minnesota Department of Commerce
C. Minnesota Realtors Association
D. Federal Housing Authority
2. A Minnesota real estate license is issued for how long
before renewal?
A. 1 year
B. 2 years
,C. 3 years
D. 4 years
3. Which of the following BEST describes an agency
relationship?
A. A buyer owns the property
B. A fiduciary relationship between broker and client
C. A contract between buyers only
D. A lease agreement
4. Minnesota requires licensees to complete continuing
education every:
A. 6 months
B. 1 year
C. 2 years
D. 4 years
5. Which law protects against discrimination in housing?
A. Sherman Act
B. Fair Credit Reporting Act
C. Fair Housing Act
D. Truth in Lending Act
6. A listing agreement is BEST described as:
A. A lease contract
B. A contract between broker and seller
C. A contract between buyers
D. A mortgage document
7. Which of the following is NOT a fiduciary duty?
, A. Loyalty
B. Obedience
C. Disclosure
D. Profit maximization
8. A broker in Minnesota must deposit client funds into a:
A. Personal account
B. Trust account
C. Savings account
D. Investment account
9. Which type of ownership involves two or more owners
with equal rights and survivorship?
A. Tenancy in common
B. Joint tenancy
C. Fee simple
D. Life estate
10. What is a “fixture”?
A. Personal property
B. Movable item
C. Item attached to real property
D. Lease agreement
11. Which document transfers ownership of real estate?
A. Mortgage
B. Deed
C. Listing agreement
D. Survey
