Free Minnesota Real Estate Practice Exam Questions (October 2024) 40+

At the first substantive contact. “A real estate broker or salesperson shall provide to a consumer in the sale and purchase of a residential real property transaction at the first substantive contact with the consumer an agency disclosure form in substantially the form set forth in subdivision 3.” Per Minnesota Statute 82.67 Subdivision 1.

The fund is primarily funded by licensees or agents. “Each real estate broker, real estate salesperson, and real estate closing agent entitled under this chapter to renew a license shall pay in addition to the appropriate renewal fee a further fee of $20 per licensing period, which shall be credited to the real estate education, research, and recovery fund. Any person who receives an initial license shall pay, in addition to all other fees payable, a fee of $30.” Per Minnesota Statutes, Real Estate Brokers and Salespersons 82.86.

“Every contract for the leasing for a longer period than one year or for the sale of any lands, or any interest in lands, shall be void unless the contract, or some note or memorandum thereof, expressing the consideration, is in writing and subscribed by the party by whom the lease or sale is to be made, or by the party's lawful agent thereunto authorized in writing; and no such contract, when made by an agent, shall be entitled to record unless the authority of such agent be also recorded.” Per Minnesota Statute 513.05.

Creed is protected by the state. Minnesota fair housing laws protect against discrimination on creed, sex, marital status, public assistance, sexual orientation, and gender identity. Per Minnesota Department of Human Rights. The Federal Fair Housing Act only covers Color, Disability, Familial status, Gender, National Origin, Race, and Religion.

Generally speaking, everyone must comply. There are some specific exemptions with Fair Housing Housing, but the law applies to everyone: owners, managers, salespersons, brokers, builders, appraisers, rental agents, and more.

Five days. “A prospective purchaser may cancel a purchase agreement within five business days after actually receiving the notice required under subdivision 1 if a multiple sellers fails to timely deliver the notice, provided that the contract for deed has not been executed by all parties.” Per Minnesota Statute 559.202 Subd. 4.

None of the acts. She cannot list or sell homes anywhere in Maine. She also cannot host any open houses unless she is actively licensed.

“The court may impose a further civil penalty against the person for contempt in an amount up to $10,000 for each violation and may grant any other relief the court determines is just and proper in the circumstances.” Per Minnesota Statute 45.027 Subd. 7.

The statute of frauds refers to the requirement that certain kinds of contracts be in writing and signed. Every state, including Minnesota, has a statute that requires certain types of contracts to be in writing and signed by the party to be charged. The most common requirements are for contracts that involve the sale or transfer of land and contracts that cannot be completed within one year.

Weight is not covered. Minnesota fair housing laws protect against discrimination on race, color, creed, religion, national origin, sex, marital status, disability, public assistance, sexual orientation, gender identity, or familial status. Per Minnesota Department of Human Rights.

Each real estate broker, real estate salesperson, and real estate closing agent in Minnesota
“Each real estate broker, real estate salesperson, and real estate closing agent entitled under this chapter to renew a license shall pay in addition to the appropriate renewal fee a further fee of $20 per licensing period, which shall be credited to the real estate education, research, and recovery fund. Any person who receives an initial license shall pay, in addition to all other fees payable, a fee of $30.” Per Minnesota Statutes, Real Estate Brokers and Salespersons 82.43.

“When a salesperson terminates activity on behalf of a broker, the salesperson's license shall be ineffective. Within ten days of the termination, the broker shall notify the commissioner in the form prescribed by the commissioner.” Per Minnesota Statutes, Real Estate Brokers and Salespersons 82.63.

15 hours must be completed each licensing year for a total of 30 hours for each license renewal. So 15 a year, 30 every two years. Per Minnesota Department of Commerce.

“In general, real estate salespersons must complete 30 hours of real estate continuing education before their June 30 license renewal deadline, and at least 15 of those hours must be completed before the previous June 30.” 15 hours must be completed each licensing year for a total of 30 hours for each license renewal. Per Minnesota Department of Commerce.

It is Minnesota state law that brokers must retain copies of purchase contracts for 6 years. So in our case, Tina must hang on to the contract for 6 years.

Commingling is when a licensee mixes funds held in care for a client with their own funds.

“When a broker does not intend to renew the license of an eligible salesperson who is associated with
the broker, the broker must notify the salesperson in writing 30 days before June 15 of the renewal year.” Per Minnesota Statutes, Real Estate Brokers and Salespersons 82.62.

Six years. “A licensed real estate broker shall retain for six years copies of all listings, buyer representation, and facilitator services contracts, deposit receipts, purchase money contracts, canceled checks, trust account records, and such other documents as may reasonably be related to carrying on a real estate brokerage business.” Per Minnesota Statutes, Real Estate Brokers and Salespersons 82.72.

“If a hearing is requested by the licensee or applicant pursuant to item (ii): (A) the commissioner shall, within 15 days of receiving the request, set the date and time for the hearing and notify the licensee or applicant of those facts; and (B) the commissioner may modify, vacate, or extend the order, until the commissioner issues a final order under paragraph (a).” Per Minnesota Statute 45.027 Subd. 7.

“Every application for a broker's examination shall be accompanied by proof that the applicant has had a minimum of three years of actual experience within the previous five-year period prior to application as a licensed real estate salesperson in this or in another state having comparable requirements.” Per Minnesota Statutes, Real Estate Brokers and Salespersons 82.59.

“Licensees shall not seek to enforce an override clause unless a protective list has been furnished to the buyer within 72 hours after the expiration of the buyer's broker agreement.” Per Minnesota Statutes, Real Estate Brokers and Salespersons 82.66.

“The licensee shall notify the commissioner in writing or in the format prescribed by the commissioner within ten days of the facts in subdivisions 3 to 5.” Subd. 5. Criminal offense includes felonies. Per
Minnesota Statutes, Real Estate Brokers and Salespersons 82.65.

Sexual Orientation is protected by the state. Minnesota fair housing laws protect against discrimination on creed, sex, marital status, public assistance, sexual orientation, and gender identity. Per Minnesota Department of Human Rights. The Federal Fair Housing Act only covers Color, Disability, Familial status, Gender, National Origin, Race, and Religion.

Every year. 15 hours must be completed each licensing year for a total of 30 hours for each license renewal (two years). Per Minnesota Statutes, Real Estate Brokers and Salespersons 82.62.

Generally speaking, no. Mixing client's funds with personal funds is always a bad idea. “A broker, salesperson, or closing agent shall deposit only trust funds in a trust account and shall not commingle personal funds or other funds in a trust account, except that a broker, salesperson, or closing agent may deposit and maintain a sum in a trust account from personal funds, which sum shall be specifically identified and used to pay service charges or satisfy the minimum balance requirements relating to the trust account.” Per Minnesota Statutes, Real Estate Brokers and Salespersons 82.75.

Intermediary theory states function where the borrower retains the title however, the lender can take back the title if the borrower defaults on the loan (without judicial proceedings). Minnesota practices intermediary theory.

The Minnesota Real Estate Education, Research, and Recovery Fund offers a maximum $250,000 to cover any and all claims against the same licensee (regardless of how many of those claims there are or for how much), and of that amount, a maximum exists of $150,000 per single claimant.

“A buyer's broker agreement may contain an override clause of up to two years in length when used in conjunction with the purchase or sale of a business. The length of the override clause must be negotiable between the licensee and the buyer of the business.” Per Minnesota Statutes, Real Estate Brokers and Salespersons 82.66.

Each candidate must complete 30 hours of pre-licensing education to become eligible to become a licensed broker in Minnesota. Per Minnesota Department of Commerce.

Gender Identity is protected by the state. Minnesota fair housing laws protect against discrimination on creed, sex, marital status, public assistance, sexual orientation, and gender identity. Per Minnesota Department of Human Rights. The Federal Fair Housing Act only covers Color, Disability, Familial status, Gender, National Origin, Race, and Religion.

“The licensee shall notify the commissioner in writing or in the format prescribed by the commissioner within ten days of the facts in subdivisions 3 to 5.” Subd. 3. Includes named defendant is alleged of fraud or misrepresentation. Per Minnesota Statutes, Real Estate Brokers and Salespersons 82.65.

Each candidate must complete 90 hours of pre-licensing education to become eligible to take the license exam and become a licensed salesperson in Minnesota. “There are three courses that you must successfully complete before you apply for a real estate salesperson license, known as "Course I," "Course II," and "Course III." Each course consists of 30 hours of instruction.” Per Minnesota Department of Commerce.

“No applicant shall be eligible to take any examination if a license as a real estate broker or salesperson has been revoked in this or any other state within two years of the date of the application.” Per Minnesota Statutes, Real Estate Brokers and Salespersons 82.59.

“In general, real estate brokers must complete 30 hours of real estate continuing education before their June 30 license renewal deadline, and at least 15 of those hours must be completed before the previous June 30.” 15 hours must be completed each licensing year for a total of 30 hours for each license renewal. Per Minnesota Department of Commerce.

Credit is not covered. Minnesota fair housing laws protect against discrimination on race, color, creed, religion, national origin, sex, marital status, disability, public assistance, sexual orientation, gender identity, or familial status. Per Minnesota Department of Human Rights.

“A revocation of a license prohibits the licensee from making a new application for a license for at least two years from the effective date of the revocation. The commissioner may, as a condition of reapplication, require the applicant to obtain a bond or comply with additional reasonable conditions of licensure the commissioner considers necessary to protect the public.” Per Minnesota Statute 45.027 Subd. 12.

“A salesperson's or broker's license that has been canceled for failure of a licensee to complete postlicensing education requirements shall be reinstated without reexamination by completing the required instruction, submitting an application, and paying the fee for a salesperson's or broker's license within two years of the cancellation date.” Per Minnesota Statutes, Real Estate Brokers and Salespersons 82.62.

Minnesota real estate law allows dual agency only with the written consent of the principal given after receiving full disclosure by the agent.

None, all agents and brokers are required to complete required continuing education.

Before the negotiation or consummation of any transaction. “A licensee shall affirmatively disclose, before the negotiation or consummation of any transaction, the licensed name of the brokerage under whom the licensee is authorized to conduct business according to this section.” Per Minnesota Statute 82.68 Subdivision 1.