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Terms in this set (120)Johnstone's Realty is a new discount, menu-based brokerage firm. Its approach usually results in a lower listing commission rate than other firms offer. Johnstone's also offers a lower cooperating brokerage split than most other firms. Business is booming for Johnstone, and the remaining firms in town are concerned. These brokers agree to not show Johnstone's listings to their buyer clients. What is this an example of? Group boycotting Bartholomew was a practicing real estate licensee in Minnesota, but spent some time dabbling in other careers for a few years before deciding to get back into real estate. He's studying to take the licensing examination again. Which of the following is most likely true? It's been at least two years since Bartholomew's last renewal dealine The Department of Commerce Licensing Unit administers which of the following? Renewal applications What's NOT true of an easement appurtenant? It's a permanent right that runs with the land Tim and Tina Wells bought a home with absolutely beautiful perennial gardens in the back. The plantings were designed to bring birds, bees, and butterflies and to provide color for most of the year. When they did the final walkthrough, they were dismayed to see that many of the shrubs and flowering plants had been removed. They expected these plantings to be considered part of the real property because of the ________. Method of annexation Which of the following would be a description used for real property? in-ground Which of the following involves street specifications, lot size, single- or multi-family dwellings, utilities provided and easements, how far houses must be set back from property lines, and drainage requirements? Subdivision regulations Elizabeth's property is encumbered by an easement in gross with which of these entities? The utility company that needs to access the power line that crosses a corner of elizabeth's land Lisa is holding an open house for her client, Tim. Several couples stop by. Aarthi and Ram don't interact with Lisa at all. Gina and Reggie talk with Lisa about the property; they're not working with another licensee. Marcus and Marvin stop by and talk with Lisa about the property; they're working with another licensee. Which parties are considered only consumers at this point? Aarthi and Ram In which of these situations would a listing be most likely to terminate due to listing agreement expiration? A market with high inventory and low demand The Best of Times Realty signs a listing agreement with Frank Smith on Monday morning. That night, Frank's property is vandalized with graffiti. Which client duty releases the broker of all liability with regard to the damage that was done to the property? Indemnification Which of these is NOT an example of a trust fund as defined in the Minnesota statute? Licensee commission What are improvements with regard to property? Artificial attachments to land that include such as fencing, buildings, and walkways Jill needs to pay the web developer who created a new website for her brokerage, but her checking account is low, so she floats herself a loan from earnest money kept in the brokerage's escrow account to pay the developer. Which answer correctly identifies the violation(s) Jill has committed? Commingling and conversion As a court-appointed guardian, Marion serves as which type of agent? Universal Candace and Phil Tolson listed their home for sale with Trent Richards, the broker for Richards Homes. Sadly, Trent became incapacitated due to a car accident. What's the status of the listing agreement? The agreement terminates by operation of law. Elvin owns 150 acres of prime hunting land. Every year, he gets requests from private groups that would like to use his land for a day or two during hunting season. He sometimes grants these requests, but this year, he's decided to only use it himself with his friends. Which right in the bundle of rights says that he can say no to these requests? Exclusion A part of your property is used by the local utility company to maintain its power lines. What's this an example of? Easement Danielle's friend, Joanna, is an agent. Danielle is considering listing her property and shares the details with Joanna. Joanna creates an MLS listing and places a sign in Danielle's yard. Danielle knows that Joanna will do a good job, so even though she hadn't actually agreed to let Joanna list the property, she permits her to start scheduling showings. Which of these is an example of ratification? Danielle knows Joanna will do a good job, so she permits Joanna to start scheduling showings. In what state agency or department is Minnesota's Licensing Unit situated? Department of Commerce Which of these is the best example of an estate from period to period? After Morgan's one-year lease expired, he continued to lease the property with no defined end date. When a licensee represents a seller, which one of the following statements is true about the licensee's ability to list other properties that are for sale? The licensee is permitted to list other properties for sale, even if they're competing properties. Which of these is an example of conversion of funds? Monica used funds from the firm's trust account to pay her firm's rent. Louise has been a licensed salesperson in Minnesota for several years. Which statement best describes her license renewal requirements? She must complete 30 hours of continuing education in approved courses every 24-month period. Wayne is a real estate salesperson in Minnesota. He notified his broker that he no longer wishes to be associated with her, she then notified the commission in writing within 10 days. Which of these is NOT an option for Wayne? Continue practicing real estate while finding a new broker to associate with. If your real estate investment is considered a security, what must you do? Register it as a security ______ is the form of ownership used by married couples in certain states. It includes automatic survivorship rights. Tenancy by the entirety What are the four types of government power? Taxation, eminent domain, escheat, and police power If you sell mineral rights to your land, which easement type describes the assumption that you'll grant the company access to your land, allowing it to bring in equipment and excavate the minerals? Implied easement
According to the DOJ, an agreement to establish or adhere to uniform price discounts is a type of which antitrust violation? Price fixing Jeung gave her agent an earnest money check, and the seller accepted Jeung's offer. What will happen to the check now? An escrow agent will hold the funds in a trust account until the agreement's terms are satisfied. When a Minnesota salesperson transfers or terminates a license with the primary broker, what action must the broker take? Notify the commissioner within 10 days Jerry is holding an open house for a property he's listing. He speaks to several visitors, but none of them discuss making an offer. What are these visitors called? Customers Which of the following describes a subdivision plat? A record in the county clerk's office that can serve as the legal description on a deed Which of the following is an example of commingling? Cynthia deposited her client's earnest money check into the firm's operating account. Which of the following describes a homestead in Minnesota? The house owned and occupied by a debtor as the debtor's dwelling place, and the land upon which it is situated Minnesota law requires sellers to provide prospective buyers with a written disclosure of material facts related to the property's condition. Which of the following requires disclosure? A homicide occurred on the property. Kurt bought a vacant lot in a development that was 85% completed. When he started working with the builder to lay out where the house and driveway would be, they found he would need an easement because his driveway would spill over onto the adjacent lot by a few feet. Kurt owns the _______ estate or tenement. Dominant Which of the following statements about escheat is true in Minnesota? The state has the right to exercise the power of escheat. Which of the following situations entitles Gary to commission with a 30-day protection clause? Buyers who viewed the property while listed with Gary make an accepted offer 10 days after the listing expires. Xavier deposited a $3,000 earnest money check into his personal account for safekeeping while he was on vacation. The balance in his account when he left on vacation was $4,200, and when he returned, it was $2,800. He withdrew enough funds from his savings account to cover the earnest money check and delivered the funds to the escrow agent. Which statement best represents Xavier's issue? Xavier is guilty of commingling and conversion You're accompanying your buyer client, Charlene, to an open house. She brings along her best friend, Hillary. What's your relationship to Hillary? She's not a client, customer, or third party. Which physical characteristic of land addresses the concept that while improvements may deteriorate over time, the land itself cannot be destroyed? Indestructibility Which of the following statements is true regarding community property rights and property ownership? Both partners may own other properties purchased before the marriage separately (in severalty), but any properties purchased during their marriage are owned equally. Which of these actions is allowed but avoids the licensee illegally practicing law? Filling in blanks on an association-approved purchase contract What's the experience requirement for an appraiser trainee? No experience required What is a good way to avoid the risks associated with dual agency? Refer one party to another agent. Of the fiduciary duties an agent owes to a client, which one was left out of the following string: loyalty, care, obedience, confidentiality, accounting? Disclosure Francis collected an earnest money check from her client, but didn't have an opportunity to deliver it to the escrow agent before close of business on Friday. For safekeeping, she deposited it into her personal checking account over the weekend and wrote the escrow agent a new check on Monday morning. Which of these statements is true? Francis is guilty of commingling. Piper just passed her Minnesota real estate licensing exam. When does her application need to be submitted to the commission? Within the next 12 months Monica's business is booming. She's representing an owner who's selling a $500,000 home on one side of town, and a buyer who's purchasing a $300,000 property on the other side of town. As it happens, the seller and buyer both know each other from church and have been talking to others about Monica's talents, which has brought in several new leads for her to pursue. What type of agency relationship does Monica have with the seller and buyer? She is each party's agent. Homeowner Shaun loves DIY projects and decided to build some bookshelves for his home office. He bolted the shelves to the wall and installed trim around them so they became an integral part of the room. When he sells his home, the bookshelves will be considered ______. Real property because of the method of annexation Which of the following actions is against the NAR Code of Ethics? Preparing a written agreement that falsely states a purchase price Which of the following situations is an example of a non-agency relationship? Dutton was previously a licensee. He's selling his home, and he wants Wanda, who's currently licensed, to assist him with the paperwork Which one of the following types of ownership termination allows each tenant to have a specific, divided portion (partition) of the property exclusively? Termination of co-ownership by partition Because of the topography of Elise's and Lawrence's respective yards, Elsie had to install her fence at the top of a hill, which is actually two feet over Lawrence's property line. What word or phrase best describes Elsie's fence? Encroachment In a buyer agency relationship, what relationship does the seller have to the licensee? The seller is the licensee's customer. What responsibility does the seller's agent have to the seller? Seek a sale at the best price at terms acceptable to the seller. Carla is a licensee helping her seller client, Suzan, who asks Carla to include some false information about the house in her marketing material, saying that it's Carla's duty to obey her wishes. What's the right thing for Carla to do? Refuse her client's request, since it's her ethical duty to behave honestly. Simpson is a buyer in Minnesota. He made an offer and supplied earnest money on a property on Thursday. That offer was rejected by the seller on Friday. What happens to Simpson's earnest money? It must be returned to Simpson by Monday. Marie's brokerage relationship with the Clarks has terminated. She has some paperwork she needs to send to them. When she provides this paperwork to them, what is this an example of? Accounting What's true about name and address changes of real estate licensees in Minnesota? Address changes must be made within 10 days to the Minnesota Department of Commerce. Which of these is an example of antitrust violations common to real estate? Tie-in arrangements, market allocation agreements, and group boycotting Which fiduciary duties does a finder owe? A finder doesn't owe any fiduciary duties. What type of easement is created when the government exercises its right of eminent domain? Easement by condemnation In the real estate business, which professional's primary role is to manage properties for others? Property manager Stephanie lives near a resort area in Minnesota and is interested in making a career in helping others buy and sell timeshares. What kind of license does she need to do this? She must have a real estate license. Greta is working with agent Brandon to sell some property. Nelson represents the buyer, Rigby. Of these four parties, who will pay the earnest money? Rigby Which fiduciary duty requires agents to provide their clients with quality, knowledgeable, and prudent service, and live up to the trust that is placed in them? Reasonable skill and care Elijah is working with his primary broker to complete and submit an application for a Minnesota real estate salesperson license. How many hours of pre-licensing education must Elijah complete before he can apply for licensure? 90 hours Which of the following is an example of industrial real estate? Factory Which of the following properties in Minnesota may be claimed as a homestead? Isaac owns a property that sits on 160 acres and he uses it as his primary dwelling. Under which of these circumstances might a licensee get paid after an agency agreement terminates? Rob's listing agreement with his seller client Carmine terminated. The agreement included a 30-day protection clause. Five days after the agreement terminated, Carmine sold the property to a family who had looked at the house during the listing period. Why would a code of ethics provide minimum ethical expectations? It sets a baseline for ethical standards. Which type of easement is commonly seen when land is landlocked with no access to roads? Easement by necessity Which of the following is a possible outcome if a brokerage is found guilty of violating antitrust law? The brokerage may have to undergo court-ordered supervision for up to 10 years. Agency may be legally terminated in which of the following ways? The principal broker becomes incapacitated. In the real estate business, which professional's primary role is to perform a visual inspection of a property's structure, systems, and site conditions? Home inspector The MARIA acronym helps to identify the five tests of a fixture. In MARIA, what do the two As stand for? Adaptability of item to land's use and agreement of the parties A Minnesota licensee is being investigated for a possible license law violation. The commerce commissioner has asked the licensee for certain documentation. What should the licensee do to cooperate with this investigation? Respond to commissioner requests within 30 days, unless specified otherwise. Which of these is Minnesota broker Nancy NOT required to retain for six years? Agency disclosure form with a consumer where no employment relationship was established and no services were performed An unrepresented ______ who's a party to a transaction is known as a principal. Customer You've just purchased a rural property, and the attorney at the closing tells you, "You have a dominant estate." What does that mean to you? You'll be using an easement across your neighbor Jim's property. What does "refusal to deal" mean? Not working with someone unless they agree to work with (or not work with) a specified third party Phil is a property manager, which means he serves as a ______ agent to his landlord/client. General Marin was the victim of a Minnesota real estate licensee's dishonest practices. She received a final judgment in court but hasn't been paid, despite going through all legal proceedings, reviews, and appeals. She's seeking recovery from the Real Estate Education, Research, and Recovery Fund. What's the maximum she'd be paid? $150,000 When you're involved in a transaction, lenders, appraisers, and other service providers are all ______. Third parties What happens if a real estate licensee acting as a finder performs duties beyond just introducing the buyer and seller? An agency relationship is created. The licensee can face disciplinary action if an agency is formed without proper agency disclosures. Lauren had a listing agreement with Florence, a Minnesota real estate broker. After Lauren's agreement with Florence ended, she re-listed her home with Jamal and sold the property within two months. Florence is seeking compensation from Lauren because the property sold to a buyer that showed interest when the property was listed with Florence. Which of the following could allow Florence to receive compensation? The buyer's name was on the protected list provided to Lauren two days after contract expiration. The contract included a three-month override clause. Which of the following properties would qualify for a homestead exemption through Minnesota homestead law? A primary residence on an acre lot Minnesota law outlines several practices considered fraudulent or deceptive. Which one of these represents fraud? Serving as an undisclosed principal in a transaction Sherman, who owns property in a life estate, neglects the property, significantly diminishing its value. This is called ______. An act of waste Which of the following actions can licensees take related to signs? They can place signs on an owner's property with the owner's written consent. Which of the following best describes a "person" as defined in Minnesota license law? A natural person, partnership, firm, corporation, or association, and its agents, directors, officers, and employees As a Minnesota real estate licensee, in which of these situations would you need to provide a consumer with the Agency Relationships in Real Estate Transactions form? To a couple considering listing their home for sale Billie Silva was just licensed as a broker, and she plans to hang out a shingle and go into business for herself. As a sole proprietor, which of the following business names can she NOT use? Happy Homes Realty In what way or ways do consumers compensate brokers for their services? As a flat fee, fee for service, and/or percentage of sale Which of the following facts about a property in Minnesota would a licensee need to disclose? The property is subject to an easement which could adversely and significantly affect an ordinary purchaser's use or enjoyment Property owners who live on or next to water have certain rights. An example of one of these rights includes ______. Littoral A buyer in Minnesota is making an offer on a property and handed over an expensive piece of jewelry as earnest payment. What should the licensee do? Deposit the jewelry with an authorized escrow agent. Which of the following roles is responsible for supervision of licensed salespeople in Minnesota? Primary broker Which appraiser license category requires applicants to have 3,000 hours of experience and complete 300 hours of coursework? Certified general appraiser You have a client who travels a lot and wants to feel extra safe and secure at home. Maintaining a house and yard isn't her idea of fun, and neither is fending off door-to-door solicitation. What type of homeownership would most likely fit her lifestyle? Condo Which fiduciary duty requires agents to promptly account for all moneys and property their client entrusts to them? Accounting You owe certain duties to customers, but you should not act ______. As an adviser According to the U.S. Department of Justice, which type of antitrust violation is an agreement between competitors to eliminate discounts to all customers or certain types of customers? Price fixing Avoiding antitrust violations is critical. Which of the following actions will help you avoid price fixing allegations? Establish fees independently or as a company Unauthorized practice of law and acting outside the scope of one's expertise are similar issues. Which of the following circumstances specifically relates to the unauthorized practice of law? Writing contract addenda or additional provisions that cover unfamiliar circumstances Penelope is a broker in Minnesota who supervises five associated licensees. Her license was revoked by the commission. What do her associated licensees need to do to continue practicing real estate? Transfer their licenses to a new broker. Licensed residential appraisers in Minnesota can appraise properties with which of the following limits? Complex property transactions valued at less than $250,000 Which of the following conditions will legally void a subdivision sales contract in Minnesota? The subdivision was never properly registered. How does Minnesota's Real Estate Education, Research and Recovery Fund account get funded? Fees from license applicants What's the Real Estate Education, Research and Recovery Fund fee for a Minnesota license renewal applicant? $20 Which duty requires a client to take an active and present role in a real estate transaction? Availability A consumer received payment from the Minnesota Real Estate Education, Research, and Recovery Fund to satisfy a judgment against a Minnesota licensee. Which statement best describes the consequences the licensee faces? The license will be suspended until the licensee pays back double the amount disbursed, plus interest The client owes the agent the primary duties of compensation, ______, indemnification, and availability. Information Margot doesn't really want to include Friend and Lend on the list of mortgage companies she gives to buyers because the owner is a Syrian immigrant and a Muslim. If she doesn't, what is she guilty of? Discriminatory acts and agreements What type of language should be used to write contracts? Plain language Oscar is a buyer in Minnesota who provided a promissory note to his real estate agent as earnest payment. Did his agent violate license law by accepting this as earnest payment? No, as long as the licensee deposited the item with an authorized escrow agent. In Minnesota, which one of these scenarios would require a real estate license? Janice is searching for a new home for a friend moving into town. After the friend buys a property, Janice will receive 2% of the sales price for her time. 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Which of the following is not a section in the buyer representation agreement?A buyer representation agreement is all of the following, except: a written disclosure that expresses the buyer's agency relationship. it is to a buyer what a listing agreement is to a seller.
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Why would a code of ethics provide minimum ethical expectations quizlet?Why would a code of ethics provide minimum ethical expectations? It sets a baseline for ethical standards. Ricky is working for Matt, a buyer client, who is interested in a property at which the listing agent offers compensation to cooperating agents.
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Which of the following situations entitles gary to commission with a 30-day protection clause?
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