A seller, pleased with the performance of a listing salesperson, wants to give the salesperson

Question: A seller, pleased with the performance of a listing salesperson, wants to give the salesperson a $500 gift certificate. The salesperson does not have written authorization of the broker. In this situation, the salesperson MUST: Accept the gift certificate because it is not cash Not accept the gift certificate because the value is over $100 Not accept A seller, pleased with the performance of a listing salesperson, wants to give the salesperson a $500 gift certificate. The salesperson does not have written authorization of the broker. In this situation, the salesperson MUST:
Accept the gift certificate because it is not cash

Not accept the gift certificate because the value is over $100

Not accept the gift certificate if the salesperson is a dual agent

Direct the gift certificate to the salesperson’s broker

A broker or salesperson may be sanctioned if they fail to provide agency disclosure at first substantive contact in the sale of a(n):
Eight-unit building

Single-family townhome

Strip mall

Office complex

A buyer’s broker agreement must INCLUDE:
the current market conditions

a lender pre-approval letter

the amount of compensation

a legal description of the property

Which of the following actions is REQUIRED of a landlord in order to sell or otherwise dispose of a tenant’s personal property remaining on abandoned premises?
taking an inventory of the property

Obtaining written permission from the former tenant

Waiting 28 days after the tenant has abandoned the property

Notifying the tenant of the sale at least 7 days prior to the sale

In a common interest community of condominiums, which of the following is TRUE?
Owners may build fences if their units are at ground level

All owners have a right to use all common areas

HOA dues pay for all repairs in units and common areas

A semi-annual audit is required to be completed

In order for a salesperson to legally advertise a property online, the advertisement MUST include the:
Brokerage company’s name

Team name

Telephone number of the brokerage company

Listing price of the property

Which of the following documents is subject to the state deed tax when the document is recorded?
Deed for a cemetery lot

Quitclaim deed

Mortgage satisfaction

Contract for deed

Which of the following statements about the homestead exemption statute is CORRECT?
A new property owner has until the end of the year to file for homestead

A homestead may include any quantity of land not exceeding 160 acres or half an acre if in a plotted portion…

The homestead exemption ceases upon death of a spouse for property held in joint tenancy

A homestead is exempt from foreclosure of a mechanic’s lien

In Minnesota, licensees have a MAXIMUM of how many hours after a listing agreement expires to furnish a protective list to the correct party?
24

48

72

96

A Minnesota homestead owned by a married person and occupied only by the person and their adult child is conveyed. Who must sign the deed?
The person only

The person and their spouse only

The person and adult child only

The spouse and the adult child only

Q 1: 4 – The salesperson must direct the gift certificate to the salesperson’s broker. Q 2: 2 – A broker or salesperson may be sanctioned if they fail to provide agency disclosure at first substantive contact in the sale of a Single-family townhome.…View the full answer