Question: Which of the following is a condition of a limited broker license? It authorizes the limited broker to act on behalf of a principal broker in residential transactions It authorizes the limited broker to act as a principal only. It permits the limited broker to sponsor up to five salespeople. It permits the limited broker to engage in Which of the following is a condition of a limited broker license?
It authorizes the limited broker to act on behalf of a principal broker in residential transactions
It authorizes the limited broker to act as a principal only.
It permits the limited broker to sponsor up to five salespeople.
It permits the limited broker to engage in negotiation of residential mortgage loans.
Listing agreements MUST include:
a list of all easements
the property identification number
a site plan
the amount of compensation
A broker may acquire an interest in a property listed with their brokerage IF the broker:
pays the listing contract price
uses a third party to act on the broker’s behalf
first inactivates their license
discloses the broker’s intent to the seller
If a licensee is charged with a criminal offense. the licensee MUST notify the Commissioner of Commerce of the charges within how many days?
5
10
20
30
Which of the following activities REQUIRES a real estate license?
Offering counsel and advice in a real estate transaction to another for a fee
Leasing residential units in a building by an employee of that building
Operating a cemetery and selling lots for use as burial plots
Auctioning a residential property by an auctioneer under the supervision of an attorney
Without written authorization by their broker, a real estate licensee may receive compensation from:
a title insurance closer
an appraiser
their real estate broker
their team leader
Buyer’s visit an open house held by a licensee. The buyers indicated that they found out that morning that their offer on another house had been accepted. After looking around the open house they state that they like it better. The licensee tells them that if they are willing to sacrifice their $1,000 earnest money on the other transaction and break their contract, the licensee will see that they are reimbursed for the earnest money when they complete the purchase of the open house. In this situation the licensee:
May be subject to disciplinary action
Has acted appropriately, since the licensee works for the seller.
Earned the licensee’s commission, since the licensee is the cause of the sale
Is required to pay a referral fee
Under what circumstances MAY a broker be paid a commission by both the buyer and the seller in the same real estate transaction?
If the commission is split equally between buyer and seller
If both the buyer and seller are informed of the commission payment
If the broker has a waiver form signed by the buyer
If it is disclosed to the settlement agent
Licensee R meets their buyer-client to discuss a property that licensee R has listed. The buyer expressed interest in the property before viewing it and states to Licensee R that the asking price is too high. In this scenario, when is dual agency created?
When they discuss to property
When the buyer-client visits the property
If an offer is made
At the signing of purchase and sale
To count towards a real estate licensee’s continuing education requirement, a continuing education course MUST be:
Taught in a classroom
Approved by the Department of Commerce
Focused on one current issue
Offered by a real estate trade association
answer 1. Option b. It authorizes the limited broker to act as a principal only. Is the right answer. As per Minnesota statutes 82.63, subdivision 13, a limited brokers license is issued by a commissioner, and this license gives authority for the fol…View the full answer
