Ownership
Deeds
Licensing and Education
Agency and Disclosure
Contract Law
100

This is the most common form of co-ownership when owners are NOT married. No survivorship is granted and interest is individually owned

Tenancy in Common

100

In Minnesota, the state deed tax must be paid by whom?

The Seller

100

How many hours of course work must be completed in order for you to obtain your Minnesota real estate salesperson license?

90 hours

100

When must a licensee provide a client with and agency disclosure form?

At the first substantive contact

100

What is a bilateral contract?

One in which both parties promise to perform their respective parts of an agreement in exchange for performance by the other party. 
200

A single party owns the fee or life estate. The estate passes to heirs by probate. 

Estate (Ownership) in Severalty

200

Why must covenants be in writing?

It is required by the Statute of Frauds

200

Who creates the rules necessary for the provisions of MN license law to function?

The Minnesota Department of Commerce.
200

What are your fiduciary duties as an agent

Loyalty, Obedience, Disclosure, Confidentiality, Reasonable Care, and Accounting

200

What is the Statute of Frauds

requires certain contracts to be in writing to be enforceable. 

300

Two or more person collectively own a property as if they were a single person.

Joint tenancy

300

What are 3 items required for a deed to be valid?

must describe the real property

must be signed and notarized by the grantor

must be recorded

300

What is the maximum number of commercial resale transactions a person can make per year without needing a real estate license

25

300

A fact that could adversely and significantly affect a buyer's ordinary use, enjoyment or intended use of a property is called?

A material fact

300

Give 2 reasons why can a contract be terminated?

Performance, Infeasibility, Mutual Agreement, Operation of Law

400

What does a living trust do?

Allows the trustor; during their lifetime, to convey title to a trustee for the benefit of a third party
400

What is title insurance used for?

Insures the buyer against part ownership problems, old liens and boundary issues. 

400

When is the renewal deadline for license renewals?

June 15th

400

When a broker or salesperson represents both the seller and the buyer in the same transaction, they are called a?

Dual Agent

400

When party fails to perform according to the terms and agreement of a contract it's called?

A breach of contract

500

What are the 4 unities needed to create joint tenancy?

- Time, Title, Interest and Possession

500

What are the 5 basic covenants

-Seisin, Against Encumbrances, Quiet Enjoyment, Further Assurance, Warranty Forever

500

How soon after the termination of an affiliation between salesperson and broker must the broker notify the Commissioner

within 10 days

500
Who does the seller's broker represent?

The seller in the transaction

500

What are the 5 criteria to have a valid contract

Competent parties, Mutual Agreement, Lawful objection, consideration, in writing