Ownership
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
In Minnesota, the state deed tax must be paid by whom?
The Seller
How many hours of course work must be completed in order for you to obtain your Minnesota real estate salesperson license?
90 hours
When must a licensee provide a client with and agency disclosure form?
At the first substantive contact
What is a bilateral contract?
A single party owns the fee or life estate. The estate passes to heirs by probate.
Estate (Ownership) in Severalty
Why must covenants be in writing?
It is required by the Statute of Frauds
Who creates the rules necessary for the provisions of MN license law to function?
What are your fiduciary duties as an agent
Loyalty, Obedience, Disclosure, Confidentiality, Reasonable Care, and Accounting
What is the Statute of Frauds
requires certain contracts to be in writing to be enforceable.
Two or more person collectively own a property as if they were a single person.
Joint tenancy
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
What is the maximum number of commercial resale transactions a person can make per year without needing a real estate license
25
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
Give 2 reasons why can a contract be terminated?
Performance, Infeasibility, Mutual Agreement, Operation of Law
What does a living trust do?
What is title insurance used for?
Insures the buyer against part ownership problems, old liens and boundary issues.
When is the renewal deadline for license renewals?
June 15th
When a broker or salesperson represents both the seller and the buyer in the same transaction, they are called a?
Dual Agent
When party fails to perform according to the terms and agreement of a contract it's called?
A breach of contract
What are the 4 unities needed to create joint tenancy?
- Time, Title, Interest and Possession
What are the 5 basic covenants
-Seisin, Against Encumbrances, Quiet Enjoyment, Further Assurance, Warranty Forever
How soon after the termination of an affiliation between salesperson and broker must the broker notify the Commissioner
within 10 days
The seller in the transaction
What are the 5 criteria to have a valid contract
Competent parties, Mutual Agreement, Lawful objection, consideration, in writing