Which of the following scenarios describes information that a licensee must disclose?

4.North Carolina licensee Tyler is providing brokerage services to Gayle Owens, who is selling her1992 ranch. Tracey and Brian, who are represented by agent Jessica, made an offer on Gayle’s

Below are free Minnesota real estate practice exam questions that will closely resemble your licensing exam. Review these questions and see what you know! The answers are provided beneath the question set.

Start your free assessment »

  1. "A foreclosed property has a leak in the roof.
  2. A newly constructed home had to be repaired after it suffered minor smoke damage when a wastebasket caught fire after a contractor threw a lit cigarette into it.
  3. An investor is selling a property on which a suicide occurred to his grandson.
  4. A person is selling his property, which has a septic system, to a newly married couple.

  1. Minnesota is a community property state, so their marital property will be split equally (50/50).
  2. Minnesota is an equitable distribution state, so their marital property will be divided fairly as determined by a court, but not necessarily equally.
  3. Minnesota is an equitable distribution state, so their marital property will be split equally (50/50).
  4. Minnesota is an equitable property state, so their marital property will be split fairly and equally (50/50), as determined by a court.

  1. They must pay half of the statement amount by May 15 and the remaining half by October 15.
  2. They must pay the full amount of their statement by May 15.
  3. They must pay the full amount of their statement by October 15.
  4. They must pay the full amount of their statement within 30 days.

  1. "Each property is Harry’s primary dwelling at the time he sells it.
  2. He’s engaged in the business of selling real estate.
  3. He’s the principal in four or fewer transactions during a 12-month period.
  4. He’s violating real estate license law by buying and selling properties without a license, and it’s only a matter of time before the commission comes knocking.

  1. "When the buyer is not represented by either an attorney or a real estate licensee
  2. When the buyer is only represented by an attorney
  3. When the buyer is only represented by a real estate licensee
  4. When the buyer is represented by both an attorney and a real estate licensee

  1. "At least three days prior to closing, Margie must provide Braden with a map of any existing wells.
  2. Margie can't accept Braden's offer until she's disclosed the location and status of any known wells on the property.
  3. Margie has no responsibility to disclose wells, provided the property isn't in a flood plain.
  4. Margie must disclose in writing any well that exceeds a depth of 75 feet at or before closing.

  1. Carrie's broker made her commission check out to ""Shoe Gal, LLC,"her sole-proprietor company.
  2. Miranda's seller client reimbursed Miranda for the special signage she paid for when marketing his property.
  3. Per the listing agreement, Charlotte's broker shared her listing commission with the buyer agent's broker.
  4. Samantha's broker paid an out-of-state broker a referral fee after he sent a local client Samantha's way.

Answers: 1. D, 2. B, 3. A, 4. C, 5. A, 6. A, 7. B, 8. B

Start your free assessment »

 

For a more comprehensive view into the types of questions you can expect on the exam, sign up for our free assessment. You’ll have the chance to review a 99-question real estate practice exam at no cost to you. Note that answers are only provided upon purchasing Exam Prep.

If you’re ready to feel confident about your upcoming licensing exam, you can purchase our Minnesota real estate Exam Prep package. By purchasing one of our packages, you not only get to see the results from your free assessment, but you’ll also have access to an innovative Exam Prep Edge program that will put you in the best position to pass your test the first time around.

Your free assessment consists of access to the Exam Prep Edge initial assessment exam that will give you immediate feedback on the topics you’ve mastered and the ones you still need to work on. Note that you’re required to purchase the program before you’re able to access the study materials or unlimited practice exams.

It's simple. Choose the program you want to try, sign up, and you're ready to get started. We won't even ask for credit card information until you're ready to buy.

Yes! The score from your free assessment will be saved. When you purchase the program, your progress will seamlessly transfer and you can pick up right where you left off.

Nothing at all! When we say free, we really mean it. Getting your real estate license is an investment and we want to show you how committed we are to helping you pass your exam. Take it for a test drive - you won’t be disappointed. Ready to buy?

Nope! We want you to be completely satisfied with Exam Prep Edge. You're not obligated to anything if you don't want to buy.

When you complete your free assessment, your program will be locked until you decide to purchase. If you like the program, you can purchase at any time. Get started!

Start your free assessment »

Download the Free Ebook Now »

Which of the following scenarios describes information that a licensee must disclose?

Visit our FAQs page.

Which of the following scenarios describes information that a licensee must disclose?

Click here to chat now.

Which of the following scenarios describes information that a licensee must disclose?

Email Us

Which of the following scenarios describes information that a licensee must disclose?

888.827.0777