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Free Minnesota Real Estate Salesperson State Portion Practice Questions

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Sample Practice Questions

Try these 10 sample questions from the Minnesota Real Estate Salesperson State Portion practice bank. Each includes the answer and explanation. Continue with the interactive practice above to review the full question set.

  1. 1A Minnesota licensee prepares an estimate of a parcel's probable selling price with condition, market, neighborhood, and comparable-sale detail. What is this product called under Chapter 82?

    1. A. Automated valuation model
    2. B. Broker price opinion
    3. C. Appraisal report
    4. D. Competitive market index

    Answer: B

    Explanation: Minn. Stat. § 82.55, subd. 1b defines a BPO as "an estimate prepared by a real estate broker, real estate salesperson, or licensed real estate appraiser that details the probable selling price of a particular parcel of real property." The described estimate is a broker price opinion.

    Reference: Sec. 82.55 MN Statutes — Minn. Stat. § 82.55, subd. 1b

  2. 2A married Minnesota owner wants to convey the couple's homestead in a transaction that is not a statutory exception. Whose signatures are required?

    1. A. The titled owner only
    2. B. Both spouses
    3. C. The titled owner and county recorder
    4. D. The titled owner and listing broker

    Answer: B

    Explanation: Minn. Stat. § 507.02 provides that no such homestead conveyance "shall be valid without the signatures of both spouses."

    Reference: Sec. 507.02 MN Statutes — Minn. Stat. § 507.02, first paragraph

  3. 3A good-faith purchaser receives a Minnesota Torrens certificate of title. Which unnoted interest can still bind the registered land?

    1. A. A real-property tax lien
    2. B. A six-year-old unrecorded brokerage agreement
    3. C. An unrecorded ten-year commercial lease without possession
    4. D. An undisclosed private commission claim

    Answer: A

    Explanation: Minn. Stat. § 508.25 lists among the exceptions to certificate protection "the lien of any real property tax or special assessment."

    Reference: Sec. 508.25 MN Statutes — Minn. Stat. § 508.25, clause (2)

  4. 4How long must notice of a Minnesota mortgage foreclosure by advertisement be published?

    1. A. Three weeks
    2. B. Four weeks
    3. C. Six weeks
    4. D. Eight weeks

    Answer: C

    Explanation: Minn. Stat. § 580.03 requires: "Six weeks' published notice shall be given that such mortgage will be foreclosed by sale."

    Reference: Sec. 580.03 MN Statutes — Minn. Stat. § 580.03, section text

  5. 5Two Minnesota salespersons licensed to the same broker represent opposite parties in one transaction. Which relationship does Chapter 82 identify?

    1. A. Seller agency
    2. B. Buyer agency
    3. C. Dual agency
    4. D. Facilitator relationship

    Answer: C

    Explanation: Minn. Stat. § 82.55, subd. 6 states that dual agency includes circumstances "when two or more licensees, licensed to the same broker, each represent a party to the transaction."

    Reference: Sec. 82.55 MN Statutes — Minn. Stat. § 82.55, subd. 6

  6. 6A Minnesota spouse cannot personally sign a homestead conveyance. Who may sign for that spouse under Section 507.02?

    1. A. A duly appointed attorney-in-fact
    2. B. The listing salesperson
    3. C. The county assessor
    4. D. The closing agent

    Answer: A

    Explanation: Minn. Stat. § 507.02 states: "A spouse's signature may be made by the spouse's duly appointed attorney-in-fact."

    Reference: Sec. 507.02 MN Statutes — Minn. Stat. § 507.02, first paragraph

  7. 7What Minnesota mortgage-registry-tax rate applies to debt secured by a recorded mortgage of Minnesota real property?

    1. A. 0.00165
    2. B. 0.0023
    3. C. 0.0033
    4. D. 0.0051

    Answer: B

    Explanation: Minn. Stat. § 287.035 states: "The tax rate is .0023 of the debt or portion of a debt that is secured by any recorded mortgage of real property located in this state."

    Reference: Sec. 287.035 MN Statutes — Minn. Stat. § 287.035, section text

  8. 8Absent a statutory exception, how long does a Minnesota mortgagor have to redeem after a foreclosure sale?

    1. A. Three months
    2. B. Six months
    3. C. Nine months
    4. D. Twelve months

    Answer: B

    Explanation: Minn. Stat. § 580.23, subd. 1(a) permits the mortgagor to redeem "within six months after such sale" except as otherwise provided.

    Reference: Sec. 580.23 MN Statutes — Minn. Stat. § 580.23, subd. 1(a)

  9. 9Under Minnesota Chapter 82, whose behalf must a real estate salesperson act when performing an act authorized for a broker?

    1. A. A licensed real estate broker
    2. B. A closing agent
    3. C. A property owner
    4. D. The commissioner of commerce

    Answer: A

    Explanation: Minn. Stat. § 82.55, subd. 20 defines the salesperson as "one who acts on behalf of a real estate broker in performing any act authorized by this chapter to be performed by the broker."

    Reference: Sec. 82.55 MN Statutes — Minn. Stat. § 82.55, subd. 20

  10. 10A Minnesota grant conveys land to two people but does not expressly declare a joint tenancy. What estate does the grant create?

    1. A. Tenancy in common
    2. B. Joint tenancy
    3. C. Life estate
    4. D. Estate in severalty

    Answer: A

    Explanation: Minn. Stat. § 500.19, subd. 2 says grants to two or more persons "shall be construed to create estates in common, and not in joint tenancy, unless expressly declared to be in joint tenancy."

    Reference: Sec. 500.19 MN Statutes — Minn. Stat. § 500.19, subd. 2

Topics in this practice bank

These topics describe the available practice for Minnesota Real Estate Salesperson State Portion. Review the examination outline and its sources for scope and allocation details.

  • Real Estate Brokerage License Law
    • Definitions — Ch. 82.55
    • Licensing — Ch. 82.57–82.63
    • Trust accounts — Ch. 82.75
    • Standards of Conduct — Ch. 82.72–82.73
    • Commissioner’s authority — Ch. 45.011–45.43
    • Real Estate Education, Research, and Recovery Fund — Ch. 82.86
    • Agency Disclosure Requirements — Ch. 82.67
    • Other Disclosure Requirements — Ch. 82.68
    • Compensation — Ch. 82.70
  • Interests in Real Property
    • Ownership — Conveyance by Spouses — Ch. 507.02 and 500.19
    • Ownership — Subdivided Lands — Ch. 83.20–83.45
    • Ownership — Common interest ownership — Condominiums — Ch. 515
    • Ownership — Common interest ownership — Uniform Condominium Act — Ch. 515A
    • Ownership — Common interest ownership — Minnesota Common Interest Ownership Act — Ch. 515B
    • Ownership — Real estate taxes and special assessments — Ch. 279
    • Landlords and tenants — Ch. 504B
  • Conveyance Procedures and Protection of Parties
    • Recording and fees — Registration, Torrens — Ch. 508
    • Recording and fees — Mortgage Registry Tax; Deed Tax — Ch. 287
    • Statutory Home Warranties — Ch. 327A.02 Statutory Warranties
    • Minnesota Human Rights Act — Ch. 363A Department of Human Rights
    • Minnesota Statute of Frauds — Enforcement of Property Agreements and Other Contracts — Ch. 513
    • Minnesota Statute of Frauds — Frauds — Ch. 336.2A-201
    • Environmental Issues — Septic systems — Individual Sewage Treatment Systems — Sec. 115.55
    • Environmental Issues — Wells — Real property sale; disclosure of location of wells — Sec. 103I.235
    • Environmental Issues — Leaking underground storage tanks — Pollution Control Agency — Sec. 116.46–116.48
    • Environmental Issues — Leaking underground storage tanks — Petroleum Tank Release — Sec. 115C.01–115C.09
  • Financial Instruments: Obligations, Rights, Remedies
    • Mortgages/contracts for deed — Foreclosures/cancellation and redemption rights — Mortgages; Foreclosure by Advertisement — Ch. 580
    • Mortgages/contracts for deed — Foreclosures/cancellation and redemption rights — Mortgages; Foreclosure by Action — Ch. 581
    • Mortgages/contracts for deed — Foreclosures/cancellation and redemption rights — Mortgages; Foreclosure, General Provisions — Ch. 582
    • Mortgages/contracts for deed — Contract for deed — Sec. 559
    • Mortgages/contracts for deed — Homestead exemptions — Ch. 510
    • Liens — Liens; Labor, Material — Ch. 514

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These are independent study questions, not actual examination items. For examination requirements and official information, view Minnesota Real Estate Salesperson State Portion details.