Term
| 4 types of agency relationships with clients |
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Definition
Seller's Broker
Buyer's Broker
Dual Agent
Facilitator |
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Term
| The Agency Relationship in Real Estate Transactions form is given when? |
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Definition
| At first substantive contact |
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Term
| Agency disclosure must be presented in what form? Agency disclosure is not a? |
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Definition
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Term
| 6 stipulations of fiduciary duties to clients |
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Definition
OLD CAR
Obedience
Loyalty
Disclosure
Confidentiality
Accounting
Reasonable care and skill |
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Term
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Definition
| Broker represents both parties to the same transaction |
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Term
| Dual agency is created by? It must be in what form? |
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Definition
| Agreement of broker and client in the Representation Agreement ; Writing |
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Term
| A Dual Agent must keep what terms confidential unless given written permission? A Dual Agent must not? |
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Definition
PTM
Price, Terms, Motivation
Advocate for one party over another |
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Term
| What is a Facilitator? What are the responsibilities of a Facilitator? |
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Definition
| A broker or salesperson that provides services without taking on fiduciary duties (besides confidentiality); Perform services but not represent either party |
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Term
| Is a written Facilitator agreement required? |
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Definition
| No, but it is recommended |
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Term
| If a Facilitator shows property listed by the Facilitator's broker, the Facilitator is now considered the |
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Definition
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Term
| If a Facilitator accepts a showing to a buyer who is represented by the Facilitator's broker, the Facilitator is now considered the |
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Definition
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Term
| Agency representation trumps |
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Definition
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Term
| All agency agreements must be in? And signed by whom? |
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Definition
| Writing ; Signed by the client and the broker/salesperson |
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Term
| An agency agreement must include? |
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Definition
| A definite expiration date, Legal description of the property, List price and any other terms required by seller, Amount of compensation and how it is computed, Negotiable commission clause must be in 10-point boldface type and placed immediately before provision of broker compensation |
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Term
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Definition
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Term
| What is an override or broker protection clause? When must a protective list be given to the seller? |
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Definition
| Entitles broker to commission if prospect buys after listing expires ; Within 72 hours |
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Term
| What is the maximum amount of time an override (broker protection) clause can have effect? Can it terminate earlier? |
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Definition
| 6 months residential, 2 years reside ; Yes, if seller lists with another broker |
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Term
| A BPO is not and should state that it is not a/an? |
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Definition
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Term
| Real Estate License Law and Administration is regulated by? Who regulates Licensees? |
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Definition
| Chapter 82 of the Minnesota Statutes ; The Department of Commerce |
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Term
| What disciplinary actions can the Commissioner of Commerce take? |
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Definition
| Deny, suspend, or revoke license, or fine or censure licensee |
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Term
| Who must hold a real estate license? |
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Definition
| Anyone, who for another and for a fee, lists, sells, exchanges, manages, buys, or rents real estate ; Any person who buys or sells in 5 or more transactions in 1 year period without licensee representation |
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Term
| What are the exceptions to who must hold a real estate license? |
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Definition
| An attorney, court appointed persons (trustees not exempt if receiving a fee), employees of a residential building owner (applies to leasing not renting), sale of mobile homes not attached to land |
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Term
| Commercial loan brokers must be licensed as? |
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Definition
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Term
| Special standards of conduct for commercial loan brokers |
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Definition
| Fees received prior to loan funding must be deposited in escrow account within 48 hours after receipt; Client has 3 business days to cancel most loans |
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Term
| A limited brokers license allows? |
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Definition
| A person to buy or sell an unlimited number of properties, but not employ salespeople or represent others in a transaction |
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Term
| How many transactions can a person be involved in per year without holding a license? What's the exemption? |
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Definition
| 4 or fewer ; 25 or fewer per year if transactions purpose are the resale of newly constructed residential or commercial buildings |
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Term
| What may be issued upon the death or incapacity of a principal broker? By whom?Who is it issued to and what is it's effect? |
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Definition
| A temporary 45 day brokers license ; the Commissioner of Commerce ; A qualified salesperson, allows time to find another principal broker or for a qualified salesperson within the brokerage to take the broker class and exam |
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Term
| What must a qualified salesperson be if issued a temporary 45 day brokers license in a corporation/partnership/LLC? |
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Definition
| An officer of the company |
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Term
| When to MN Real Estate Licenses expire? When is the timely renewal deadline? Who renews a licensees license? |
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Definition
| June 30 at the end of each 24 month period ; June 15 ; The primary broker |
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Term
| What is the general time frame window that a licensee must communicate issues to the Commissioner of Commerce? |
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Definition
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Term
| What must be communicated to the Commissioner of Commerce within 10 days? |
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Definition
| Name or address change of licensee, Suspension or revocation of ANY occupational license in ANY state, Civil judgments involving fraud misrepresentation or conversion of funds, Gross misdemeanor charges involving fraud misrepresentation or conversion or funds, or any criminal felony offense ; Closure of a brokerage trust account |
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Term
| What are the responsibilities of a primary broker? |
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Definition
| Provide adequate supervision of salespeople and employees in all offices of brokerage, Deliver documents to all parties upon signing or as soon as available, Retain copies of all transaction related documents for 6 years |
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Term
| What may a primary broker be charged with for a salesperson's/employee's violation of license law? |
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Definition
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Term
| How must a primary broker set up the account for the deposit of trust funds? What type of funds are to be deposited in a primary brokers trust fund? |
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Definition
| Account must be an interest-bearing demand account (checking or savings) and pay the highest current passbook savings account rate of interest ; Earnest money, rent for clients, damage deposits, any funds received on behalf of any person |
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Term
| When must earnest money be deposited by? |
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Definition
| The third business day after receipt, unless agreed upon by both parties |
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Term
| What are the stipulations for accepting a nondepositable item for earnest money? |
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Definition
| Must obtain seller's approval ; Seller and buyer must agree on nondepositable item ; Receipt must be given to offeror of the item ; Escrow agent must have written authorization from offoer to hold item and authorization must be signed by agent |
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Term
| A broker's prohibited actions involving a trust account include? |
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Definition
| Commingling (except to maintain accounts and banking fees), depositing commissions/management fees ; Issuing an non-sufficient funds (NSF) check from account ; converting funds for personal use |
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Term
| How may a salesperson receive payment from a client? |
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Definition
| Through the brokerage for commissions, by a client for activities that do not require a license (direct reimbursement) |
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Term
| Can a salesperson receive a commission check from a client? |
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Definition
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Term
| Prohibited actions for a licensee include |
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Definition
| Making false claims to the Commissioner, disclosing terms of offers with non-represented parties, encourage breach of listing, discourage the use of an attorney, act as a dual agent without proper disclosure and consent, discriminate, violate antitrust laws, accept undisclosed kickbacks, commingle or convert funds, misrepresent through statements or omission |
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Term
| Mandatory actions for a licensee include |
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Definition
| Disclose license status to appropriate parties, Deposit appropriate funds into a trust account, Disclose licensee's current or future financial interest before negotiations, Disclose material facts |
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Term
| A seller can defer disclosure of property to who? |
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Definition
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Term
| A material fact is one that |
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Definition
| Could adversely and significantly affect an ordinary purchaser's use and enjoyment of the property, or it's intended use |
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Term
| Stigmatized property issues that are not material fact and do not need to be disclosed are |
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Definition
| Past occupant had HIV or AIDS ; property was the site of a suicide, accidental or natural death ; property has perceived paranormal activity ; property is located in a neighborhood with any adult home, community-based residential facility, or nursing home |
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Term
| There is no duty to disclose information regarding a sex offender if |
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Definition
| Licensee or seller provides written notice of how buyer/renter can obtain this information from the MN Dept of Corrections |
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Term
| How long is a seller liable for after closing for failing to disclose known material fact about a property? What kind of action can the buyer bring against the seller? |
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Definition
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Term
| What must be disclosed in all advertisements for listed property? |
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Definition
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Term
| How long does a claimant have to apply for recovery funds from the Real Estate Education, Research, and Recovery Fund (REERRF) |
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Definition
| 1 year from final judgement against licensee |
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Term
| The Dept of (BLANK) is the division of the government that oversees and regulates the real estate industry in MN |
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Definition
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Term
| A real estate broker or salesperson providing services without taking on fiduciary duties is acting as a/an (BLANK) |
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Definition
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Term
| An individual may become involved in no more than (BLANK) in a 12 month period without becoming a real estate licensee |
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Definition
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Term
| Unless the buyer and seller agree otherwise, a broker must deposit earnest money into the trust account no later than the (BLANK) after receipt |
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Definition
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Term
| To avoid commingling, a broker receiving a (BLANK) from a seller must not deposit the check into the trust account |
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Definition
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Term
| Brokers must provide all employees and salespersons working on behalf of the broker with (BLANK) |
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Definition
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Term
| A commercial loan broker must be a (BLANK) |
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Definition
| Licensed real estate broker |
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Term
| A broker who relocates her office to a a different office building must notify the Commissioner (BLANK) of the move |
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Definition
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Term
| A court-appointed appointed trustee, an attorney, and a residential building owner's employees are (BLANK) from real estate licensing requirements |
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Definition
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Term
| Upon passing the real estate licensing exam, the candidate must complete the licensing requirements and submit an application (BLANK) |
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Definition
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Term
| A salesperson acting as a facilitator and showing a property listed by the salesperson's brokerage must act as the (BLANK) |
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Definition
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Term
| A (BLANK) may be issued to a qualified salesperson if the primary broker becomes incapacitated |
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Definition
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Term
| Brokers must keep and maintain records of trust account activity, representation agreements, purchase agreements, and so on for a minimum of (BLANK) |
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Definition
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Term
| A loan broker must deposit any fees into an escrow account within (BLANK) after receipt |
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Definition
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Term
| A form of co-ownership with no rights of survivorship and allows for unequal shares of ownership |
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Definition
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Term
| A form of co-ownership that includes the right of survivorship and requires equal shares |
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Definition
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Term
| Ownership by one person or entity |
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Definition
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Term
| If married, this term applies to the purchase or sale of real property |
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Definition
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Term
| What is often used in the resolution of a divorce decree in terms of real property? |
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Definition
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Term
| A deed in MN will always to default to this form of ownership unless otherwise specified in the deed |
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Definition
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Term
| A decree of dissolution of marriage (divorce) severs all joint tenancy except |
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Definition
| Those stated (preserved) in the decree |
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Term
| What does divorce decree do in terms of real estate ownership with a spouse? |
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Definition
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Term
| This may be used to release the spousal interest in real property |
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Definition
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Term
| Buyer's should obtain whos advice to determine the best form of co-ownership? |
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Definition
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Term
| What is a Common Interest Community (CIC)? |
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Definition
| Any entity with the right to charge mandatory assessment fees |
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Term
| What type of CIC properties does the MN Common Interest Ownership Act regulate |
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Definition
| Condominiums/Townhomes, Cooperatives, Planned Unit Developments (PUDs) |
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Term
| What type of properties does the MN Common Interest Ownership Act NOT regulate? |
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Definition
| Multi-tenant rental properties, single-family homes unless part of a CIC |
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Term
| Type of ownership in a condominium? |
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Definition
| Fee Simple (or Freehold Estate), plus an undivided interest in the common elements as Tenants in Common |
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Term
| When converting a building into a condominium, what type of notice is required to current tenants? |
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Definition
| 120 days (4 months) to vacate, 60 day option to purchase from the day of notice |
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Term
| Any common element that is reserved for the use of one or more unit(s) to the exclusion of other units ; Examples |
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Definition
| Limited Common Interest ; balconies, storage units, parking spaces |
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Term
| Each condominium owner, upon receiving the deed, automatically becomes part of what? |
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Definition
| The homeowners association |
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Term
| What powers do homeowners associations have regarding condominiums? |
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Definition
| Charge and collect assessments, Power to file and foreclose a lien by advertisement for unpaid assessments, hold annual meetings |
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Term
| Does a buyer have a right of rescission when buying a condominium? How long? |
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Definition
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Term
| A Subdivided Land Act property is? What type of property do they include? |
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Definition
| Any offering of more than 10 parcels of real estate, that is or will be divided for the purpose of sale or lease in MN ; Timeshares |
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Term
| Developer requirements for offering and selling a property under the Subdivided Land Act should? What is not required? |
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Definition
| Register with the Commissioner, file a public offering statement, deliver the public offering statement to each potential buyer, make advertising available for inspection by the Commissioner ; On-site inspection by the Dept of Commerce |
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Term
What is the MN property tax year duration?
When is property tax due in MN? Who is property tax paid to? |
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Definition
| January 1-December 31 ; May 15 and October 15, or 21 days after postmark date on tax statement, whichever is later ; Paid to the county ; The county in which the property is located |
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Term
| How is late MN property tax penalized? How is the penalty amount determined? How is it not determined? |
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Definition
| Interest penalty charged ; Amount of tax owed, homestead classification, postmark date on the tax statement, postmark date of when payment was sent ; Penalty not based on value |
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Term
| Cities may assess a fee for what? |
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Definition
| Performing maintenance to be in compliance with codes (snow removal, weed control), unpaid city provided utilities (sewer,water,trash), special assessments |
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Term
| Foreclosure redemption period for county tax |
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Definition
| 5 years for a homesteaded property, 3 years for other property |
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Term
| A seller of residential property must do what before signing a purchase agreement? |
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Definition
| Disclose all material facts |
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Term
| When is disclosure not required by a seller/occupant? |
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Definition
| When a qualified party has inspected the property, When a lender is foreclosing on a property or when occupant is giving deed in lieu, When selling to a current tenant, selling to a family member, Gifting a property |
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Term
| Additional seller disclosure is required for what? |
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Definition
| Knowledge or suspicion of methamphetamine production |
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Term
| Minnesota requires sellers to disclose what before the seller signs and accepts an offer? |
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Definition
| Whether or not municipal services are available and connected, Location of all wells and septic systems and that they comply with laws, Whether each well is in use/not in use/sealed |
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Term
| Seller is liable for how long for inacurate disclosure of a well? Of a septic system? |
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Definition
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Term
| What is issued by a licensed septic inspector? |
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Definition
| Certificate of Compliance |
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Term
| Existing septic systems certificate of compliance is valid for how long? A new systems certificate of compliance? What requires a new certificate of compliance? |
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Definition
| 3 years ; 5 years ; Addition of a bedroom/bathroom |
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Term
| What assures a buyer that a properties septic system is in compliance? |
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Definition
| A building permit or Certificate of Occupancy |
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Term
| Storage tanks on a residential property are |
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Definition
| A material fact and must be disclosed by the seller |
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Term
| Exemptions to PCA (Pollution Control Agency) seller disclosure laws for storage tanks |
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Definition
| Motor fuel tanks 1100 gallons or less, heating oil tanks 1100 gallons or less, heating fuel tanks on or above basement floor |
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Term
| How much notice does the PCA require for installation or removal of a storage tank? How much notice do they require for completing paperwork on installed or removed tanks? |
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Definition
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Term
| A state law that applies to the sale of more than 10 parcels of land and requires registration with the Commissioner of Commerce, filing of a Public Offering Statement, and a real estate license to sell parcels is the (BLANK) |
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Definition
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Term
| The (BLANK) is affected by the postmark date of the statement and payment, as well as homestead classification. What is (BLANK) not affected by? |
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Definition
| Delinquent tax penalty rate ; Penalty rate not based on value |
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Term
| The Subdivided Lands Act requires (BLANK) of the development with the Commissioner of Commerce and the filing of a (BLANK) |
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Definition
| Registration ; Public offering statement |
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Term
| Common Interest Community (CIC) associations, cities, cooperatives, and counties may levy foreclosable (BLANK) on a property |
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Definition
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Term
| A (BLANK) of marriage severs all joint tenancies except those joint tenancies preserved in the decree |
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Definition
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Term
| In a common interest community, reserved parking stalls and balconies would be considered (BLANK) |
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Definition
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Term
| A (BLANK) and (BLANK) deed would sever a married couple's joint tenancy ownership in their homestead and release their spousal interests in any remaining property |
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Definition
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Term
| Property where an individual owner would have (BLANK) ownership in severalty in a unit, combined with an undivided interest in the (BLANK) as a tenant in common of the property is a condominium |
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Definition
| Fee simple (Freehold estate) ; Common elements |
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Term
| Sellers of residential property are required to disclose if there are (BLANK) on the land, because it's a material face |
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Definition
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Term
| A landlord selling a home to a home's current renter would NOT have to provide a (BLANK) |
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Definition
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Term
| Condominiums, cooperatives, and planned communities are examples of (BLANK) |
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Definition
| Common interest communities or CICs |
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Term
| According to the Common Interest Ownership Act, a (BLANK) property is NOT a common interest community |
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Definition
| Multitenant rental , single-family home if not part of a CIC |
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Term
| Before accepting an offer, Minnesota law requires property sellers to disclose information concerning (BLANK) systems to potential buyers |
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Definition
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Term
| A seller is liable for inaccurate well disclosures for (BLANK) and inaccurate septic disclosures for (BLANK) from closing |
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Definition
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Term
| A seller's disclosure form is NOT required if the seller obtains an inspection from a qualified (BLANK) |
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Definition
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Term
| In terms of a mortgage, the buyer is the? The lender is the? |
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Definition
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Term
| All contracts for deed must be recorded by the buyer within how long after execution of the agreement? |
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Definition
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Term
| What is the remedy for default in a contract for deed? What does it return to the seller? |
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Definition
| Termination of Cancellation ; Equitable title |
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Term
| When is foreclosure by advertisement used? What is it used for? What are the notification requirements to the borrower? |
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Definition
| When a mortgage contains a power of sale clause ; used for foreclose out of court on a mortgage or HOA assessment liens ; 6 weeks consecutive published notice and 4 weeks personally delivered notice prior to sale |
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Term
| What is included in a foreclosure by advertisement notice? What does it not include? |
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Definition
| Name of mortgagor and mortgagee, original principal amount, date of mortgage, amount due and taxes paid, legal description, time and location of sale, redemption period ; Cause of default |
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Term
| What is strict foreclosure? Is it used in MN? |
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Definition
| Direct transfer of property form mortgagor to mortgagee by a court ruling with no statutory redemption period ; No |
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Term
| How long is the equitable redemption period in a foreclosure? What does it allow the borrower to do? |
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Definition
| As long as the lender allows ; cure the default and stop foreclosure |
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Term
| What happens at a sheriff's foreclosure sale? What does the highest bidder receive? |
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Definition
| Foreclosed property is sold at public auction ; A sheriff's certificate of sale |
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Term
| What is the statutory redemption period? |
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Definition
| Period after the sheriff's sale where mortgagor can redeem property by paying foreclosure sale price in full (typically principal, interest, and fees) |
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Term
| What are the statutory redemption periods? |
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Definition
| 6 months for most properties ; 12 months for properties with mortgage more than 1/3 payed off, agriculturally used lands over 10 acres, any property over 40 acres ; 5 weeks if a property is abandoned |
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Term
| What evidence is required to consider a property abandoned? What is not evidence? |
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Definition
| broken windows, doors broken or off hinges, gas electric or water services terminated, garbage or sanitary problems, two or more police reports of trespassing, property is below standards of public safety and sanitation ; disconnected phone or cable |
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Term
| In terms of foreclosure, what may result in a personal court judgement? When can they be used? |
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Definition
| A deficiency judgement ; Only in 12 month redemption periods or in a judicial foreclosure |
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Term
| Who may be appointed to manage property during the statutory redemption period? |
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Definition
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Term
| What may the holder of a sheriff's certificate do? What may they not do? |
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Definition
| Inspect the property, secure the property if necessary, hire a property manager ; Immediately remove tenants abandoned personal property |
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Term
| Who is entitled to mechanics lien rights on a property? Examples? |
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Definition
| Anyone who performs services for the improvement of real property ; Architects, engineers, surveyors, general contractors, sub-contractors, material suppliers |
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Term
| When to mechanic lien rights attach to a property? How is this accomplished? |
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Definition
| As soon as labor, skill, or materials are furnished ; By giving a written lien notice to the property owner |
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Term
| What must be included in a written contract for improvement of real property? |
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Definition
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Term
| If a contract for improvement of property is verbal, how is a lien notice delivered to the property owner? |
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Definition
| Delivered in writing, either via personal delivery or certified mail, within 10 days of the verbal agreement |
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Term
| How long does a contractor have to record/perfect a lien? |
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Definition
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Term
| How long does a sub-contractor have to give notice of a lien right? |
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Definition
| 45 days from starting work |
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Term
| In terms of foreclosure, what does homestead status protect owners against? |
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Definition
| Foreclosure of primary residence under 160 acres by unpaid creditors holding judgments |
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Term
| What are the exempt limits on value for homestead status? |
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Definition
| 300k, 750k on agricultural homesteads |
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Term
| What type of judgment does homestead status not protect against? |
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Definition
| Property tax or special assessment liens , mechanics liens, mortgage liens, CIC or HOA liens |
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Term
| What establishes recording procedures of tax and fees? |
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Definition
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Term
| Who pays state deed tax (transfer tax)? Who is it paid to? What is the tax rate? |
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Definition
| Seller when deed is recorded ; County treasurer ; 0.33% or 3.30 per thousand |
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Term
| Who pays mortgage tax registry? What is the tax rate? |
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Definition
| The mortgagor/borrower/buyer ; 0.23% or 2.30 per thousand |
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Term
| How does a property owner register a Torrens property? What may be required to create or subdivide a Torrens property? |
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Definition
| Apply to the district court for a Certificate of Title ; A registered land survey |
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Term
| What does a court do with a Certificate of Title? What about the original certificate? |
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Definition
| Places it in the Register of Titles as evidence of ownership ; It is held by the Registrar of Titles |
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Term
| How does a transfer of a Torrens property occur? |
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Definition
| Seller gives registered property abstract (RPA) and deed to seller ; buyer presents deed to Registrar of title ; Registrar records deed, transfers current interest to new Certificate of Title and enters it into the Registrar of Titles |
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Term
| How long does a new home warranty cover defective materials and faulty workmanship? |
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Definition
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Term
| How long does a new home warranty cover defects caused by faulty installation of plumbing, electrical, heating, ventilation, and cooling systems? |
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Definition
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Term
| How long does a new home warranty cover major structural defects? |
|
Definition
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Term
| By definition, what does a statutory new home warranty cover? What does it not cover? |
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Definition
| Defects caused by noncompliance with building standards in new homes and home improvements ; Damage |
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Term
| When does a new home warranty take affect? Do they transfer to subsequent owners? |
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Definition
| They buyer's first legal occupancy or closing, whichever comes first ; Yes |
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Term
| With a new home warranty, how long does a homeowner have to contact the contractor to remedy a default? In what form must the contact be? |
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Definition
| 6 months from the discovery of the defect ; In writing |
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Term
| With a new home warranty, how long does the contractor have to inspect the defect? How long does the contractor have to offer a remedy to a defect? |
|
Definition
| 30 days from receipt of notice ; 15 days from inspection |
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Term
| With a new home warranty, if a contractor does not respond a homeowners request to repair a defect, how long does a homeowner have to file a lawsuit? |
|
Definition
| Within 180 days of notifying the contractor |
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Term
| What are the federal protected classes? |
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Definition
| Race, religion, color, sex, national origin, familial status, handicap/disability |
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Term
| What are the Minnesota protected classes? |
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Definition
| Marital status, sexual preference, receipt of public assistance |
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Term
| What does the MN Statute of Frauds require? |
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Definition
| That any interest in real property be transferred via a written contract to be enforceable and signed by those who must perform |
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Term
| What are the exemptions to the MN Statute of Frauds? |
|
Definition
| Residential leases with 11 or fewer units and 12 months or less duration do not have to be in writing, leases of any type of property 12 months or less do not have to be in writing |
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Term
| When is a written lease required? |
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Definition
| Any apartment building with 12 or more units, any lease that exceeds 12 months |
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Term
| When must security deposits be returned to a lessee after lease is terminated? What must be included with the funds? |
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Definition
| 3 weeks (21 days) ; 1% simple non-compounding interest |
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Term
| When does interest start accruing on a security deposit? |
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Definition
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Term
| Why may a landlord retain funds when returning a security deposit? Why may a landlord NOT retain funds? |
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Definition
| No new address is given by the tenant, if rent is owed, or if there are damages to the rental ; Normal wear and tear |
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Term
| After how long after a lessee abandons a lease may a landlord sell or dispose of personal property left by the former lessee? |
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Definition
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Term
| How much notice must a landlord give a former lessee before the landlord disposes of that lessees abandoned property? |
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Definition
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Term
| Due to the statutory redemption period, a holder of the sheriff's sale certificate may not? |
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Definition
| Immediately remove tenant's abandoned property |
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Term
| A landlord is required to give prior notice to enter a rental except in what situations? |
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Definition
| An emergency, to determine a tenants safety, to comply with law enforcement |
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Term
| If vacating a property between November 15 and April 15, a tenant is required to give the landlord what? Why? |
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Definition
| A 3 day notice ; To secure the property for winter |
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Term
| The statutory redemption period for mortages 1/3 payed off, parcels in Ag use over 10 acres, or any property over 40 acres is (BLANK) |
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Definition
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Term
| The MN Registry Tax is computed as (BLANK) of the mortgage amount |
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Definition
| .23% or 2.30 in a thousand |
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Term
| If a buyer defaults on a contract for deed, the process the seller would undertake to regain equitable title is called (BLANK) |
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Definition
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Term
| The MN State Deed Tax is computed as (BLANK) of the net sales price |
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Definition
| .33% or 3.30 in a thousand |
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Term
| Surveyors, engineers, material suppliers, contractors, and subcontractors have lien rights only if they provide a (BLANK) in their contract |
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Definition
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Term
| In a verbal agreement, a contractor may NOT file a lien unless they provided the property owner with the written lien notice within (BLANK) of the verbal agreement |
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Definition
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Term
| Landlords are required to store and care for a tenants's abandoned property for a minimum of (BLANK) and provide a (BLANK) notice prior to disposal |
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Definition
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Term
| A landlord must provide the tenant with a written notice explaining any amounts withheld from a security deposit within (BLANK) of lease termination |
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Definition
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Term
| An owner of Torrens registered property who wants to subdivide the parcel would order a (BLANK) |
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Definition
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Term
| Title to Torrens property transfers upon (BLANK) of the (BLANK) |
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Definition
| Registration ; Certificate of Title |
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Term
| A rural property under homestead protection may include up to (BLANK) |
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Definition
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Term
| In Minnesota, nonjudicial foreclosure s known as (BLANK) |
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Definition
| Foreclosure by advertisement |
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Term
| The classifications protected under the Minnesota Human Rights Act but NOT under the Federal Fair Housing Act are (BLANK), (BLANK), and (BLANK) |
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Definition
| MSP: Marital Status, Sexual Orientation, and receipt of Public Assistance |
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Term
| Statutory new home warranties begin at first legal occupancy or (BLANK), whichever occurs first |
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Definition
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Term
| The Statutory New Home Warranty covers (BLANK) caused by substandard workmanship and faulty installation of electrical, plumbing, and HVAC systems |
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Definition
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