Minnesota Real Estate Exam Prep

MN Salesperson Practice Exam

Our Minnesota Real Estate Exam Preparation guide will have you quickly prepared for your upcoming Salesperson License Exam. We have helped license over 50,000 students with an exam pass rate of over 95%. The practice exam questions and answers were created by industry experts and are constantly updated to Minnesota’s licensing requirements. We stand by our real estate practice exams and offer an exam pass guarantee.

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Minnesota License Requirements

The applicant must complete 3 prelicensing courses. Of these, Course 1 needs to be successfully passed before taking the real estate exams, and Course 2 and Course 3 may be taken either before or after passing the exams.
Applicants need to successfully pass both parts of the examinations and apply for their license within one year from passing. If more than one year before applying for the exam, the applicant must re-take Course 1 and then take the examinations again.
All applicants for the salesperson license need to be associated with a licensed Minnesota real estate broker in order to maintain an active license. The application fee for the license is $140. You can locate the salesperson application form online.

Minnesota Sample Practice Real Estate Exam Questions and Answers

Minnesota State Section

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Question 1

In what circumstances, if any, can a broker in Minnesota who is serving as an intermediary representing both parties collect compensation from both the buyer and the seller?

A	Only when both buyer and seller have legal representation
B	Only when both buyer and seller give informed consent to this arrangement
C	In most circumstances, except when the buyer and seller are related
D	None; the broker may only collect compensation from one party to a transaction

Question 2

Does Minnesota have homestead laws?

A	No
B	Yes

Question 3

Does Minnesota participate in reciprocity with other states?

A	No
B	Yes

Question 4

What is a holographic will?

A	a will that displays in 3D
B	a will and testament that has been entirely handwritten and signed by the testator.
C	a standard boiler plate will.
D	a will that has been approved by each family member.

Question 5

Which is not necessary for a valid contract?

A	acceptance
B	due date
C	legal object
D	offer

Question 6

Does Minnesota have dower laws?

A	No
B	Yes

Question 7

Is Minnesota a community property state?

A	Yes
B	No

Question 8

A Salesperson license fee costs how much?

A	$140
B	$100
C	$120
D	$160

Question 9

Mortgage "discount" points only apply if which of the following conditions are met?

A	The interest rate on the mortgage loan has been lowered by 2% for each point charged
B	The interest rate on the mortgage loan has been lowered by 1% for each point charged
C	The loan does not close and the buyer owes the lender for services rendered
D	The seller has agreed to pay 1% of the closing costs

Question 10

Which of the following would not put a sales person in jeopardy of losing their license in Minnesota?

A	Placing an ad claiming to be a broker when they are not.
B	Convicted of a felony
C	Depositing his/her clients escrow money into a personal account
D	Being authorized to accept and excessive commission.

Question 11

What term means "going to the state?"

A	police power
B	escheat
C	Eminent Domain
D	Taxation

Question 11 Explanation:

Escheat is if someone dies and there is no one to inherit or no will the property goes to the state.

Question 12

The license law is administered by:

A	Minnesota Department of Real Estate
B	Real Estate Commission of Minnesota
C	Minnesota Real Estate Commission
D	Minnesota Department of Commerce

Question 13

After getting a license, how often must you take Continuing Education classes?

A	Every year
B	Every 2 years
C	Every 3 years
D	Every 4 years

Question 14

Does Minnesota allow Holographic wills?

A	Yes
B	No

Question 15

Which of the following is required for an applicant to receive a Real Estate License?

A	Must be 25 or older
B	Must have a Bachelors degree
C	Must have lived in the state for more than a year
D	Must sit and pass the required exam

Question 16

Which of the following isn't part of a deed?

A	Habendum
B	novation
C	Premises
D	acknowledgement

Question 17

Which of the following does NOT participate in reciprocity with Minnesota?

A	Ohio
B	South Dakota
C	Wisconsin
D	Oklahoma

Question 18

Who is responsible for maintaining a habitable property and for complying with local housing and building codes?

A	Agent
B	Buyer
C	Lessee
D	Lessor

Question 19

What is homestead protection?

A	The estimated value that an asset will have at then end of it's useful life
B	Gradual subsidence of waters, leaving dry land
C	Net cash remaining to investor after sale of investment property
D	The status provided to a home owner's principal residence that protects the home against judgement up to a specified amount.

Question 20

How soon can a broker receive a commission check after a closing in Minnesota?

A	Once the seller agrees to the price.
B	Once the offer sheet is signed.
C	When the Buyer moves in.
D	After the transaction is completed and funded.

Question 21

What tenancies does Minnesota allow?

A	Tenancy by the entirety
B	Both
C	Joint tenancy
D	Neither

Question 22

Which of the following is a landlord's option for a tenant not paying the rent?

A	lock the tenant out.
B	turn off the gas
C	unlawful detainer action in court
D	turn off the power

Question 23

Standing trees would be considered:

A	Real property
B	Emblements
C	Personal Property
D	Chattels

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