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

Does Minnesota allow Holographic wills?

A	No
B	Yes

Question 2

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

A	Oklahoma
B	South Dakota
C	Ohio
D	Wisconsin

Question 3

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

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

Question 4

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

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

Question 5

A Salesperson license fee costs how much?

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

Question 6

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	None; the broker may only collect compensation from one party to a transaction
D	In most circumstances, except when the buyer and seller are related

Question 7

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

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

Question 8

What is a holographic will?

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

Question 9

Standing trees would be considered:

A	Personal Property
B	Real property
C	Emblements
D	Chattels

Question 10

What is homestead protection?

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

Question 11

Which is not necessary for a valid contract?

A	acceptance
B	legal object
C	offer
D	due date

Question 12

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

A	Habendum
B	Premises
C	novation
D	acknowledgement

Question 13

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

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

Question 14

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

A	Agent
B	Lessee
C	Lessor
D	Buyer

Question 15

What tenancies does Minnesota allow?

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

Question 16

Is Minnesota a community property state?

A	Yes
B	No

Question 17

Does Minnesota have dower laws?

A	No
B	Yes

Question 18

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 seller has agreed to pay 1% of the closing costs
D	The loan does not close and the buyer owes the lender for services rendered

Question 19

Does Minnesota have homestead laws?

A	Yes
B	No

Question 20

The license law is administered by:

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

Question 21

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

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

Question 22

What term means "going to the state?"

A	police power
B	Taxation
C	Eminent Domain
D	escheat

Question 22 Explanation:

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

Question 23

Does Minnesota participate in reciprocity with other states?

A	No
B	Yes

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