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Legal Issues – Final Exam

Legal Issues – Final Exam

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Question 1 of 10

1. Question

Which law governs the licensing and conduct of real estate professionals in Minnesota?

Fair Housing Act
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Minnesota Statute Chapter 82
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Real Estate Settlement Procedures Act
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Sherman Antitrust Act
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Question 2 of 10

2. Question

What is the purpose of fiduciary duties in a real estate transaction?

To help agents advertise effectively
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To increase property value
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To ensure agents act in their client’s best interest
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To collect higher commissions
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Question 3 of 10

3. Question

Which of the following is an example of misrepresentation?

Failing to disclose a known foundation crack
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Providing accurate MLS data
Correct Incorrect Correct answer

Sharing verified inspection results
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Disclosing seller’s required repairs
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Question 4 of 10

4. Question

When must an agency disclosure form be presented to a prospective client?

At closing
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During the open house
Correct Incorrect Correct answer

Before any substantive discussion about a specific property
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After signing a listing agreement
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Question 5 of 10

5. Question

Which of the following is considered unauthorized practice of law?

Explaining standard contract terms
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Drafting custom legal documents for clients
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Filling blanks on approved forms
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Recommending clients seek legal advice
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Question 6 of 10

6. Question

Which type of advertising would most likely violate real estate law?

Listing broker contact info clearly
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Including licensee name and brokerage
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Using false or misleading information to attract buyers
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Using social media for promotion
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Question 7 of 10

7. Question

Which of the following statements about earnest money is TRUE?

It can be used for office expenses
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It must be deposited in the broker’s trust account promptly
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It may be kept by the listing agent
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It belongs to the broker until closing
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Question 8 of 10

8. Question

Which protected class is included in Minnesota law but not under federal Fair Housing law?

Race
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Religion
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Sexual orientation
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Disability
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Question 9 of 10

9. Question

What is the primary risk of dual agency if not properly disclosed?

Loss of commission
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Breach of fiduciary duty
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Delay in closing
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Contract cancellation by seller
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Question 10 of 10

10. Question

What should a licensee do if they are unsure whether a disclosure is required?

Avoid mentioning it
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Disclose when in doubt
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Ask the client to decide
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Wait until after inspection
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