Reference no: EM131055212
T F 1.. You must have a corporation or LLC business structure to be a “Brokerage” and hold a real estate broker license.
T F 2. Regulation and oversight of real estate activities in Minnesota is done by the Commissioner of Commerce
T F 3. The State of Minnesota does not use the “protective list’ system to protect the work of Licensee (agent).
T F 4. Manufactured Homes are included within the code as real estate if the building is affixed to the land.
T F 5. The broker can never receive compensation after the listing agreement has expired or the property is sold because holdover clauses are not allowed in listing agreements.
T F 6. Licensees shall obtain a signed buyer’s broker agreement from a buyer before performing ANY acts as a buyer’s representative.
T F 7. In a residential sale situation, a real estate broker or salesperson shall provide an oral or written disclosure of the agency relationship the seller and buyer have.
T F 8. Dual agency requires the informed consent of all parties, and means that the broker and salesperson owe the same duties to the Seller and the Buyer.
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