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Real Estate Salesperson Exam — National Portion

Disclosure (MN): practice questions

Our Real Estate (National) bank has 4 questions on this topic. Here are 4 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1 · Minnesota

When must a Minnesota licensee disclose they are buying the owner's property themselves?

  1. After closing
  2. Before negotiating or consummating the deal
  3. Never
  4. At the time of the appraisal or inspection
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B. Before negotiating or consummating the deal — Minn. Stat. 82.68, subd. 2(a).

Question 2 · Minnesota

How can a Minnesota licensee avoid a duty to disclose predatory offender information?

  1. By telling the buyer verbally
  2. By giving written notice of how to get registry information
  3. By asking the seller to tell the buyer directly
  4. They cannot avoid it
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B. By giving written notice of how to get registry information — Minn. Stat. 82.68, subd. 3(c).

Question 3 · Minnesota

Which is not a material fact a Minnesota licensee must disclose?

  1. A leaking basement
  2. That a natural death occurred in the home
  3. A cracked foundation
  4. A failed septic system
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B. That a natural death occurred in the home — Minn. Stat. 82.68, subd. 3(b).

Question 4 · Minnesota

If a Minnesota party says they won't perform the purchase agreement, what must the licensee do?

  1. Wait until closing
  2. Immediately disclose it to the other party
  3. Keep it confidential
  4. Report it to the commissioner within ten days
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B. Immediately disclose it to the other party — Minn. Stat. 82.68, subd. 4.

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