MINNESOTA INTERACTIVE STUDY GROUP SESSION 3 UNIT 2 PROPERTY OWNERSHIP, TAXATION, AND DISCLOSURES

Transcription

1 MINNESOTA INTERACTIVE STUDY GROUP 1 SESSION 3 UNIT 2 PROPERTY OWNERSHIP, TAXATION, AND DISCLOSURES

2 Notes for Tonight 2 1. PLEASE USE MUTE *6 TO SILENCE YOUR PHONE # 6 TO UNMUTE. 2. Chat is the best way to communicate questions.

3 Notes for Tonight 3 Contact Information Stuart Johnson realestateinstructormn@ecacolleges.com

4 MINNESOTA INTERACTIVE STUDY GROUP 4 ANY QUESTIONS?

5 TONIGHT S TOPICS 5 Property Ownership Common Interest Communities Subdivided Lands Property Taxation Seller s Disclosure of Material Facts and Other Disclosures Well, Septic, and Underground Tank Disclosure Requirements

6 6 A decree of dissolution of marriage (divorce) severs all joint tenancies EXCEPT: a. joint tenancy in primary homestead b. joint tenancy in an investment property c. any joint tenancy preserved in the decree d. severalty joint tenancies

7 The document that is used to convey interests from one spouse to another at the time of dissolution of a marriage is most likely a 8 a. Special Warranty Deed b. Bargain and Sale Deed c. Marketable Warranty Deed d. Quitclaim Deed

8 All of the following are considered a common interest community EXCEPT 10 a. condominiums b. cooperatives c. planned communities d. multi-family rental properties

9 All of the following are true regarding a Common Interest Community (CIC) EXCEPT 12 a. May charge unit owners a mandatory assessment b. Purchaser always receives a deed to the unit they occupy c. Must hold an annual homeowners meeting d. Require the purchaser of property to receive a disclosure and right of recession

10 The purchaser of a condominium will have all of the following ownership interests EXCEPT a. Freehold ownership of the condominium unit b. Undivided interest as joint tenants in the common elements c. Undivided interest as tenants in common in the limited common elements d. Undivided interest as tenants in common in the common elements 14

11 Limited common elements are owned by all unit owners as tenants in common, but not all unit owners have equal access to them. True False 16

12 18 An apartment building owner converting the property to a condominium must give current tenants a day notice to vacant and a day option to purchase the unit which they occupy. a. 60 day notice to vacate/120 option b. 60 day notice to vacate/60 option c. 120 day notice to vacate/120 day option d. 120 day notice to vacate/60 day option

13 An owner of a condominium is required to do all of the following EXCEPT a. attend the annual meeting b. pay assessments c. belong to the homeowners association d. abide by the rules and regulations 20

14 22 According to Minnesota s Subdivided Lands Act, all of the following are true as relates to the offering of such properties for sale in the state EXCEPT a. Developer needs to register the offering of property with the commissioner. b. Prospective purchasers need to receive a copy of the public offering statement. c. The Commerce Department must conduct an inspection of the subdivision d. Buyers are given a 5 day right of recession

15 24 Real estate property taxes are due and payable on May 15 and October 15 each year. If not paid on time, an interest penalty is charged on the amount of unpaid taxes. True False

16 The interest penalty for delinquent property taxes is determined by all of the following EXCEPT 26 a. Homestead status of the property b. The value of the tax delinquent property c. Date the county treasurer sends out the property tax statement d. Date the property owner submits the property tax payment

17 All of the following may assess charges against a property which are enforced by a foreclosable lien EXCEPT a. counties for property taxes b. CIC associations for association dues c. cities for snow shoveling and mowing d. trade associations for unpaid dues 28

18 A seller of residential property is not required to provide a disclosure of material facts if the seller is selling the property as is. True False 30

19 The seller of residential real estate in the state of Minnesota must provide property and environmental disclosures to a prospective buyer before a second showing of the property may occur. 32 True False

20 34 A seller s property disclosure on residential real estate is required in which of the following situations? a. Selling the property to a former tenant b. Giving the property as a gift c. Providing a deed to a lender in lieu of foreclosure d. Providing a home inspection report from a qualified third party

21 Sellers of residential real estate are exempt from providing disclosure of all of the following EXCEPT 36 a. The owner has been diagnosed with HIV or AIDS b. The home may have paranormal activity. c. The property is located in a neighborhood containing a nursing home d. There was a homicide that occurred on the property

22 38 A home s septic system is certified based on which of the following elements? a. The square footage of the lot the home is on b. The square footage of the home on the property c. The construction style of the home d. The potential for the number of bedrooms in the home

23 40 Underground fuel storage tanks are not considered material facts if they are not leaking and therefore, no disclosure of the tank is required. True False

24 42 The installation or removal of a petroleum storage tank would require a day advance notice to the Minnesota Pollution Control Agency before work could commence. a. 10 b. 15 c. 30 d. 45

25 Notes for Tonight Contact Information Stuart Johnson

26 Next Week SESSION 4 UNIT 3