Minnesota Real Estate Broker Exam — All Questions

Sales of condominiums and other common-interest communities in Minnesota are governed primarily by:

• a.The Minnesota Common Interest Ownership Act (Minn. Stat. Ch. 515B)✓
• b.The Uniform Commercial Code
• c.The federal Fair Housing Act only
• d.The Minnesota Well Code

The Minnesota Common Interest Ownership Act (MCIOA), Minnesota Statutes Chapter 515B, governs condominiums, townhome associations, and other common-interest communities, including required resale disclosures to buyers. Brokers handling these sales must ensure the buyer receives the association documents and disclosures the Act requires. The UCC, Fair Housing Act, and Well Code address different subjects.

When reselling a unit in a Minnesota common-interest community, the seller generally must provide the buyer with:

• a.A new survey of the entire development
• b.A personal financial statement of the seller
• c.A resale disclosure certificate and association documents required by MCIOA✓
• d.A signed waiver of the buyer's inspection rights

MCIOA generally requires the seller of a resale unit to deliver a resale disclosure certificate and governing association documents, such as the declaration, bylaws, rules, budget, and information on assessments, so the buyer understands the obligations of ownership. The broker should confirm these documents are delivered on time to avoid delaying or unwinding the sale. A full new survey and the seller's personal finances are not required.