Escrow & Title
In Minnesota, a property tax certificate of real estate value (CREV) is required when:
AAny property in Minnesota is sold
BA deed is recorded for most real property transfers to document the consideration paid and calculate the deed tax✓ Correct
CA mortgage is recorded
DA property is placed on the market for sale
Explanation
Minnesota requires a Certificate of Real Estate Value (CRev) to be filed with the county when a deed is recorded for most real property transfers. The CRev documents the consideration paid, which is used to calculate and collect the deed tax and to collect data on property sales for county assessment purposes.
Related Minnesota Escrow & Title Questions
- A Minnesota title company discovers that the seller recently completed a renovation but has not paid the contractor. There are no recorded liens yet. What should the title company do?
- A title search in Minnesota would reveal all of the following EXCEPT:
- A Minnesota property has a purchase agreement requiring a 45-day closing. During this period, the buyer discovers a judgment lien filed against the seller just after the purchase agreement was signed. The buyer should:
- A Minnesota seller provides a special warranty deed. This deed warrants title only:
- A Minnesota property has two deeds of trust from the same lender. The second deed of trust was recorded after the first. Which lien has priority?
- In Minnesota, a title commitment issued before closing tells the buyer:
- A Minnesota buyer is purchasing a home with an FHA loan. The lender's title insurance (mortgagee's policy) protects:
- A Minnesota property has a first mortgage, a second mortgage, and a judgment lien from a civil lawsuit. The judgment lien was filed before the second mortgage was recorded. In a foreclosure of the first mortgage, what happens to the junior liens?
Practice More Minnesota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Minnesota Quiz →