1. What can a licensee legally give a former client for referring a new client? a)promotional advertising item whose value does not exceed $25 b)One percent of the purchase price c)A gift card whose value does not exceed $25 d)Nothing of any value 2. A licensee owns a commercial property with a business partner. They hold the property as tenants in common. If the licensee and the business partner decide to sell the property, the licensee MUST: a)post the property in the MLS b)include their ownership stake in all advertising c)list the property with their current broker d)disclose their active licensed status 3. Which of the following statements about the mortgage registry tax for mortgaged properties in Minnesota is CORRECT? a)It is applied to the principal only. b)It is applied to the full sale price of the mortgaged property. c)It is applied to the principal and capitalized interest. d)It is only applicable for properties with a qualifying mortgage