Michigan Real Estate Exam/Michigan Real Estate License Exam/MICHIGAN REAL ESTATE STATE FINAL EXAM/Real Estate Practice Exam - Michigan Rules and Regulations/Michigan Real Estate Exam/Michigan Real Estate Exam/Michigan Real Estate Exam/Michigan Real Estate

When land is conveyed to a trustee, what may a trustee do? - Answer- Whatever is permitted under the trust agreement. What is true of both special assessments an ad valorem taxes? - Answer- Delinquent payment is grounds for sale of the property. At the time of harvest, crops that require annua...

Accretion - Answer- The addition to real estate by accumulation of soil and land through nature. Accrued Depreciation - Answer- Loss in value of a property due to time. Difference of replacement cost and the presently appraised value. Acre - Answer- 43,560 Sq Ft Actual Notice - Answer- Noti...

"Which of the following is TRUE about Michigan transfer tax? A)Transfer tax is a charge to the buyer at the closing. B)Transfer tax is calculated on the sale price of the real estate being conveyed. C)Transfer tax is collected at the time a mortgage to real property is recorded. D)There are t...

What does LARA stand for? - Answer- The Department of Licensing and Regulatory Affairs What is the purpose of LARA? - Answer- to support business growth and the creation of new jobs by ensuring real estate business structure is fair and efficient Which of these entities or individuals are resp...

Which of the following is not a purpose of the land division act? - Answer- So that the price of the sold lots would not inflate beyond the cpi. Purpose DOES include so that the size of the divided parcels of land will not be too large to be served with enough streets, roads, and adequate drainage a...

A person ordered to cease and desist shall be entitles to a hearing if a written request for a hearing is files within: - Answer- 30 days after the effective date of the order A new member of the Board of Real Estate Brokers and Salespersons: - Answer- Shall be provided a comprehensive orientatio...

A landlord must place security deposits into a regulated financial institution unless the - Answer- a. landlord deposits a bond with the Secretary of State. REASONING: The security deposit must be deposited in a regulated financial institution. A landlord may use the security deposit if the landlord...

All of the following include a real estate interest except: A. Apple trees B. Farm equipment C. Air rights D. Barns - Answer- B. Farm equipment An owner of a 90 acre parcel of land wishes to split the land without platting. Under the michigan land devision act, how many parcels may this owner...