MICHIGAN REAL ESTATE EXAM PACKAGE DEAL 2023/24|ALL GRADED A+|GUARANTEED SUCCESS

What type of coverage does a homeowners policy include that a dwelling policy does not? Liability What is the maximum number of boarders per unit that would be allowed in the homeowners policy? 2 Under Section I, homeowners insurance must include Property Coverage Which of th...

Vandalism and malicious mischief losses are excluded under the Homeowners Policy when: a. During times of riot or civil disorder b. The property has been vacant for 60 days c. While the insured is on vacation away from the premises d. When any part of the dwelling is rented to others B. The pro...

WHO IS ELIGIBLE FOR HO POLICIES? OWNER/OCCUPANTS NOT EXCEEDING 4 FAMILIES OR TWO BOARDERS/ROOMERS PER FAMILY (HO 2, 3, 5 & 8), TENANTS IN NON-OWNED BUILDINGS, CONDO OWNERS, MOBILE HOMES (WITH ENDORSEMENT) WHO IS AN INSURED UNDER HO POLICIES? "YOU", RELATIVES, AND OTHERS UNDER 21 IN CARE ...

Real property The interests, benefits and rights inherent in real estate ownership Personal property Items called chattels; movable objects Fixtures An item of personal property that has been converted to real property by being permanently affixed to the realty Voluntary Lien...

PROPERTY Ownership Ownership of real property may be transferred by sale, gift, upon death by devise (will) or intestate succession. - Present Possessory (Freehold) Estate: an estate must be immobile and for an indeterminate duration; the owner has the right to currently possess the property - F...

PROPERTY OWNERSHIP - MI REAL ESTATE EXAM QUESTIONS WITH 100% CORRECT ANSWERS

Real Property real estate plus the rights of ownership Land the surface of the earth, including all permanently attached natural features, extending downwards to the center of the earth and upwards to infinity. real estate land plus all improvements made by man or nature Bund...

Brownfields abandoned, idled or underused properties where expansion or redevelopment is complicated by environment contamination Building codes regulate things like materials used in construction, electrical wiring, fire & safety standards & sanitary equipment - require a permit from appr...

Home rule means that local governments in Michigan can write their own charters. A local government charter can be compared to a constitution. (If wrong, Don't choose a legislature.) What local government organizations in Michigan may write their own charters? township, municipalit...

T/F A child who doesn't sleep at rest time must be provided with a quiet activity (toy, puzzle, book, etc.) TRUE What is the oldest age an infant should be swaddled without documentation from a child's health care provider. 2 months T/F Supervised tummy time is required for ALL inf...

Adhesion Insurance policies are not drawn up through negotiations, and an insured has little to say about its provisions. What contract characteristic does this describe? Adhesion A contract offered on a "take-it-or-leave-it" basis by an insurer, in which the insured's only option is to ...

"A straight loan is a(n) A) accelerated loan. B) interest-only loan. C) amortized loan. D) interest-free loan "B-Explanation: The answer is interest-only loan. A straight loan is also known as a term loan or interest-only loan. The borrower makes periodic payments of interest only, followe...

PATIENT TRUST FUNDS 1) Policy: Must have a policy. May state that the facility will not handle monies in excess of $5,000.00. The facility may charge a reasonable fee not to exceed the ACTUAL COST of providing service. 2) Required Printed Information: This must be given resident up...

Fiduciary A person, such as an agent, placed in a position of trust; Essentially the same as a trustee. Fiduciary Duties / Agent Responsibilities O.L.D. C.A.R. Obedience Loyalty Disclosure of information Confidentiality Accounting Reasonable Skill, Care, & Diligence Caveat ...