BUNDLED MICHIGAN REAL ESTATE EXAM BEST RATED QUESTIONS AND ANSWERS (LATEST UPDATE 2024) 100% SOLVED

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 ann...

vendee - Answer- a buyer or purchaser particularly someone buying property under a deed vendor - Answer- seller ,particularly someone selling property by means of a contract for deed escalation clause - Answer- increase or decrease interest rate based on annual percent deed - Answer- writt...

A person authorized by the broker to act as the agent of a specific principal - common in dual agency relationships, two salespersons from the same company can represent opposite sides of the sale. - Answer- Designated Agent What approach does an appraiser take primarily for an investment prope...

Special Assessment - Answer- A category of property tax levied upon a property according to specific benefits that it receives. Special assessments are levied for those improvements that only benefit a limited number of properties such as street paving, water & sewer lines, sidewalks and lighting...

"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...

1. A veteran buying a home from a for sale by owner and financing it with a VA loan can do all of the following except: Immediately rent the home after closing to make the monthly payments 2. After Charlie's death, his will indicates that all of his real property must go to charity what can Cha...