Michigan Real estate exam questions with completely solved answers (latest update 2024)
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Course
Real Estate
Institution
Real Estate
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- writ...
Michigan Real estate exam questions with completely solved answers (latest update 2024) 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 - written document conveys title to real property deed of trust - Answer - voluntary lien on real property to secure repayment of debt deed restriction - Answer - provisions in deed that restrict land use quitclaim deed - Answer - deed that clears clouds and has highest risk. general warranty - Answer - deed that grantor warrants the title against defects during ownership encumbrance - Answer - right or inte rest in land that affects the value lien - Answer - claim on property(unpaid taxes, judgements) habendum clause - Answer - to have and to hold describes the type of estates will hold home owners association - Answer - organization created to enforces deed restrictions (subdivision) principle - Answer - client/buyer property manager - Answer - the owner physical deterioration - Answer - loss in value from wear and tear functional obsolescence - Answer - refers to functions of property(one bathroom 4bedroom) economic obsolescence - Answer - incurable location(next to unlicensed junkyard) curable depreciation - Answer - correction cost recovered in sales price incurable depreciation - Answer - impossible to correct or not economical cost approach - Answer - estimate of property value replacement costs to rebuild with todays materials income approach - Answer - appraisal method that estimates of property value based on net income it produces (capitalization)
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