Prep Agent- Michigan Exam Questions
A broker who has let his license lapse for 5 years would need to do which of the following to be
relicensed? - ANS-File a new application and pay a new application fee if he/she has taken the
continuing education class (6 hours) every year since his/her license expired
A licensee shall not accept directly or indirectly a placement fee, commission, or other valuable
consideration for placing a loan with a mortgage lender or representative unless the licensee
fully informs which of the following of the fact and obtains prior written consent? - ANS-Buyer &
Seller
A licensee shall not accept directly or indirectly a placement fee, commission, or other valuable
consideration for placing a loan with a mortgage lender or representative unless the licensee
fully informs which of the following of the fact and obtains prior written consent? - ANS-buyer or
seller
A licensee who violates the Michigan License Law Act (also known as Occupational Code or Act
299) could be assessed the following penalties EXCEPT: - ANS-Up to 1 year in prison
A person who has had a limitation placed on a license: - ANS-may, within thirty days after the
limitation is placed on the license, petition the department for a review of the decision.
A real estate broker who proposes to engage in the sale of a property, located outside of this
state, would need to comply with all of the following EXCEPT - ANS-A broker should not
represent that the property has been inspected by LARA as that is not the Department's
function. A broker should submit to the department a description of the property, pay for
expenses to cover investigation costs and comply with the rules, restrictions and conditions
pertaining to the sale
All of the following statements would be true regarding Michigan State transfer tax EXCEPT: -
ANS-Real property valued at less than $100 is not subject to the transfer tax, so it is not always
required. The state transfer tax is paid in addition to the county transfer tax, when applicable,
and the state tax is $3.75 per $500 or $7.50 per $1,000. This fee must be paid at the county
treasurer's office (not the state) before you can record the deed.
All of the following terms would signify an agency relationship between parties EXCEPT: -
ANS-Transaction Coordinator
All of the following would be included as the Department's duties EXCEPT: - ANS-Assessing
criminal prosecutoin
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