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Michigan Real estate exam with answers graded A+ $12.99   Add to cart

Exam (elaborations)

Michigan Real estate exam with answers graded A+

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  • Course
  • PSI Real Estate Practice Michigan
  • Institution
  • PSI Real Estate Practice Michigan

Michigan Real estate exam with answers graded A+

Preview 2 out of 9  pages

  • August 11, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • PSI Real Estate Practice Michigan
  • PSI Real Estate Practice Michigan
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Sakayobako30
Michigan Real estate exam

vendee - correct answer ✔✔a buyer or purchaser particularly someone buying property under a deed



vendor - correct answer ✔✔seller ,particularly someone selling property by means of a contract for deed



escalation clause - correct answer ✔✔increase or decrease interest rate based on annual percent



deed - correct answer ✔✔written document conveys title to real property



deed of trust - correct answer ✔✔voluntary lien on real property to secure repayment of debt



deed restriction - correct answer ✔✔provisions in deed that restrict land use



quitclaim deed - correct answer ✔✔deed that clears clouds and has highest risk.



general warranty - correct answer ✔✔deed that grantor warrants the title against defects during
ownership



encumbrance - correct answer ✔✔right or interest in land that affects the value



lien - correct answer ✔✔claim on property(unpaid taxes, judgements)



habendum clause - correct answer ✔✔to have and to hold describes the type of estates will hold



home owners association - correct answer ✔✔organization created to enforces deed restrictions
(subdivision)

, principle - correct answer ✔✔client/buyer



property manager - correct answer ✔✔the owner



physical deterioration - correct answer ✔✔loss in value from wear and tear



functional obsolescence - correct answer ✔✔refers to functions of property(one bathroom 4bedroom)



economic obsolescence - correct answer ✔✔incurable location(next to unlicensed junkyard)



curable depreciation - correct answer ✔✔correction cost recovered in sales price



incurable depreciation - correct answer ✔✔impossible to correct or not economical



cost approach - correct answer ✔✔estimate of property value replacement costs to rebuild with todays
materials



income approach - correct answer ✔✔appraisal method that estimates of property value based on net
income it produces (capitalization)



gross rent multiplier - correct answer ✔✔figure multiplied rental property's gross income to get estimate
property's value



emblements - correct answer ✔✔crops produced annually (farmer wins)



Manufactured housing - correct answer ✔✔can be real property if chassis is removed and get affidavit of
fixture from lasing and put on foundation.



rectangular survey system - correct answer ✔✔grid system made up of range and base lines to create :
townships, sections,

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