Exam (elaborations)
Michigan Real estate exam with answers graded A+
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Michigan Real estate exam with answers graded A+
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Michigan Real estate examvendee - 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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