Michigan Broker practice exam questions & Answers 100%
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Michigan Broker Stuvia
A curved boundary is measured using the elements of Chord, radius and _______. - ANSWER ARC
AnswerThe main difference between a covenant and an equitable servitude is that a breach of an equitable servitude is remedied by... - ANSWER an injunction
AnswerWhich of the following is a documentati...
Michigan Broker practice exam
questions & Answers 100%
A curved boundary is measured using the elements of Chord, radius and _______. -
ANSWER ARC
AnswerThe main difference between a covenant and an equitable servitude is that a
breach of an equitable servitude is remedied by... - ANSWER an injunction
AnswerWhich of the following is a documentation of the "Chain of Title"? - ANSWER An
abstract
AnswerA profit (aka, a profit a prendre) is a specific kind of ________ that not only
allows access to another person's property but also allows the removal of material
resources contained in the property. - ANSWER Easement
AnswerCob is... - ANSWER a building material made from clay, sand, and straw
AnswerFollowing closure of a landfill, owners, heirs, etc. may not fill, grade, excavate,
drill or mine the site for ______ years - ANSWER 50
AnswerThe maximum allowable amount of yard waste that one may accumulate at a
private residence is ______ cubic yards - ANSWER 1000
AnswerWhich of the following is not a personal property right? - ANSWER The right of
escheat
AnswerA tax lien on the property is filed: - ANSWER 35 days after the final tax bill due
date
AnswerIf a person is not responsible for an activity causing a release and the person
acquired the property on or after June 5, 1995, then that person will not be liable
provided that the person performs a _____ and exercises due care - ANSWER BEA
AnswerA property the value of which is diminished because of lack of "curb appeal"
(i.e.,landscaping, exterior paint, etc.) is an example of _____________ - ANSWER
Functional obsolescence
Answer"Weighted factors" in a CMA are used by ________________ - ANSWER The
correct answer is: The broker to determine the likelihood of the property selling for the
listed price
, AnswerThe Home Valuation Code of Conduct (HVCC) has been replaced by
_______________ - ANSWER AIRS
AnswerIn appraising a 12 year old, single-familiy home in a residential neighborhood,
which approach would be most applicable? - ANSWER Market Data approach
AnswerCapitalization is best defined as: - ANSWER The result of dividing net income by
a percentage rate of return to determine value
AnswerThe best appraisal method to use to estimate the value of a vacant lot would be:
- ANSWER Sales comparison approach
Answer____________ is/are a method offered by lenders to allow borrowers a way to
lower the interest rate on a loan. - ANSWER Discount Points
AnswerA trustor who wishes to give up a title rather than face foreclosure could: -
ANSWER offer the beneficiary a deed in lieu of foreclosure
AnswerA broker discussing the "nominal rate" of a loan would be referring to the: -
ANSWER interest rate indicated on the note
AnswerThe mortgage... - ANSWER is the interest in the property that is used to ensure
that the borrower won't default on the loan.
AnswerAn owner unilaterally cancels a 90-day exclusive listing agreement after 30 days
and then, 23 days later, sells the property through another broker on an open listing.
The seller most probably: - ANSWER owes both brokers a commission.
AnswerThe Equal Credit Opportunity Act (ECOA) protects borrowers from
discrimination based upon the borrower's: - ANSWER Age
AnswerAn owner unilaterally cancels a 90-day exclusive listing agreement after 30 days
and then, 73 days later, sells the property through another broker on an open listing.
The seller most probably: - ANSWER only has to pay the broker on the open listing.
AnswerIf a subject property is in an area subject to unique assessments, levies, or other
tax burden, the agent/broker _____________ inform the buyer. - ANSWER has a
responsibility to
AnswerIf the seller discloses required information after the execution of a binding sales
agreement, the buyer: - ANSWER may rescind the sales agreement.
AnswerThe National Association of Realtors _________________ disclosure of any
stigma associated with a subject property. - ANSWER encourages
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