MICHIGAN BROKER PRACTICE EXAM QUESTIONS
AND ANSWERS
A curved boundary is measured using the elements of Chord, radius and _______. -
Answers-ARC
The main difference between a covenant and an equitable servitude is that a breach of
an equitable servitude is remedied by... - Answers-an injunction
Which of the following is a documentation of the "Chain of Title"? - Answers-An abstract
A 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. - Answers-Easement
Cob is... - Answers-a building material made from clay, sand, and straw
Following closure of a landfill, owners, heirs, etc. may not fill, grade, excavate, drill or
mine the site for ______ years - Answers-50
The maximum allowable amount of yard waste that one may accumulate at a private
residence is ______ cubic yards - Answers-1000
Which of the following is not a personal property right? - Answers-The right of escheat
A tax lien on the property is filed: - Answers-35 days after the final tax bill due date
If 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 - Answers-BEA
A property the value of which is diminished because of lack of "curb appeal"
(i.e.,landscaping, exterior paint, etc.) is an example of _____________ - Answers-
Functional obsolescence
"Weighted factors" in a CMA are used by ________________ - Answers-The correct
answer is: The broker to determine the likelihood of the property selling for the listed
price
The Home Valuation Code of Conduct (HVCC) has been replaced by
_______________ - Answers-AIRS
In appraising a 12 year old, single-familiy home in a residential neighborhood, which
approach would be most applicable? - Answers-Market Data approach
, Capitalization is best defined as: - Answers-The result of dividing net income by a
percentage rate of return to determine value
The best appraisal method to use to estimate the value of a vacant lot would be: -
Answers-Sales comparison approach
____________ is/are a method offered by lenders to allow borrowers a way to lower the
interest rate on a loan. - Answers-Discount Points
A trustor who wishes to give up a title rather than face foreclosure could: - Answers-
offer the beneficiary a deed in lieu of foreclosure
A broker discussing the "nominal rate" of a loan would be referring to the: - Answers-
interest rate indicated on the note
The mortgage... - Answers-is the interest in the property that is used to ensure that the
borrower won't default on the loan.
An 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: - Answers-owes both brokers a commission.
The Equal Credit Opportunity Act (ECOA) protects borrowers from discrimination based
upon the borrower's: - Answers-Age
An 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: - Answers-only has to pay the broker on the open listing.
If a subject property is in an area subject to unique assessments, levies, or other tax
burden, the agent/broker _____________ inform the buyer. - Answers-has a
responsibility to
If the seller discloses required information after the execution of a binding sales
agreement, the buyer: - Answers-may rescind the sales agreement.
The National Association of Realtors _________________ disclosure of any stigma
associated with a subject property. - Answers-encourages
The Seller Disclosure Act does not apply ________________. - Answers-to transfers to
a government entity
A "forever warranty": - Answers-defends the property title
What does the Possession clause contain? - Answers-details on how much time must
elapse after closing before the buyer can take possession of the property
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller GEEKA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.