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Michigan Real Estate Broker Exam Study and Glossary questions with answers
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Michigan Real Estate Broker ExamStudy and Glossary
A broker's license is required if you are engaging in more than _______ real estate sales in a __________
month period. - correct answer ✔✔5,12
How many principal associate brokers licenses may a person hold - correct answer ✔✔unlimited
How many non principal associate brokers licenses may a person hold - correct answer ✔✔1
Paper is power of attorney, person is attorney in fact (TRUE FALSE) - correct answer ✔✔TRUE
How much CE is required - correct answer ✔✔18 hours every 3 years and 2 hours of legal updates must
be every year. 6 general + 2 legal
License renewal period - correct answer ✔✔44500
License renewal occurs how often - correct answer ✔✔every 3rd year divisible by 3. 18, 21, 24 ...
"In order to terminate a salesperson, a broker must do all the following EXCEPT: -Send a letter of
termination to the salesperson
-Send a copy of the letter to the Department within 10 days
- Mail the salespersons license along with the termination letter
-Sends copy of letter of termination to Department within 5 days - correct answer ✔✔send a copy of
the letter to the Department within 10 days
"
"Which of the following do not need a real estate license, unless they are doing these things as a
vocation? -An attorney-at-law in performance of duties as an attorney.
,-A person licensed or registered as a mortgage broker, mortgage lender or mortgage servicer (when
engaged in those activities).
-A trustee selling under a deed of trust.
-All of the above - correct answer ✔✔All of the Above
"
Non-principal associate brokers can transfer from one company to another. However, they must - correct
answer ✔✔use an application form and pay the full license fee.
Salespersons may transfer licenses from one company to another by - correct answer ✔✔filling out a
transfer form and sending it, the wall license, a transfer fee, and the pocket card to the Department.
Salespersons may decide to keep the pocket card and have the new broker sign and date the back. The
location of the pocket card must be noted on the transfer application.
Salespersons may terminate employment with a broker, but must give the broker - correct answer
✔✔written notice of termination. The broker then delivers or sends the salesperson's license by certified
mail to the Department within five days.
The broker may discharge the salesperson by - correct answer ✔✔by sending written notice of
termination to the salesperson's last known address stating his/her license has been sent to the
Department. The broker then sends the license and a copy of the letter to the Department by certified
mail within five days.
Practicing real estate without license penalties 1st, 2nd offense - correct answer ✔✔1st - $500 and/or 90
Days 2nd - $1000 per violation and/or 1 year
Penalties imposed by the board? - correct answer ✔✔fines, posting, bonds, censured, suspended,
revocation, probation, civil fine not to exceed 10k per, restitution, license limitation
if revocated how long to get it back - correct answer ✔✔3 years and meet all requirements again.
How far can a broker supervise a branch - correct answer ✔✔25 miles from main branch or name
associate broker as supervisor
,The Department must respond to complaints or questions about a limitation within: - correct answer
✔✔15 Days
The Department may audit a broker: - correct answer ✔✔during normal business hours
for an ad to be compliant you must include either/or - correct answer ✔✔either brokers address or
brokers phone number
a blind ad does not indicate that - correct answer ✔✔seller is a licensee
must disclose license status buying and selling personally when? - correct answer ✔✔when you're
buying or selling and must get written authorization BEFORE purchase agreement.
sign by your name when personally buying property - correct answer ✔✔a licensed broker in state of
michigan
for a service provision agreement to be valid it must include? - correct answer ✔✔expiration date and
provision for non discrimination.
A licensee who buys or acquires interest in a property cannot receive any compensation from the sale
without __________________________. ****** - correct answer ✔✔prior written consent from the
seller
Salespersons can receive commissions and other compensation from _______________ only. - correct
answer ✔✔employing broker
are blind ads illegal? - correct answer ✔✔TRUE
To be non employee indepndent contractor you must be 5 things. - correct answer ✔✔licensed, at risk,
no min job requirements, annually independent contract, not less than 90% percentage must come from
real estate
, name of the person who determins guilt - correct answer ✔✔administrative law judge
how many transactions before becoming license - correct answer ✔✔5
how many civil rights hours for broker - correct answer ✔✔9
if broker is company there must be max of ___ principal associate broker - correct answer ✔✔1
exceptions for a real estate license - correct answer ✔✔if you're doing for yourself, new home builder,
How much CE is required per year - correct answer ✔✔6 hours
date of license expire - correct answer ✔✔10/31
if broker is company there must be max of ___ NON principal associate broker - correct answer ✔✔no
limit
max fine imposed by board - correct answer ✔✔10000
max bond board can require posting of - correct answer ✔✔5000
The full and complete name of the real estate board is - correct answer ✔✔The Board of Real Estate
Brokers and Salespersons.
who sets penalty - correct answer ✔✔The Board of Real Estate Brokers and Salespersons.
all ads must include - correct answer ✔✔brokers name, and phone number or street address, if it does
not have this info its called a blind ad
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