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PSI Michigan questions with correct accurate answers
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PSI Michigan questions with correct accurate answers
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PSI Michigan- correct answer ✔✔In MI, a licensee must provide a client with a true copy of the agency agreement
$279.50 - correct answer ✔✔Which of the following would be combined county and state transferred
tax on the sale of a property in Lansing that sold for $22,500?
The trust/escrow account balance - correct answer ✔✔A broker has a number of open real estate
transactions. The balance of the record related to these transactions should be equal to
A person who smokes - correct answer ✔✔Under MI law and the persons with disabilities civil rights act,
a landlord may refuse to rent a house to which of the following?
A fire resistant - correct answer ✔✔Before it was recognized as a health hazard, asbestos were
commonly used as insulation in residential and commercial construction because it is
Condemnation - correct answer ✔✔The city wishes to purchase a parcel of property to be used as a
cloverleaf for access to the nearby interstate. The land owner refuses to sell. To acquire life to the
property, the city will initiate a process of
Encapsulation of damaged asbestos can be safer than removal - correct answer ✔✔Which of the
following is true about asbestos?
An express agreement - correct answer ✔✔An agency or brokerage relationship is most commonly
established between a broker and a principal by
Use the realtor title when not a member - correct answer ✔✔State real estate license laws provide for a
disciplinary action against licensees who
Tom Smith, Broker - correct answer ✔✔Tom Smith is licensed as an individual broker in MI, under which
of the following names may he advertise his listings?
, The sponsoring broker may be responsible for the sales associates actions - correct answer ✔✔A sales
associate takes a listing in the name of the sponsoring broker. When a dispute arises between the sales
associates and the seller
- correct answer ✔✔Which of the following will not be considered relevant if HUD investigates a
prospective home buyers allegation of discriminatory treatment by a licensee in a brokerage office?
What the property sells for - correct answer ✔✔Market price is
Short sale - correct answer ✔✔A seller discovers that the property he owns is worth less than the
outstanding mortgage balance. He may still be able to sell the property if the lender agrees to a
Metes and bounds - correct answer ✔✔A legal description which gives directions and distances is one by
Mail a notice of itemized damages to the tenant within 30 days - correct answer ✔✔A landlord finds
damages to a rental unit after the tenant moves out. The landlord wants to recover the damages. In
order to do so, the landlord must
Protection for farm operations - correct answer ✔✔The right to farm act provides farmers with
All owners as tenants in common - correct answer ✔✔The common area of a condo development is
owned by
Buyer and seller - correct answer ✔✔In a jurisdiction where the common law of agency governs real
estate activities, a buyer has a single agency relationship with a broker. The buyer wants to purchase one
of the brokerage companies listings from a seller with whom the broker also currently has a single
agency relationship with. This will create dual agency but in order for this relationship to be legal, it will
be necessary to have written consent of the
Reverse mortgage - correct answer ✔✔What type of loan would allow a homeowner to utilize the equity
built up in their home without having to sell?
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