Exam (elaborations)
Michigan Real Estate Exam Practice with complete solutions rated A+
- Course
- Institution
Michigan Real Estate Exam Practice with complete solutions rated A+
[Show more]
Content preview
Michigan Real Estate Exam PracticeWhen land is conveyed to a trustee, what may a trustee do? - correct answer ✔✔Whatever is permitted
under the trust agreement.
What is true of both special assessments an ad valorem taxes? - correct answer ✔✔Delinquent payment
is grounds for sale of the property.
At the time of harvest, crops that require annual plantin gare generally considered to be what? - correct
answer ✔✔Personal property.
A homeowner has negotiated with a neighbor to obtain the permanent right to pass over the northern
part of the neighbor's land to gain access to the river. He pays the neighbor $9,000 for the right of access
and receives a deed. This is an easement _______? - correct answer ✔✔Appurtenant
Two lots of the same size are sold on a street. The lot on the corner sells for $20,000 more than the lot in
the middle of the street. What characteristic MOST likely explains the price difference? - correct answer
✔✔Situs.
A tenant rented an apartment, signing a 15-month lease. After the lease expired, the tenant paid 1
month's rent and got a receipt. What kind of leasehold does the tenant have? - correct answer
✔✔Holdover Tenancy.
Legal descriptions using the government survey system are NOT generally used where? - correct answer
✔✔the original 13 states
A deed restriction is applicable to the activities of who? - correct answer ✔✔present and future owners.
A landowner wishes to build a neighborhood grocery store on a busy street in an area zoned for
residential use. What would MOST likely be used to obtain permission for this store? - correct answer
✔✔Conditional use permit or zoning variance.
, If conditions for purchase are included in a deed and these conditions are violated, what is the penalty? -
correct answer ✔✔Return of the property to the original owner.
An environmental impact statement typically describes the effects of a proposed project on factors such
as what? - correct answer ✔✔public health and safety.
Although states make specific laws governing water rights and the rights in land that borders water, most
states generally follow one of two basic doctrines regarding water rights. In many states, the common
law doctrine of riparian and littoral rights dictates that water rights are automatically conveyed with
property. In others, all water rights are controlled by the state under the doctrine of ______________
_____________ ? - correct answer ✔✔prior appropriation.
A lawsuit for inverse condemnation may be brought by whom? - correct answer ✔✔a homeowner
When a sewer line is installed down a rural road, the cost will probably be shared by whom? - correct
answer ✔✔all current owners of real estate fronting on that road.
All of the following are methods to calculate the reproduction or replacement cost of a building EXCEPT
what? - correct answer ✔✔straight-line method.
If all other factors are equal, in which location is a parking lot likely to bring the highest sales price? -
correct answer ✔✔Business district zoned for a six-story office building.
An appraiser MUST be licensed or certified to handle Federally related work on residential property
valued at more than what? - correct answer ✔✔$250,000
A couple owns an older home in a neighborhood that is becoming a commercial area. Because of the
change in the use of the land, the couple can expect the value of their parcel to increase at some future
time. This is an example of the principle of ________ . - correct answer ✔✔anticipation
A competitive market analysis is MOST often used for what? - correct answer ✔✔setting a listing price.
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 Sakayobako30. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67866 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
