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Real Estate Practice Exam - Michigan Rules and Regulations with complete solutions
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Real Estate Practice Exam - Michigan Rules and Regulations with complete solutions
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Real Estate Practice Exam - MichiganRules and Regulations
Which of the following is not a purpose of the land division act? - correct answer ✔✔So that the price of
the sold lots would not inflate beyond the cpi. Purpose DOES include so that the size of the divided
parcels of land will not be too large to be served with enough streets, roads, and adequate drainage and
sewers; So that when the land is bought and sold, people could accurately and upon the proper service,
tell the boundaries of their land and be able to use accurate legal description; so that the land may be
properly divided and laid out
Under the land division act, property up to the size of 10 acres can be divided into four parcels. How
many splits are allowed for each additional 10 acres? - correct answer ✔✔1
If the monthly rent is $600 a month, what is the most amount of money a landlord can charge the tenant
to move in? - correct answer ✔✔$1500
A landlord charging a deposit must inform the tenant of his obligation to notify the landlord of a
forwarding address within _______ days after vacating. - correct answer ✔✔4
In regards to construction of new condominiums, I purchase agreement is not binding until nine business
days after developer delivers condominium documents to purchaser. Which of the following is not
required? - correct answer ✔✔Evidence of a two year warranty on construction. IS required:
condominium buyers handbook; copy of purchase and escrow agreements; recorded master deed with
attached bylaws and subdivision plans
Interval ownership of property is reflected in which of the following? - correct answer ✔✔timeshare
A licensee is selling vacant home site in an area that does not have municipal sewer's. Which of the
following is true? - correct answer ✔✔The sale should be made contingent on a percolation test that
would be acceptable to the health department
, Which of the following is true with regards to the Michigan condominium act? - correct answer
✔✔Recorded master deed, bylaws, purchase and escrow agreement, condominium buyers handbook
and disclosure statement are all documents that must be delivered by the developer to the purchaser
All of the following are true with regards to MSHDA: - correct answer ✔✔Provide financing for low and
moderate income households; borrowers must occupy property as principal residence; money is
available for existing homes or new construction
Which of the following statements are acceptable under the antitrust act? - correct answer ✔✔Our
company pays a 25% referral fee if you send us business
A licensee happens to be in a meeting with other agents from other companies who appear to be
discussing fixing their commissions. In order for the licensee to be in compliance with antitrust laws what
must she do? - correct answer ✔✔Expressed disagreement with what is going on and immediately leave
the meeting
The best indication as to whether a sales person is working as an independent contractor or not it is? -
correct answer ✔✔Do you mount of control the broker has over the agent as far as working hours
Under the Michigan right to farm act, all of the following are true: - correct answer ✔✔A farm operation
shall not be found to be a public nuisance if the farm operates under general accepted practice is; a farm
operation shall not be found to be a public nuisance if it existed before a change in land use within 1 mile
of the boundaries of the farm land; a seller of property located in the vicinity of a farm operation must
disclose that fact on the sellers disclosure statement
With regards to condominium conversions, which of the following is inapplicable? - correct answer
✔✔law requires any person living on the premises to purchase the unit; These ARE applicable: lease
extensions must be offered the occupants over age of 65 years; lease extensions must be offered the
occupants with specific disability recognized by state income tax law; law covers conversion of any
building, residential use only, from rental to condominium ownership if it has six or more rental units
What is the total amount of transfer tax due to the state and county is the purchase price was $45,750 -
correct answer ✔✔$395.60
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