Michigan Real Estate Broker Exam
Study And Glossary Questions And
Answers With Verified Solutions Already
Passed!!!
A broker's license is required if you are engaging in more than _______ real estate
sales in a __________ month period. - ANSWER✔✔ 5,12
How many principal associate brokers licenses may a person hold - ANSWER✔✔
unlimited
How many non principal associate brokers licenses may a person hold -
ANSWER✔✔ 1
Paper is power of attorney, person is attorney in fact (TRUE FALSE) -
ANSWER✔✔ TRUE
How much CE is required - ANSWER✔✔ 18 hours every 3 years and 2 hours of
legal updates must be every year. 6 general + 2 legal
License renewal period - ANSWER✔✔ 44500
License renewal occurs how often - 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 - 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 - ANSWER✔✔ All of the Above
"
Non-principal associate brokers can transfer from one company to another.
However, they must - ANSWER✔✔ use an application form and pay the full
license fee.
Salespersons may transfer licenses from one company to another by -
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 -
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 - 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 - ANSWER✔✔ 1st
- $500 and/or 90 Days 2nd - $1000 per violation and/or 1 year
Penalties imposed by the board? - 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 - ANSWER✔✔ 3 years and meet all
requirements again.
How far can a broker supervise a branch - ANSWER✔✔ 25 miles from main
branch or name associate broker as supervisor
The Department must respond to complaints or questions about a limitation within:
- ANSWER✔✔ 15 Days
The Department may audit a broker: - ANSWER✔✔ during normal business hours
for an ad to be compliant you must include either/or - ANSWER✔✔ either brokers
address or brokers phone number
a blind ad does not indicate that - ANSWER✔✔ seller is a licensee
, must disclose license status buying and selling personally when? - ANSWER✔✔
when you're buying or selling and must get written authorization BEFORE
purchase agreement.
sign by your name when personally buying property - ANSWER✔✔ a licensed
broker in state of michigan
for a service provision agreement to be valid it must include? - 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 __________________________. ****** -
ANSWER✔✔ prior written consent from the seller
Salespersons can receive commissions and other compensation from
_______________ only. - ANSWER✔✔ employing broker
are blind ads illegal? - ANSWER✔✔ TRUE
To be non employee indepndent contractor you must be 5 things. - 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 - ANSWER✔✔ administrative law judge
how many transactions before becoming license - ANSWER✔✔ 5
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