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Michigan State Practice Exam 2 Questions And Answers With Verified Solutions Already Passed!!!
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Michigan State Practice Exam 2 Questions And Answers With Verified Solutions Already Passed!!!
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Michigan State Practice Exam 2Questions And Answers With Verified
Solutions Already Passed!!!
Which entity receives and investigates complaints against real estate licensees in
Michigan? - ANSWER✔✔ Departmsnt of licensing and regukatory affairs, known
as LARA or the department.
When a formal complaint is issued by the department what are the respondents
options? - ANSWER✔✔ Informal conference to negotiate a settlement
demonstrate compliance or a contested case hearing
What's not true about the disclosure requirements under the seller disclosure act? -
ANSWER✔✔ It's required for all transfers of residential property or vacant lots
zoned for residential use
What's the purpose of the disclosures required under the seller disclosure act? -
ANSWER✔✔ The sellers disclosure act is intended to disclose material facts and
property condition issues the seller is aware of at the time of completing the form
A buyers agent is helping her client write an offer. Which of these is a
recommendation the agent has a dirty to make? - ANSWER✔✔ Michigan
licensees have a duty to recommend that the buyer require the seller to pay for a
title policy
As an associated salesperson what is your responsibility when handling an earnest
money deposit - ANSWER✔✔ You must give the clients earnest money to your
broker immediately
, What's NOT true about earnest money and brokerage trust accounts in Michigan -
ANSWER✔✔ The broker must disburse the funds at any time a demand is made
by one of the transaction parties
When may a broker disburse earnest money? - ANSWER✔✔ They may only
disburse them when the transaction is consummated or terminated and must always
do so according to written agreement from all transaction parties
Salesperson sherrys seller has just accepted an offer. Which of these actions is
sherry required to take? - ANSWER✔✔ She must deliver a copy of the accepted
contract to both the buyer and the seller
Licensee Cheryl can use which of these strategies to market her clients property? -
ANSWER✔✔ Give away scratch lottery tickets to open house attendees
Who is responsible for providing the transaction parties with a closing statement at
the closing? - ANSWER✔✔ The broker or associate broker, unless it is conducted
by a title company
What is a designated agent in Michigan? - ANSWER✔✔ An affiliated licensee
appointed to represent one side of a transaction
Consuela is acting as a dual agent. Whom does she represent? - ANSWER✔✔ The
buyer and the seller in a single transaction
What is a dual agent? - ANSWER✔✔ A dual agent represents the opposing sides
in a single transaction with written consent from all parties.
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