Michigan DRE Salesperson Exam - Latest Guide with Q & S 2024.
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Course
Real estate salesperson
Institution
Real Estate Salesperson
Michigan DRE Salesperson Exam - Latest Guide with Q & S 2024.Michigan DRE Salesperson Exam - Latest Guide with Q & S 2024.Michigan DRE Salesperson Exam - Latest Guide with Q & S 2024.Michigan DRE Salesperson Exam - Latest Guide with Q & S 2024.
,1. Which of the following best describes the concept of 'fee simple
absolute' in property ownership?
A) The most comprehensive interest in real property that one
can possess
B) A temporary transfer of ownership rights to another party
C) Ownership that is limited by government regulations
D) A type of joint tenancy between two parties
Correct Answer: A
2. In Michigan, which statute governs the creation and execution of
agency relationships in real estate transactions?
A) The General Property Tax Act
B) The Michigan Real Estate License Act
C) The Statute of Frauds
D) The Uniform Commercial Code
Correct Answer: B
, C) The historical significance of a property
D) The financial models used in property valuation
Correct Answer: B
4. A fiduciary duty in real estate refers to:
A) The obligation to ensure fair housing practices
B) The responsibility to manage property for a corporation
C) The trust and confidence placed in an agent to act in the
client's best interests
D) The duty to pay property taxes on behalf of the owner
Correct Answer: C
5. The capitalization rate in property valuation is used to:
A) Calculate the gross rental income of a property
B) Determine the market value of a property based on income
C) Assess the amount of capital gains tax due upon sale
D) Establish the replacement cost of a property
Correct Answer: B
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