Michigan Real Estate Broker Exam Study and Glossary Questions & Answers
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Course
Michigan Real Estate stuvia
Institution
Michigan Real Estate Stuvia
AnswerPUR AUTRE VIE - ANSWER for another's lifetime; a term sometimes used in life estate if the life tenant is allowed to possess the property for the duration of someone else's life.
AnswerQUALIFIED FEE ESTATE - ANSWER an estate that is subject to certain limitations imposed by a previous owne...
A broker's license is required if you are engaging in more than _______ real estate
sales in a __________ month period. - ANSWER 5,12
AnswerHow many principal associate brokers licenses may a person hold - ANSWER
unlimited
AnswerHow many non principal associate brokers licenses may a person hold -
ANSWER 1
AnswerPaper is power of attorney, person is attorney in fact (TRUE FALSE) - ANSWER
TRUE
AnswerHow much CE is required - ANSWER 18 hours every 3 years and 2 hours of
legal updates must be every year. 6 general + 2 legal
AnswerLicense renewal period - ANSWER 44500
AnswerLicense renewal occurs how often - ANSWER every 3rd year divisible by 3. 18,
21, 24 ...
Answer"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
Answer"
"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
Answer"
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.
AnswerSalespersons 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.
,AnswerSalespersons 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.
AnswerThe 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.
AnswerPracticing real estate without license penalties 1st, 2nd offense - ANSWER 1st -
$500 and/or 90 Days 2nd - $1000 per violation and/or 1 year
AnswerPenalties imposed by the board? - ANSWER fines, posting, bonds, censured,
suspended, revocation, probation, civil fine not to exceed 10k per, restitution, license
limitation
Answerif revocated how long to get it back - ANSWER 3 years and meet all
requirements again.
AnswerHow far can a broker supervise a branch - ANSWER 25 miles from main branch
or name associate broker as supervisor
AnswerThe Department must respond to complaints or questions about a limitation
within: - ANSWER 15 Days
AnswerThe Department may audit a broker: - ANSWER during normal business hours
Answerfor an ad to be compliant you must include either/or - ANSWER either brokers
address or brokers phone number
Answera blind ad does not indicate that - ANSWER seller is a licensee
Answermust disclose license status buying and selling personally when? - ANSWER
when you're buying or selling and must get written authorization BEFORE purchase
agreement.
Answersign by your name when personally buying property - ANSWER a licensed
broker in state of michigan
Answerfor a service provision agreement to be valid it must include? - ANSWER
expiration date and provision for non discrimination.
AnswerA licensee who buys or acquires interest in a property cannot receive any
compensation from the sale without __________________________. ****** - ANSWER
prior written consent from the seller
,AnswerSalespersons can receive commissions and other compensation from
_______________ only. - ANSWER employing broker
Answerare blind ads illegal? - ANSWER TRUE
AnswerTo 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
Answername of the person who determins guilt - ANSWER administrative law judge
Answerhow many transactions before becoming license - ANSWER 5
Answerhow many civil rights hours for broker - ANSWER 9
Answerif broker is company there must be max of ___ principal associate broker -
ANSWER 1
Answerexceptions for a real estate license - ANSWER if you're doing for yourself, new
home builder,
AnswerHow much CE is required per year - ANSWER 6 hours
Answerdate of license expire - ANSWER 10/31
Answerif broker is company there must be max of ___ NON principal associate broker -
ANSWER no limit
Answermax fine imposed by board - ANSWER 10000
Answermax bond board can require posting of - ANSWER 5000
AnswerThe full and complete name of the real estate board is - ANSWER The Board of
Real Estate Brokers and Salespersons.
Answerwho sets penalty - ANSWER The Board of Real Estate Brokers and
Salespersons.
Answerall ads must include - ANSWER brokers name, and phone number or street
address, if it does not have this info its called a blind ad
Answerpatent defect - ANSWER easy to see (Obvious) Think OP in alphabet
Answerlatent defect - ANSWER not easy to see
, Answerhow many years does a broker have to keep trust account records - ANSWER
3yrs
Answermax amount in a broker trust account - ANSWER 2000
AnswerWho can sign checks from the broker trust account? - ANSWER The broker or
the broker and another in a cosignatory account
AnswerThe Department must respond to complaints or questions about a limitation
within: - ANSWER 15 days
AnswerA salesperson upon receipt of an earnest money deposit shall: - ANSWER
deliver to broker immediately
AnswerThe first time a sales person is found to be in violation of the occupationalcode: -
ANSWER salesperson could face a 10,000 fine
AnswerThe broker who is responsible for the earnest money deposit is: - ANSWER The
one who receives it
AnswerThe Department can: - ANSWER suspend, fine, revoke, cause a bond to be
posted, require one to prove competence, require restitution, or censure
AnswerAn attorney-in-fact - ANSWER Is operating under a power-of-attorney
AnswerWho is responsible for the real estate examination administration? - ANSWER -
The Department is in charge of administering the examination and may provide the
equipment and room.
-The Department may delegate any or all or of these duties. They currently delegate to
PSI
AnswerHow many non-principal associate broker licenses may a person hold? -
ANSWER only 1
AnswerEvery three year real estate licensing cycle,a licensee must obtain: - ANSWER
18 hours of continuing education of which at least two hours each year consists of "core
classes"
AnswerThe Department may audit a broker: - ANSWER during regular business hours
Answera person who helps a neighbor sell a home and gets 1000 commission could get
penalized up to - ANSWER 500 fine and 90 days in jail
Answerwhat is the minimum EMD in a PA or any bilateral contract? - ANSWER 0
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