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MICHIGAN BROKER PRACTICE EXAM QUESTIONS AND ANSWERS
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MICHIGAN BROKER PRACTICE EXAM QUESTIONS AND ANSWERS
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MICHIGAN BROKER PRACTICE EXAM QUESTIONSAND ANSWERS
A curved boundary is measured using the elements of Chord, radius and _______. -
Answers-ARC
The main difference between a covenant and an equitable servitude is that a breach of
an equitable servitude is remedied by... - Answers-an injunction
Which of the following is a documentation of the "Chain of Title"? - Answers-An abstract
A profit (aka, a profit a prendre) is a specific kind of ________ that not only allows
access to another person's property but also allows the removal of material resources
contained in the property. - Answers-Easement
Cob is... - Answers-a building material made from clay, sand, and straw
Following closure of a landfill, owners, heirs, etc. may not fill, grade, excavate, drill or
mine the site for ______ years - Answers-50
The maximum allowable amount of yard waste that one may accumulate at a private
residence is ______ cubic yards - Answers-1000
Which of the following is not a personal property right? - Answers-The right of escheat
A tax lien on the property is filed: - Answers-35 days after the final tax bill due date
If a person is not responsible for an activity causing a release and the person acquired
the property on or after June 5, 1995, then that person will not be liable provided that
the person performs a _____ and exercises due care - Answers-BEA
A property the value of which is diminished because of lack of "curb appeal"
(i.e.,landscaping, exterior paint, etc.) is an example of _____________ - Answers-
Functional obsolescence
"Weighted factors" in a CMA are used by ________________ - Answers-The correct
answer is: The broker to determine the likelihood of the property selling for the listed
price
The Home Valuation Code of Conduct (HVCC) has been replaced by
_______________ - Answers-AIRS
In appraising a 12 year old, single-familiy home in a residential neighborhood, which
approach would be most applicable? - Answers-Market Data approach
, Capitalization is best defined as: - Answers-The result of dividing net income by a
percentage rate of return to determine value
The best appraisal method to use to estimate the value of a vacant lot would be: -
Answers-Sales comparison approach
____________ is/are a method offered by lenders to allow borrowers a way to lower the
interest rate on a loan. - Answers-Discount Points
A trustor who wishes to give up a title rather than face foreclosure could: - Answers-
offer the beneficiary a deed in lieu of foreclosure
A broker discussing the "nominal rate" of a loan would be referring to the: - Answers-
interest rate indicated on the note
The mortgage... - Answers-is the interest in the property that is used to ensure that the
borrower won't default on the loan.
An owner unilaterally cancels a 90-day exclusive listing agreement after 30 days and
then, 23 days later, sells the property through another broker on an open listing. The
seller most probably: - Answers-owes both brokers a commission.
The Equal Credit Opportunity Act (ECOA) protects borrowers from discrimination based
upon the borrower's: - Answers-Age
An owner unilaterally cancels a 90-day exclusive listing agreement after 30 days and
then, 73 days later, sells the property through another broker on an open listing. The
seller most probably: - Answers-only has to pay the broker on the open listing.
If a subject property is in an area subject to unique assessments, levies, or other tax
burden, the agent/broker _____________ inform the buyer. - Answers-has a
responsibility to
If the seller discloses required information after the execution of a binding sales
agreement, the buyer: - Answers-may rescind the sales agreement.
The National Association of Realtors _________________ disclosure of any stigma
associated with a subject property. - Answers-encourages
The Seller Disclosure Act does not apply ________________. - Answers-to transfers to
a government entity
A "forever warranty": - Answers-defends the property title
What does the Possession clause contain? - Answers-details on how much time must
elapse after closing before the buyer can take possession of the property
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