Michigan broker - Study guides, Class notes & Summaries

Michigan Real Estate Broker Exam Study and Glossary Questions With Correct Answers 2024 Update 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 muc...

MI state Exam practice 120 Questions with Verified Answers After accepting an offer in writing, if a seller withdraws acceptance and cancels the transaction, which of the following is TRUE? - CORRECT ANSWER The broker, having facilitated a written acceptance of an offer, is entitled to compensation and may sue the seller for the commission. A realty company has entered agency agreements with both the sellers and the buyers in the transaction of a property. Is this allowable? - CORRECT ANSW...

PSI Real Estate Michigan State Licensing Exam – Complete Questions & Answers (Graded A+) PSI Real Estate Michigan State Licensing Exam – Complete Questions & Answers (Graded A+) The law regulating the licensing of occupations in Michigan is known as - ANSWER-1.) Occupational Code PA 299 of 1980. (Answer) 2.) Michigan License Act 152 of 1979. 3.) Administrative Rules for Michigan Licensing. 4.) Michigan Code of Ethics. Which of the following persons would NOT need a real estate lic...

Michigan License Law Exam Questions and Answers 100% Verified Broker James has a listing based on net price. Which statement is true? This will be a more profitable listing for James. This listing is illegal in Michigan. This listing would be legal if the seller agreed. James must get permission from the Department to have this listing. ️️This listing is illegal in Michigan. Seller Gordon refuses to accept an offer to purchase his home from buyer Juan Valdez of Columbia, South Ame...

Michigan Real Estate Exam Questions with Answers Uniform State Anti-trust Act - Answer-the idea is we are going to free an open market Price Fixing - Answer-saying commission fees are normal for everyone-- should say my comissions what my broker has chosen to charge me Boycotting or concerted refusals to deal - Answer-brokers getting together to say they will not show listings to clients of a different broker territorial or custom allocation - Answer-you stay in your area and we will ...

PSI Real Estate Practice Exam - Michigan (Chapter 1) Graded A+ Designated Agent ️A person authorized by the broker to act as the agent of a specific principal - common in dual agency relationships, two salespersons from the same company can represent opposite sides of the sale. Income Approach ️What approach does an appraiser take primarily for an investment property? 1.) "Personal Assistant" (Answer) 2.) "Agent-Assistant" 3.) "Proxy-Agent" 4.) "Broker-Assignee" ️Ch...

1. The real estate market is local in nature what does that mean? - ANSWER Information about real estate can best be found through local sources, which makes the real estate market local in nature 2. You would expect a real estate licensee to perform all of the following activities, EXCEPT: A. Providing expert knowledge about construction methods and materials B. Providing expert knowledge to members of the public in the performance of specified services of real estate C. Following up wi...

Real Estate Salesperson Michigan Exam Verified Answers - Department: Refers to the Department of Licensing and Regulatory Affairs. - Board: Refers to the Board of Real Estate Brokers and Salespersons. - Purpose of the Real Estate Board: The board interprets license requirements and assists in investigations. - Board Composition: There are 9 voting members, including 6 licensees and 3 members from the general public. - Duties of the Board: The board sets penalties. - Examination Administratio...

Michigan Life and Health Insurance Exam With Complete Solutions 2023

Michigan State Law Questions and Answers Already Passed The best definition of the "Board" would be? an agency created in that article composed principally of members of the regulated occupation An expression of disapproval of a licensee's professional conduct, which conduct is not necessarily a violation of this act or a rule promulgated or an order issued under this act would describe a(n): censure Which of the following activities would be a violation under Michigan state la...