Michigan real estate Study guides, Class notes & Summaries

Michigan Real Estate Exam Multiple Choice Questions and Answers (Graded A) Michigan Real Estate Exam Multiple Choice Questions and Answers (Graded A) Michigan Real Estate Exam Multiple Choice Questions and Answers (Graded A) Michigan Real Estate Exam Multiple Choice Questions and Answers (Graded A) "Which of the following is TRUE about Michigan transfer tax? A)Transfer tax is a charge to the buyer at the closing. B)Transfer tax is calculated on the sale price of the real estate ...

Michigan Real Estate Broker Exam Study and Glossary Questions and Answers

Allodial System The type of land ownership existing in the United States whereby individuals may hold title to real property absolutely. Association of Real Estate License Law Official (ARELLO) Founded in 1929, a group of real estate license law officials that regulates more than 2 million real estate licensees. Feudal System A type of land ownership in medieval Europe, whereby only the king could hold absolute title to real property. Free Market An economic condition in...

Michigan Real Estate Exam with 100% correct Answers

Michigan Real Estate Exam Questions and Answers

(7) MICHIGAN REAL ESTATE EXAM - PROPERTY OWNERSHIP EXAM QUESTIONS FULLY SOLVED &UPDATED 2024

(7) MICHIGAN REAL ESTATE EXAM - PROPERTY OWNERSHIP EXAM QUESTIONS FULLY SOLVED &UPDATED 2024

A borrower has defaulted on the mortgage. The mortgage contains an acceleration clause. This permits the lender to do what? - demand immediate payment of the entire note A broker has brought a ready, willing, and able buyer to a seller. In MOST listing contracts, the broker has earned his commission when what happens? - the seller accepts the offer. A broker lists a property, with a listing contract allowing subagency and dual agency. One of the broker's salespersons shows the property. Th...

Conventional Mortgages neither insured nor guaranteed. Typically requires 20%-25% down payment. Conventional with PMI (Private mortgage insurance) A conventional loan with insurance on it- up to 20%. The law passes in 1998 made it mandatory for the lenders to drop the PMI when the loan balance reaches 78% of the original value of the property. Borrower can request the lender to drop the PMI, when the balance reaches 80% of the value of the property. FNMA and FHLMC encourages lenders to ...

Michigan Real Estate Exam 2023 with complete solutions