Michigan real estate Study guides, Class notes & Summaries

43560 - square acre act 299 - occupational code of ethics for real estate persons actual notice - assurance that actual notice given to recipient adjusted rate mortgage - ARM- annually tied to index(CPI) adverse possession - acquire title to real estate where occupant has been actual , hostile, open and continuous occupancy(15 year) attorney-in -fact - person authorized to perform business related transactions benchmark - point of beginning in metes and bounds Buy-down - mortgage financi...

Michigan Real Estate Exam Questions and Answers 100% CorrectMichigan Real Estate Exam Questions and Answers 100% CorrectMichigan Real Estate Exam Questions and Answers 100% Correct Special Assessment - ANSWER-A category of property tax levied upon a property according to specific benefits that it receives. Special assessments are levied for those improvements that only benefit a limited number of properties such as street paving, water & sewer lines, sidewalks and lighting. Riparian Land -...

All of the following include a real estate interest except: A. Apple trees B. Farm equipment C. Air rights D. Barns - B. Farm equipment An owner of a 90 acre parcel of land wishes to split the land without platting. Under the michigan land devision act, how many parcels may this owner get if he does not create any new roads? A. 12 B. 14 C. 10 D. 8 - A. 12 In estimating the value of a single-family home, an appraiser would most likely use which approach? A. Income B. Capitalization R...

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...

Michigan Real Estate Exam Questions and Answers

Michigan Real Estate Exam Prep Questions and Answers 100% CorrectMichigan Real Estate Exam Prep Questions and Answers 100% CorrectMichigan Real Estate Exam Prep Questions and Answers 100% CorrectMichigan Real Estate Exam Prep Questions and Answers 100% Correct Chattel - ANSWER-movable property Fixture - ANSWER-a thing fastened in place AGREEMENT BETWEEN THE PARTIES - ANSWER-IF IT'S IN WRITING BETWEEN THE PARTIES, IT STANDS (as long as it doesn't violate contract law i.e. something illeg...

Michigan Residential Builder's License 100% SOLUTION What is the 1st offense penalty for engaging in the practice of residential building without a license? - ANSWER Not less than $5K and not more than $25K and/or 1 year What is the penalty for engaging in the practice of residential building, resulting in a death? - ANSWER Not less than $5K and not more than $50K and/or 4 years On your individual builder's license application, what should you write as your "business address"? -...

Michigan Real Estate Ch. 5 - Brokerage & Agency Already Graded A+ Accidental agency occurs when a buyer mistakenly believes that an agent represents them due to the agent's actions and representations. Agency disclosure requires licensees to discuss all permissible agency relationships under Michigan law and provide consumers with a document detailing the specific agency relationship they will have with the licensee and brokerage. An agent is an individual hired to act on behalf of ...

A person ordered to cease and desist shall be entitles to a hearing if a written request for a hearing is files within: - Answer- 30 days after the effective date of the order A new member of the Board of Real Estate Brokers and Salespersons: - Answer- Shall be provided a comprehensive orientation program A censure involves an action that: - Answer- Is not necessarily a violation of an act or rule A real estate broker's license may be issued to any of these entities EXCEPT a(n): - Answ...