Michigan salespersons Study guides, Class notes & Summaries

Michigan Builders License - All questions for the 60 Course Questions with correct Answers A layer of new wood on a tree just under the bark is called __________. · Xylem · Sap · Cambium · Phloem Cambium The Department and the __________ may remove a limitation. Hearing Examiner Director Board Commission Board A salesperson shall turn over money for a sale to their licensed builder Immediately Within 10 days Within 48 hours Anytime ...

License Fee correct answers -$88.00 to obtain a three year license Continuing Education correct answers -must complete no less than 18 hours of continuing education to renew for 3 yr cycle, with minimum requirement each year -no less than 2 hrs of legal updates each yeah and 18 hrs total over 3 year license Brokers License correct answers -required for purpose of entering into contract w/ consumers -can only be issues to one legal entity or one person at a time -must have no less than 3...

"Barriers Free" Addition to ADA in 1991 - -any building built from 1991 onward had to be built barrier free -must make accommodations for tenants of single family residential homes at the tenants expense -landlords can require money up front, as well as monies for restorations (apartments must also comply) 1866 Civil Rights Act - -prohibits discrimination on the basis of race only -has no exceptions/exemptions to the rule 1968 Federal Fair Housing Act - -shall not discriminate on the bas...

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 Practice Exam - Michigan (Chapter 1)Designated Agent - correct answer 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 - correct answer What approach does an appraiser take primarily for an investment property? 1.) "Personal Assistant" (Answer) 2.) "Agent-Assistant" 3.) "Proxy-Agent" 4.) "Broker-Assign...

PSI Real Estate Practice Exam - Michigan (Chapter 1) Questions and Answers 100% AccuratePSI Real Estate Practice Exam - Michigan (Chapter 1) Questions and Answers 100% AccuratePSI Real Estate Practice Exam - Michigan (Chapter 1) Questions and Answers 100% AccuratePSI Real Estate Practice Exam - Michigan (Chapter 1) Questions and Answers 100% Accurate Designated Agent - ANSWER-A person authorized by the broker to act as the agent of a specific principal - common in dual agency relationships, two...

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...

PSI Real Estate Practice Exam - Michigan (Chapter 1) Questions with complete solution 2023/2024Designated Agent - correct answer 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 - correct answer What approach does an appraiser take primarily for an investment property? 1.) "Personal Assistant" (Answer) 2.) "Agent-Assistant...

Chapter 3: Michigan License Laws and Rules correctly answered to pass 2023 TRUE OR FALSE: Not all states require people engaged in the real estate profession to be licensed by their respective state. - correct answer False Where does the state's authority to require licenses fall under? - correct answer Police power What is the purpose of license law legislation? - correct answer To protect the general public TRUE OR FALSE: License law governs the conduct of licensees in their real...

Real Estate State of Michigan Final Exam 2023-2024 Questions and Answers 100% CorrectReal Estate State of Michigan Final Exam 2023-2024 Questions and Answers 100% CorrectReal Estate State of Michigan Final Exam 2023-2024 Questions and Answers 100% Correct 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...