Michigan real estate exam - Study guides, Class notes & Summaries

Michigan Real Estate Exam With Verified Solutions 1. Vendee: Someone who buys or purchases property, especially under a deed. 2. Vendor: A seller, particularly someone selling property through a contract for deed. 3. Escalation Clause: A provision in a contract that allows for an increase or decrease in interest rates based on a specified annual percentage or other conditions. 4. Deed: A written document that transfers title (ownership) of real property from one party to another. 5. ...

Michigan Real estate exam with answers graded A+

Michigan Real Estate Exam Practice with complete solutions rated A+

PSI Michigan real estate exam practice test with 100% correct answers

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 Graded A+ 1. Accretion ️The natural addition of soil and land to real estate. 2. Accrued Depreciation ️The decrease in a property's value over time, calculated as the difference between the replacement cost and current appraised value. 3. Acre ️An area of 43,560 square feet. 4. Actual Notice ️Informing a person about a property's existence by showing them documents or physical evidence. 5. Ad Valorem ️Latin term meaning "according to value." ...

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...

MICHIGAN REAL ESTATE PRACTICE EXAM

"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 being conveyed. C)Transfer tax is collected at the time a mortgage to real property is recorded. D)There are two types of transfer tax: county and city." - Answer- "B-Explanation: The answer is transfer tax is calculated on the sale price of the real estate being conveyed. The two types of transfer tax are...

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