Michigan salespersons - Study guides, Class notes & Summaries

License Fee - ACCURATE ANSWERS -$88.00 to obtain a three year license Continuing Education - ACCURATE 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 - ACCURATE 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 le...

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...

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...

A layer of new wood on a tree just under the bark is called __________. · Xylem · Sap · Cambium · Phloem CORRECT ANSWERS - Cambium The Department and the __________ may remove a limitation. Hearing Examiner Director Board Commission CORRECT ANSWERS - Board A salesperson shall turn over money for a sale to their licensed builder Immediately Within 10 days Within 48 hours Anytime CORRECT ANSWERS - Immediately A newly constructed building cannot be used or occupied in whole or pa...

---- shall appoint administrative and secretarial staff. - The department ---- shall have physical dominion over the files of the board. - The department -----shall not misrepresent material facts. A licensee shall include the name, license number, and actual business address, as shown on the license, in all ----. The use of a telephone or post office box number alone is prohibited. - Advertising ----may fire, suspend, promote, demote, or transfer a person providing administrative or sereta...

MICHIGAN BUILDERS LICENSE - ALL QUESTIONS FOR THE 60 COURSE EXAM LATEST UPDATE 2024/2025 QUESTIONS AND ANSWERS ALL ANSWERS 100% CORRECT A+ SCORE A layer of new wood on a tree just under the bark is called . ANSWER: - Cambium The Department and the may remove limitation. ANSWER: - Board A salesperson shall turn over money for a sale to their licensed builder ANSWER: - Immediately A newly constructed building cannot be used or occupied in whole or part without ANSWER:...

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...

Designated Agent - 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 - ANSWER What approach does an appraiser take primarily for an investment property? 1.) "Personal Assistant" (Answer) 2.) "Agent-Assistant" 3.) "Proxy-Agent" 4.) "Broker-Assignee" - ANSWER Charlie is the personal assistant for the top producer...

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...

penalty for engaging in practice of residential building without a license? not less than $5000 and not more than $25,000 and/ or one year whats the penalty for engaging in the practice of residential builders license resulting in a death? not less than $5000 and not more than $25000 and/or 4 years on individual builders license application what should you write as your business address? your personal address what is the cost for the individual builders license? $195 ...