Michigan real estate Study guides, Class notes & Summaries

Michigan Real Estate Exam Questions and Answers

Michigan Real Estate Exam Questions With Verified Answers |100% Pass

Michigan Real Estate Exam Questions And Correct Answer New Update Fiduciary - Answer -A person, such as an agent, placed in a position of trust; Essentially the same as a trustee. Fiduciary Duties / Agent Responsibilities - Answer -O.L.D. C.A.R. Obedience Loyalty Disclosure of information Confidentiality Accounting Reasonable Skill, Care, & Diligence Caveat Emptor - Answer -let the buyer beware An Appraiser - Answer -Estimates Value Freehold Estates - Answer -Indicat...

Michigan Real Estate Exam 2023 Questions with correct 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 Questions and Answers 100% CorrectMichigan Real Estate Exam Questions and Answers 100% CorrectMichigan Real Estate Exam Questions and Answers 100% CorrectMichigan Real Estate Exam Questions and Answers 100% Correct All of the following include a real estate interest except: A. Apple trees B. Farm equipment C. Air rights D. Barns - ANSWER-B. Farm equipment An owner of a 90 acre parcel of land wishes to split the land without platting. Under the michigan land devi...

Michigan Real Estate Exam (set 9) Questions and Answers Calder's Construction Company has built a home in a new subdivision which was sold 6 months after it was built, for $48,500. This amount reflected a loss of 3%. Knowing this, what was the original asking price on the home? $50,000 To figure this out, take the sale price and divide it by 97% (100%-3% loss=97%). So, $48,500/97% = $50,000. A seller was selling an unimproved 1.1-acre lot for $10,000. The seller listed the property ...

(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

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 -...