Michigan broker - Study guides, Class notes & Summaries

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...

Michigan Real Estate - Unit 28: Additional State Topics - Multiple Choice All Answers Correct The correct answer to the question about Michigan transfer tax is: B) Transfer tax is calculated on the sale price of the real estate being conveyed. Explanation: Transfer tax in Michigan is based on the sale price of the property being transferred. There are two types: county and state transfer tax, which are the obligation of the seller (transferor). The tax is collected by the Register of...

Michigan Real Estate Broker Exam Study And Glossary( Download)

KENTUCKY REAL ESTATE PRACTICE EXAM FINAL ONE |150 EXAM QUESTIONS AND ANSWERS WITH RATIONALE GRADED condominium Severalty ownership of air rights combined with an undivided interest in the common areas of real estate would MOST LIKELY describe a on probation A licensee could be active in the real estate business if his/her license is Agent Kenzie has terminated her relationship with her broker. The broker has returned her license to the BREP. Agent Kenzie has thirty days to place her license ...

Michigan Real Estate Ch. 8 - Real Estate Finance Principles Verified Answers ### Acceleration Clause - Allows the lender to declare the entire remaining balance immediately due and payable if the borrower defaults. ### Judicial Foreclosure - Requires the lender to sue the borrower and obtain a judgment for the owed debt. - Once the judgment is obtained, the lender requests the court to issue an execution order for the sheriff to take possession and sell the property at a public auction f...

Indiana state questions Correct answers latest update T, a licensee from Illinois, has been retained by the probate court to sell all the real estate in J's estate. One of the properties located in INDIANA. If T wants to sell the property located in INDIANA. In this situation. which of the following statements is correct? T can apply to the Indiana real estate commission for written permission to sell the property The attorney general do may do which of the following? Subpoena docu...

Michigan Real Estate License ExamA landlord must place security deposits into a regulated financial institution unless the - correct answer a. landlord deposits a bond with the Secretary of State. REASONING: The security deposit must be deposited in a regulated financial institution. A landlord may use the security deposit if the landlord posts a cash or surety bond with the secretary of state. A broker has inherited a one-tenth interest in her father's house. If the heirs agree to sell the ...

Michigan Real Estate License Exam 2023-2024 Questions and Answers (Graded A)Michigan Real Estate License Exam 2023-2024 Questions and Answers (Graded A) A landlord must place security deposits into a regulated financial institution unless the - ANSWER-a. landlord deposits a bond with the Secretary of State. REASONING: The security deposit must be deposited in a regulated financial institution. A landlord may use the security deposit if the landlord posts a cash or surety bond with the secretary...

Which of the following persons is an agent? correct answers Diane, a shoe salesperson for a retail store Tim, a real estate broker for a large real estate company Craig, a telephone marketing employee Which of the following is not required of an agency relationship? correct answers Consideration Mohammad was an employee in the new product development department of Estay Inc. Mohammad was directly involved in the development of a new product that Estay intended to launch in 6 months. Esta...

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...