Michigan Real estate exam questions with completely solved answers (latest update 2024)
3 views 0 purchase
Course
Real Estate
Institution
Real Estate
vendee - Answer- a buyer or purchaser particularly someone buying property under a deed
vendor - Answer- seller ,particularly someone selling property by means of a contract for
deed
escalation clause - Answer- increase or decrease interest rate based on annual percent
deed - Answer- writ...
Michigan Real estate exam questions with completely solved answers (latest update 2024) vendee - Answer - a buyer or purchaser particularly someone buying property under a deed vendor - Answer - seller ,particularly someone selling property by means of a contract for deed escalation clause - Answer - increase or decrease interest rate based on annual percent deed - Answer - written document conveys title to real property deed of trust - Answer - voluntary lien on real property to secure repayment of debt deed restriction - Answer - provisions in deed that restrict land use quitclaim deed - Answer - deed that clears clouds and has highest risk. general warranty - Answer - deed that grantor warrants the title against defects during ownership encumbrance - Answer - right or inte rest in land that affects the value lien - Answer - claim on property(unpaid taxes, judgements) habendum clause - Answer - to have and to hold describes the type of estates will hold home owners association - Answer - organization created to enforces deed restrictions (subdivision) principle - Answer - client/buyer property manager - Answer - the owner physical deterioration - Answer - loss in value from wear and tear functional obsolescence - Answer - refers to functions of property(one bathroom 4bedroom) economic obsolescence - Answer - incurable location(next to unlicensed junkyard) curable depreciation - Answer - correction cost recovered in sales price incurable depreciation - Answer - impossible to correct or not economical cost approach - Answer - estimate of property value replacement costs to rebuild with todays materials income approach - Answer - appraisal method that estimates of property value based on net income it produces (capitalization)
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ProfBarr. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
