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Prep Agent- Michigan Exam Questions (1).
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Prep Agent- Michigan Exam Questions (1).
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Prep Agent- Michigan Exam QuestionsWhat is the Michigans Land Sale Act? - ANS-The Michigan Land Sales or Land Division Act
deals with persons subdividing land. It does not deal with (1) lots for construction, (2) buying a
duplex or (3) lots used to create campground sites.
The Board of Real Estate Brokers and Salespersons is governed by: - ANS-The Statute
When a licensee is buying property for himself, he needs to: - ANS-A licensee must disclose in
writing of the licensure before signing of the purchase agreement by all parties.
What can be required in filing a lien (Construction Lien Act) ? - ANS-Construction Lien Act. What
can be required in filing a lien are items such as notice of commencement, notice of furnishings
and a sworn statement.
What states does Michigan offer reciprocity with? - ANS-None
The term "waiver" as used in a legal contract is best defined as - ANS-to voluntarily give up or
surrender a right.
In order to cover service charges, a broker may maintain the broker's own funds in a trust or
escrow account that is not more than: - ANS-$2000
Which of the following might be a penalty under the State Antitrust Act? - ANS-Treble Damages
Michigan Due On Sale Clause Act applies to: - ANS-a loan on a manufactured home
Michigan Environmental Protection Act provides for: - ANS-private lawsuits and "public rights"
actionable in court
Mortgage Brokers, Lenders, and Servicers Licensing Act applies to: - ANS-1-4 family dwellings
Which of the following activities would be a violation under Michigan state law (also known as
Occupational Code or Act 299)? - ANS-Representing or attempting to represent a real estate
broker other than the employer, without the express knowledge and consent of the employer
Within each three-year license cycle, a licensee shall complete: - ANS-at least 18 hours of
continuing education courses, 2 of which must be completed during each calendar year.
When a salesperson terminates employment with a broker by giving the employer a written
notice of termination, how long does the broker have in which to mail by certified mail the
salesperson's license to the Department? - ANS-five days
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