Exam (elaborations)
Michigan Real Estate Salesperson Exam 2017 updated already passed
- Course
- Institution
Michigan Real Estate Salesperson Exam 2017 updated already passed
[Show more]
Content preview
Michigan Real Estate Salesperson Exam2017
PROPERTY OWNERSHIP: (42%) 7 Questions
Fixtures use acronyms to help you memorize throughout! - correct answer ✔✔A personal property item
that has been converted to real property by attachment to real estate is called a fixture. Typical examples
are chandeliers, toilets, water pumps, septic tanks, and window shutters.
"Trade Fixtures" are also called? - correct answer ✔✔OR chattel fixtures, are items of a tenant's personal
property that the tenant has temporarily affixed to a landlord's real property in order to conduct
business.
Emblements - correct answer ✔✔Plants and crops requiring human intervention and labor are called
emblements. Emblements, despite their attachment to land, are considered personal property.
Conversion - correct answer ✔✔A way to change personal or real property classification. You are
"converting" it to one or the other.
What are the two types of conversion? - correct answer ✔✔Severance and Affixing
Severance - correct answer ✔✔Is the conversion of Real Property to Personal Property by "severing" it or
detaching it from the property.
Affixing - correct answer ✔✔Is the "attachment" of personal property to become real property.
Attaching it to the real estate. Like a wooden dock made form wood planks.
What is interest? - correct answer ✔✔Interest is the ownership of any combination of the bundle of
rights to real property. So you can possess, use, transfer, encumber, and exclude.
,What is Police Power? - correct answer ✔✔It is the right of any local or county government to zone.
So when one has interest in an estate, it all begins with what? - correct answer ✔✔It begins with having
an Estate in Land.
What does it mean to have an Estate in Land - correct answer ✔✔It means, one has interest of the
bundle of rights that includes possessing it!
What are the two types of estate in land - correct answer ✔✔Freehold and Leasehold estate
Freehold Estate means what? - correct answer ✔✔The duration of the owners rights may not be
determined; it is FREE! The rights may endure for a lifetime, less, or for generations to come.
Leasehold Estate - correct answer ✔✔Leasehold estate is one that is distinguished by its duration as
represented by the lease term.
What is the main difference between the types of freehold estates? - correct answer ✔✔The main
difference between the four main types of freehold estates is the duration that they last and what
happens when the owner passes.
FREEHOLD ESTATES: What are the four types of Freehold Estates? - correct answer ✔✔1. Fee Simple
Estate 2. Life Estate 3. Conventional Life Estate 4. Legal Life Estate
Fee Simple "Fee Interest" freehold estate: - correct answer ✔✔Is a freehold estate that is the highest
form of ownership. The owner enjoys the full bundle of rights, and the tenancy is unlimited.
What are the two types of Fee simple Estates? - correct answer ✔✔The two types of fee simple estates
are Fee Simple Absolute and Fee Simple Defeasible.
What is Absolute Fee Simple Estate? - correct answer ✔✔That means there is no condition by stipulated
or restricted by use. It can be freely passed onto heirs and for that reason, is the most desirable form of
real estate and the MOST COMMON!
,What is Defeasible Fee Simple Estate? - correct answer ✔✔A defeasible one is one where the usage has
to conform to the state conditions set. If the use changes for any reason or prohibited conditions are
present, the estate can revert back to the previous grantor!
Within the Fee Simple Defeasible, what are the two types? - correct answer ✔✔Determinable and
Condition Subsequent
Determinable Fee simple defeasible is what? - correct answer ✔✔When it is determinable, the deed
states the usage limitations on the fee simple estate. If for any reason the limitations are violated, it
AUTOMATICALLY reverts to the grantor.
Condition Subsequent fee simple defeasible? - correct answer ✔✔When it is condition subsequent, that
means if a condition is violated, the previous owner can reposes. However, reversion is not AUTOMATIC
like it is with fee simple defeasible determinable.
Freehold Life Estate - correct answer ✔✔A Life Estate is a freehold estate that is limited in the duration
to the life of the owner. Upon death of the owner, the estate passes to the original owner or other
named party
When the owner of a life estate dies and has named a third party to get that title, what is that called? -
correct answer ✔✔Remainder. If they named a third party to get the title, then, upon termination, then
the party enjoys future interest called the remainder interest or remainder estate.
What are the two types of Life Estates? - correct answer ✔✔Conventional and Legal
Conventional Life Estate? - correct answer ✔✔Is created by property owner agreement by grant from a
fee simple property owner to the grantee, the life tenant.
Legal Life Estate - correct answer ✔✔Is created by LAW, as opposed to property owner agreement.
What are the two main types of Conventional Life Estates? - correct answer ✔✔Ordinary Life Estate and
Pur Autre Vie
, Ordinary Life Estate: - correct answer ✔✔Ends with the death of the life estate owner. May also pass
back to original owners by reversion.
Pur Autre Vie: - correct answer ✔✔Endures over the lifetime of a third person.
Three types of Legal Life Estates? - correct answer ✔✔Homestead, Dower and Curtsey, Elective Share
Homestead: - correct answer ✔✔Protect the family members from losing home to general creditors
attempting to collect on debts.
Dower & Curtsey: - correct answer ✔✔Is a wife's life estate interest in husbands property. Property
acquired under dower laws is owned by surviving spouse.
Elective Share: - correct answer ✔✔Is the state level statue enabling the surviving spouse to make a
minimum claim to the deceased spouses real and personal property in place of the provisions for such
property in the descendants will.
LEASEHOLD ESTATES - correct answer ✔✔A leasehold estate, or leasehold, arises from the execution of a
lease by a fee owner the "lessor", or landlord to a lessee, or tenant. Since tenants do not own the fee
interest, a leasehold estate is technically an item of personal property for the tenant.
What are the four types of leasehold estates: - correct answer ✔✔1. Estate for Years 2. Estate from
Period to Period 3. Estate at Will 4. Estate at Sufferance
Estate for Years: - correct answer ✔✔A leasehold estate for a definite period of time, with a beginning
date and ending date. May have any term, and will automatically terminate upon the expiration of the
lease.
Estate from Period-to-Period: - correct answer ✔✔Also called "Periodic Tenancy" the tenancy period will
automatically renew for an indefinite period of time subject to timely payment of rent. At the end of the
period, the landlord accepts another payment of rent, the leasehold is considered to be renewed for
another period.
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 Sakayobako30. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $20.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72349 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
