Michigan Real Estate Broker Exam Study and Glossary Questions With Correct Answers 2024 Update
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Course
Michigan Real Estate Broker
Institution
Michigan Real Estate Broker
Michigan Real Estate Broker Exam Study and Glossary Questions With Correct Answers 2024 Update
A broker's license is required if you are engaging in more than _______ real estate sales in a __________ month period. - Answer -5,12
How many principal associate brokers licenses may a person hold...
Michigan Real Estate Broker Exam Study and
Glossary Questions With Correct Answers 2024
Update
A broker's license is required if you are engaging in more than _______ real estate
sales in a __________ month period. - Answer -5,12
How many principal associate brokers licenses may a person hold - Answer -unlimited
How many non principal associate brokers licenses may a person hold - Answer -1
Paper is power of attorney, person is attorney in fact (TRUE FALSE) - Answer -TRUE
How much CE is required - Answer -18 hours every 3 years and 2 hours of legal
updates must be every year. 6 general + 2 legal
License renewal period - Answer -44500
License renewal occurs how often - Answer -every 3rd year divisible by 3. 18, 21, 24 ...
"In order to terminate a salesperson, a broker must do all the following EXCEPT: -Send
a letter of termination to the salesperson
-Send a copy of the letter to the Department within 10 days
- Mail the salespersons license along with the termination letter
-Sends copy of letter of termination to Department within 5 days - Answer -send a copy
of the letter to the Department within 10 days
"
"Which of the following do not need a real estate license, unless they are doing these
things as a vocation? -An attorney-at-law in performance of duties as an attorney.
-A person licensed or registered as a mortgage broker, mortgage lender or mortgage
servicer (when engaged in those activities).
-A trustee selling under a deed of trust.
-All of the above - Answer -All of the Above
"
Non-principal associate brokers can transfer from one company to another. However,
they must - Answer -use an application form and pay the full license fee.
Salespersons may transfer licenses from one company to another by - Answer -filling
out a transfer form and sending it, the wall license, a transfer fee, and the pocket card to
the Department. Salespersons may decide to keep the pocket card and have the new
broker sign and date the back. The location of the pocket card must be noted on the
transfer application.
,Salespersons may terminate employment with a broker, but must give the broker -
Answer -written notice of termination. The broker then delivers or sends the
salesperson's license by certified mail to the Department within five days.
The broker may discharge the salesperson by - Answer -by sending written notice of
termination to the salesperson's last known address stating his/her license has been
sent to the Department. The broker then sends the license and a copy of the letter to
the Department by certified mail within five days.
Practicing real estate without license penalties 1st, 2nd offense - Answer -1st - $500
and/or 90 Days 2nd - $1000 per violation and/or 1 year
Penalties imposed by the board? - Answer -fines, posting, bonds, censured, suspended,
revocation, probation, civil fine not to exceed 10k per, restitution, license limitation
if revocated how long to get it back - Answer -3 years and meet all requirements again.
How far can a broker supervise a branch - Answer -25 miles from main branch or name
associate broker as supervisor
The Department must respond to complaints or questions about a limitation within: -
Answer -15 Days
The Department may audit a broker: - Answer -during normal business hours
for an ad to be compliant you must include either/or - Answer -either brokers address or
brokers phone number
a blind ad does not indicate that - Answer -seller is a licensee
must disclose license status buying and selling personally when? - Answer -when you're
buying or selling and must get written authorization BEFORE purchase agreement.
sign by your name when personally buying property - Answer -a licensed broker in state
of michigan
for a service provision agreement to be valid it must include? - Answer -expiration date
and provision for non discrimination.
A licensee who buys or acquires interest in a property cannot receive any compensation
from the sale without __________________________. ****** - Answer -prior written
consent from the seller
Salespersons can receive commissions and other compensation from
_______________ only. - Answer -employing broker
,are blind ads illegal? - Answer -TRUE
To be non employee indepndent contractor you must be 5 things. - Answer -licensed, at
risk, no min job requirements, annually independent contract, not less than 90%
percentage must come from real estate
name of the person who determins guilt - Answer -administrative law judge
how many transactions before becoming license - Answer -5
how many civil rights hours for broker - Answer -9
if broker is company there must be max of ___ principal associate broker - Answer -1
exceptions for a real estate license - Answer -if you're doing for yourself, new home
builder,
How much CE is required per year - Answer -6 hours
date of license expire - Answer -10/31
if broker is company there must be max of ___ NON principal associate broker - Answer
-no limit
max fine imposed by board - Answer -10000
max bond board can require posting of - Answer -5000
The full and complete name of the real estate board is - Answer -The Board of Real
Estate Brokers and Salespersons.
who sets penalty - Answer -The Board of Real Estate Brokers and Salespersons.
all ads must include - Answer -brokers name, and phone number or street address, if it
does not have this info its called a blind ad
patent defect - Answer -easy to see (Obvious) Think OP in alphabet
latent defect - Answer -not easy to see
how many years does a broker have to keep trust account records - Answer -3yrs
max amount in a broker trust account - Answer -2000
, Who can sign checks from the broker trust account? - Answer -The broker or the broker
and another in a cosignatory account
The Department must respond to complaints or questions about a limitation within: -
Answer -15 days
A salesperson upon receipt of an earnest money deposit shall: - Answer -deliver to
broker immediately
The first time a sales person is found to be in violation of the occupationalcode: -
Answer -salesperson could face a 10,000 fine
The broker who is responsible for the earnest money deposit is: - Answer -The one who
receives it
The Department can: - Answer -suspend, fine, revoke, cause a bond to be posted,
require one to prove competence, require restitution, or censure
An attorney-in-fact - Answer -Is operating under a power-of-attorney
Who is responsible for the real estate examination administration? - Answer --The
Department is in charge of administering the examination and may provide the
equipment and room.
-The Department may delegate any or all or of these duties. They currently delegate to
PSI
How many non-principal associate broker licenses may a person hold? - Answer -only 1
Every three year real estate licensing cycle,a licensee must obtain: - Answer -18 hours
of continuing education of which at least two hours each year consists of "core classes"
The Department may audit a broker: - Answer -during regular business hours
a person who helps a neighbor sell a home and gets 1000 commission could get
penalized up to - Answer -500 fine and 90 days in jail
what is the minimum EMD in a PA or any bilateral contract? - Answer -0
what is the consideration in a bilateral contract? - Answer -the promise to perform
what is the consideration in a unilateral contract? - Answer -usually money
what contract does not need to be in writing - Answer -a lease for 1 year or less can be
oral, (not advisable)
statues of frauds - Answer -certain things must be in writing to be binding.
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