Michigan Real Estate Exam Questions Answer Key Current Update
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Course
Michigan Real Estate
Institution
Michigan Real Estate
Michigan Real Estate Exam Questions Answer Key Current Update
Department - Answer -department of licensing and affairs
- 9 members (6 licensees / 3 general public)
- issues licenses
-
Board - Answer -Board of real estate brokers and salepersons
- in charge of revewal
- sets penalties
- ...
Michigan Real Estate Exam Questions
Answer Key Current Update
Department - Answer -department of licensing and affairs
- 9 members (6 licensees / 3 general public)
- issues licenses
-
Board - Answer -Board of real estate brokers and salepersons
- in charge of revewal
- sets penalties
- aids department in licensure requirments
Broker - Answer -Any person or other entity that with intent to receive compensation or
valuable consideration for acts regarding real estate
- buy/sell/exchange
- provides offers to market analysis
- negotiations
- leases/rents/engages in property management
- any of the above with businesses as well
Salesperson - Answer -Agent under the broker
- cannot be licensed under more than one broker (can be employed by independent
contractor)
- not less than 75% of annual compensation paid by broker is from the sale of real
estate
Selling own Property licensure requirements - Answer -a broker license is required only
when:
1) engages in more than 5 real estate sales in any 12-month period
2) Devotes over 50% of working time or more than 15 hours per week, in any 6 month
period
3) holding yourself out to the public
Non-living entities - Answer -Can only be a broker
- one license per company/corp/dead person
- must be at least one associate broker there to be valid
- everyone within it must be licensed
- The applicant delegates who is an officer or general member
Non-Principal Associate Broker - Answer -An individual who is not an owner of the
brokerage, but who has met the requirements for a real estate broker's license.
,Principal Associate Broker - Answer -An individual who is a sole proprietor, member,
manager, general manager, equity owner, or officer of the corporation, association,
general partnership, or other authorized entity.
Exemptions from not needing a license - Answer -- A person acting under a court order
(executor/administrator/receiver)
- Attorney-in-fact / attorney-in-law
- A licensed builder who builds and sells houses that have not been occupied yet
- an auctioneer
- a trustee selling under a deed of trust
Attorney-in-fact - Answer -the person receiving the power of attorney
Application requirements for licence - Answer -- must be 18
- pass state exam
- no issues in any other states
- US citizenship is not required
Salesperson applicant requirements - Answer -- 40-hour course (4-hours in civil rights)
- name and broker of who you will hold license
- non residents must sign "consent to service of process"
broker applicant requirements - Answer -- 90-hour course (9-hours in civil rights)
- attorney license / MBA = 60 hours
- name of person to be licensed and company location
- Proof of at least 3 years of real estate experience
- must have practiced real estate sales for 60 days in the last 5 years
Pocket Card - Answer -- Cannot practice without pocket card on your person
Limited License - Answer -limitation refers to a condition, restriction, or probation is
attached to license relative to the scope of practice.
- Board imposes limitation and has 60 days to impose it, if the board doesn't in 60 days
the department can uphold limitation
- a person who received a limitation can petition it within 30 days, then the department
has 15 days to send reason for limitation
Continuing Education - Answer -Total of 18 hours per 6 hours each year 2 hours
minimum of core law education
- must be completed by October 31st each year
- has 60 days after 10/31 to complete and pay $20
- If more than 60 days the state may fine $3,000 and more hours
Transferring practice - Answer -Salesperson:
- can transfer. send info and pocket card to the department. Can operate for 45 days
from the date endorsed on the back
, Associate Broker:
- Principal cannot transfer. Non-principal can the same way salespersons can. They pay
new license cycle fee
Broker:
- License is not transferable
Termination (salesperson) - Answer -- Must give broker written notice
- license is sent to department within 5 days
- Broker can terminate by sending notice to SP address and notify the department and
sends info to department within 5 days
Assumed Names - Answer -- Cannot conduct business by any name other than the one
on license
- broker wanting to conduct business under assumed name must send info to the
department with broker application
Practicing without a license - Answer -1st time = $500 fine or 90 days
2nd time = $1,000 fine and/or 1 year
Place of business - Answer -- must be physical location, this location must be where all
books and records are kept and have an associate broker at least to supervise
- Branch office must be physical location and be at least 25 mikes outside of the city
limits of the home office
commission - Answer -Salespersons may only receive compensation for work directly
from broker, the only exception is from a former broker for work previously done.
- Can receive compensation for services other than sales of RE if written consent has
been made (I.e. title insurance company, insurance company)
Advertising - Answer -All advertisements must include:
- name and license
- number and street address
- clearly state that it is a broker
- Exception is if the property is personally owned by the person selling
Licensees Buying Property - Answer -- Must disclose that he is a licensed
salesperson/broker in writing as an additional addendum
- Must have written consent from the seller in order to receive commission
Listing Agreement - Answer -- Broker/salesperson that obtains listing must give signed
copy to everyone
- must contain nondiscrimination clause
- define expiration date
- net listings are illegal in MI (min set sales price)
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