100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
Previously searched by you
Michigan Real Estate - Unit 26: Statutory Requirements Governing The Activities Of Licensees T/F Questions And Answers With Verified Solutions Already Passed!!!$10.49
Add to cart
Michigan Real Estate - Unit 26: Statutory Requirements Governing The Activities Of Licensees T/F Questions And Answers With Verified Solutions Already Passed!!!
5 views 0 purchase
Course
Michigan Real Estate
Institution
Michigan Real Estate
Michigan Real Estate - Unit 26: Statutory Requirements Governing The Activities Of Licensees T/F Questions And Answers With Verified Solutions Already Passed!!!
Michigan Real Estate - Unit 26: Statutory
Requirements Governing The Activities
Of Licensees T/F Questions And
Answers With Verified Solutions Already
Passed!!!
A broker can sell his own principal residence by placing a For Sale by Owner sign
in his yard. - ANSWER✔✔ F The statement is false. A broker can advertise to sell
his own principal residence and need not list the property or include the name of
the broker. However, a broker must always indicate that he is a broker and cannot
mislead the public into thinking that the property is for sale by a nonlicensee.
To obtain new clients, a salesperson can advertise on the internet as long as the
name and telephone number of the broker are included with the message. -
ANSWER✔✔ T The statement is true. A licensee who advertises in any media,
including but not limited to newspapers, television, recordings, or the internet,
must always advertise the name of the broker as licensed and include either a
telephone number or street address.
Although it is most common for brokers to charge a percentage of the sale, a
broker who charges an hourly wage is NOT in violation of the law. -
ANSWER✔✔ T The statement is true. Commissions are fully negotiable between
the parties to the service provision agreement and can be a percentage, a flat fee, an
hourly wage, or any combination of these.
When a salesperson leaves one real estate company to join another, the
Occupational Code requires the former broker to pay the salesperson any
commissions earned before the transfer but collected by the former broker after the
move. - ANSWER✔✔ F The statement is false. The Occupational Code allows a
broker to pay a former licensee who is no longer licensed or who has transferred to
another company compensation that was earned while the licensee worked for the
, broker. However, license law does not create a requirement to make such
payments; it merely permits payment if it is due.
A broker does not need a client's consent to receive a referral fee for referring the
client to a lender that offers the lowest mortgage interest rate. - ANSWER✔✔ F
The statement is false. A broker must provide full disclosure and obtain a client's
consent before accepting a referral fee from a lender, no matter how advantageous
the transaction is to the parties.
An associate broker who is representing a buyer in the purchase of a restaurant
business must inform the seller that the buyer is her stepson. - ANSWER✔✔ T
The statement is true. A licensee must disclose the direct or indirect purchase of a
real estate interest. A transaction involving an immediate family member is an
indirect acquisition because it may create the appearance of a conflict of interest.
Prior approval by the buyer and seller is NOT required to use digital signatures to
sign the closing documents. - ANSWER✔✔ F The statement is false. To use
electronic records or digital signatures in a real estate transaction, the parties must
give prior approval.
The Department's Administrative Rules state that once an offer has been accepted
by the seller, the licensee must continue to show the buyer properties until the
property is sold. - ANSWER✔✔ F The statement is false. The licensee is not
required to submit additional offers to the seller. If a seller wishes to receive
additional offers for the purpose of accepting a backup or secondary offer, the
seller must have reserved that right in the service provision agreement.
If a broker has more than $300 in a trust account, it is referred to as commingling. -
ANSWER✔✔ F The statement is false. A broker may maintain up to $500 in the
trust account to cover minimum balance requirements, pay service charges, or to
avoid the account being closed when there are no other funds in the account.
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 classhub. 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.
