Exam (elaborations)
MICHIGAN REAL ESTATE PRACTICE EXAM
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MICHIGAN REAL ESTATE PRACTICE EXAM
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MICHIGAN REAL ESTATE PRACTICE EXAMA property owned by one individual, with no co-owners, is an example of:
Tenancy in the Entireties
Tenancy in Severalty
An Estate for Years
Joint Tenancy - Answers-Tenancy in Severalty
The regulation of land use, typically practiced at the township or municipal level and
justified by the police powers of the state, is called?
Zoning
Surveys
Master Planning
Government Investiture Rights - Answers-Zoning
The function of the secondary mortgage market is to:
Regulate and provide liquidity for the primary mortgage market.
Instruct the Federal Reserve on mortgage interest rates.
Provide oversight for FANNIE MAE.
Regulate mortgage lending institutions' advertising. - Answers-Regulate and provide
liquidity for the primary mortgage market.
Which is the correct list of an agent's fiduciary duties to their clients?
Honesty, Loyalty, Obedience, and Control
Loyalty, Obedience, Confidentiality, and Warranty
Obedience, Care, Confidentiality, and Accounting
Disclosure, Accounting, Care, and Due Process - Answers-Obedience, Care,
Confidentiality, and Accounting
The formal agency relationship between the client and agent is created:
When the client asks the licensee to be their agent.
When the broker appoints the licensee to work with the client.
When the agency disclosure form is signed.
When a service provision contract is signed. - Answers-When a service provision
contract is signed.
Concerning property disclosure rules, a material fact is best described as:
A contractual obligation between two parties.
A cause of physical depreciation on a property.
Information concerning a property that could influence someone's decision about it.
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