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Michigan Real Estate Broker Exam Study and Glossary Verified 2024
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Michigan Real Estate Broker Exam Study and Glossary Verified 2024
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Michigan Real Estate Broker ExamStudy and Glossary Verified 2024
"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
"
how many days after tenant moves out must a landlord send list and check for
remaining security deposit? - ANSWER-30 days
"
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.
"
Prohibition against discriminatory advertising applies to single-family and owner-
occupied housing that is otherwise exempt from the Fair Housing Act. - ANSWER-
TRUE
"In addition, it is illegal for anyone to (under FHA1968): - ANSWER-Threaten, coerce,
intimidate or interfere with anyone exercising a fair housing right or assisting others who
exercise that right;;;
Advertise or make any statement that indicates a limitation or preference based on race,
color, national origin, religion, sex, familial status, or handicap. This prohibition against
discriminatory advertising applies to single-family and owner-occupied housing that is
otherwise exempt from the Fair Housing Act.
"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
"Truth in Renting. This act regulates residential rental agreements: - ANSWER-1.
Prohibits illegal clauses 2. Prohibits unlawful discrimination 3. Requires the name and
address of the landlord be provided 4. Requires a paragraph about understanding the
contract: 5. Regulates publishers of preprinted rental agreement forms
1 linear yard = 3 linear feet; 1 cubic yard =27 cubic feet - ANSWER-
,1 linear yard equals _____ linear feet. - ANSWER-3
1 township is ____ Sections - ANSWER-36 sections
1866 civil rights act - 1 protected class is race (federal) - ANSWER-recourse federal
court, no limit on punitive damages, no exceptions
3 main laws that affect landlords and property managers? - ANSWER-1. truth in renting
(residential), 2. Landlord Tenant relationship act (Security deposit act) (residential) 3.
Summary Procedures act (residential/commercial)
3 types of agency - ANSWER-Special, General, Universal
3 types of legal descriptions - ANSWER-metes and bounds, government survey, and
subdivision
3 types of listing agreements - ANSWER-1. exclusive right to sell, 2. exclusive agency
listing, 3. Open listing
3 ways to get rid of an easement - ANSWER-merger of dominant and servient,
abandonment, agreement
4 letter word for a civil wrong - ANSWER-tort
4 things for a contract to be valid - ANSWER-meeting of the minds, legally competent,
lawful purpose, consideration
7 elements of a valid deed - ANSWER-Grantor, words of conveyance (granting clause),
Grantee, consideration description, signature grantor, delivery and acceptance,
acknowledged
A (An) ____________ mortgage is a mortgage in which the lender is given an interest in
the property's gain in value. If the borrower sells the property in the future for more than
a set amount, the lender would receive a certain percentage of the gain. - ANSWER-
equity participation mortgage
a blind ad does not indicate that - ANSWER-seller is a licensee
A broker's license is required if you are engaging in more than _______ real estate
sales in a __________ month period. - ANSWER-5,12
A buyer prepares two offers on a property. One is at full listing price and the other is at
85% of listing price. The cooperating agent, who is a sub-agent of the seller, is
instructed to present the low offer first. If the owner rejects it, only then may the full price
,offer be introduced. Which of the following is true in this situation? - ANSWER-both
offers must be presented simultaneously
A clause in a lease permitting the lessor to regain possession of the premises when the
tenants gross drops below a specific amount is called: - ANSWER-recapture clause
A contract is said to be discharged if: - ANSWER-all its terms and conditions have been
met
A contract that depends on the actions of the parties as evidence of a contract is
referred to as: - ANSWER-implied
A contract that transfers possession but not ownership is a: - ANSWER-lease
A contract to do something illegal is: - ANSWER-void
a corporation owns a property in what type of tenancy - ANSWER-tenants in severalty
A deed is: 1. The conveyance of title to real property 2. Title to real property -
ANSWER-the conveyance of title to real property
A deed often used to clear clouds on the title is: - ANSWER-quit claim deed
A group of brokers from competing firms held a meeting to discuss the fee that should
be charged sellers in the area. They are very probably in violation of: - ANSWER-
antitrust laws
A landlord and tenant enter into a parol lease for commercial property for a term of
exactly 3.5 years. This lease: - ANSWER-not enforcable. (parol/Verbal) leases are only
enforcable if they are less than 1 year
A landlord refuses to repair the broken furnace in an apartment building in the middle of
winter. The situation may result in: ________ eviction - ANSWER-constructive eviction
A law designed to make certain property is suitable and has adequate drainage: -
ANSWER-michigan land division act
A lease in which the tenant's rent is based on a portion of the gross income is: -
ANSWER-percentage lease
A lease that calls for pre-determined periodical increases in the rent would most likely
be: - ANSWER-graduated lease
A lease that has a definite termination date is a tenancy: - ANSWER-for years
A lease that has a definite termination date is a tenancy: - ANSWER-years
, 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
A mortgage in which the second mortgage is larger in principal than the first is a/an: -
ANSWER-wrap around mortgage (question 1 on finance section 3)
A mortgage that covers more than one parcel is a: - ANSWER-blanket mortgage
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
A pet owner loses a cat and puts an ad in the paper offering a reward for its safe return.
What type of agreement is this? - ANSWER-unilateral
A planned unit development consists of parcels owned separately and areas owned in
common for use by parcel owners. - ANSWER-TRUE
A promise exchanged for a promise is the basis for: - ANSWER-valid binding bilateral
agreement
A property owner has five homes. He may deduct which of the following: - ANSWER-
Interest on the first two and property taxes on all of them
A property tax lien is: - ANSWER-involuntary and specific
A proprietary lease is a characteristic of what form of ownership? - ANSWER-
cooperative
A real estate sales contract must be in writing because of what law? - ANSWER-statute
of frauds
A religious group was given property for use in building a church. It chooses instead to
lease the property to make money for their missionary work. The group loses the
property for violation of the deed restriction. This is called: - ANSWER-forefiture
A salesperson in Broker Barbara's office listed a condominium for sale. The salesperson
in this transaction - ANSWER-Acts on behalf of the broker
A salesperson upon receipt of an earnest money deposit shall: - ANSWER-deliver to
broker immediately
a section is ____ Acres _____ miles square - ANSWER-640 Acres, and a section is 1
mile by 1 mile (5280*5280)/43560=640
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