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MI Salespersons License Exam Questions and Answers
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MI Salespersons License Exam Questions and Answers The Home Solicitations Sales Act requires that the seller provide to the purchaser at the time of the sale a copy of their Notice of Rights to Cancel in not less than _______________________. It must be two points larger than the text in the co...

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  • November 4, 2024
  • 11
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • mi salespersons license exam questions and answers

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  • Real Estate
  • Real Estate

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KaylinHoffman

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Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024




MI Salespersons License Exam Questions

and Answers


The Home Solicitations Sales Act requires that the seller provide to the purchaser at the time of the sale

a copy of their Notice of Rights to Cancel in not less than _______________________. It must be two

points larger than the text in the contract. - ANSWER✔✔-10 point bold print


Changes to the contract documents before the execution of the contract are called

_______________________________. - ANSWER✔✔-Addenda


A contract where a fixed price is given for the entire project from start to finish is called a

________________________. - ANSWER✔✔-Lump Sum contract


If a contractor doesn't complete a project on schedule and the contract states that the completion date

is an important factor, the contractor may have to pay ______________________________. -

ANSWER✔✔-Liquidated damages


If a contract is negotiated on the premise of price per square foot of material installed, this would be a

__________________________. - ANSWER✔✔-Unit Price Contract


When it is impossible to know the exact cost of a home fixtures category at the time of estimating a

project, a/an ________________________ can be given in the contract to recognize the cost category.

Any money needed over and above this will be an additional cost to the customer. - ANSWER✔✔-

Allowance




Copyright ©Stuvia International BV 2010-2024 Page 1/11

, Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024


When applying for a construction loan a copy of the contract between the owner and the builder must

be included with the application. - ANSWER✔✔-True


In a typical construction loan, the interest rate is locked for the entire term of the loan. - ANSWER✔✔-

True


A material breach of contract is the most serious of contract breaches. - ANSWER✔✔-True


An explicit warranty made by a manufacturer or seller is an Implied Warranty - ANSWER✔✔-False


Implied Warranties are warranties that arise out of a transaction itself, such as a purchaser of a new car

expecting that it will run and will stop when the brakes are applied. - ANSWER✔✔-True


In order for a merchant to avoid a misunderstanding having to do with a warranty on the product, there

must be a disclaimer provided to the customer in a conspicuous manner that the product is sold "AS IS"

and there is no warranty either expressed or implied. - ANSWER✔✔-True


Both company overhead and project overhead should be accounted for in a projects estimate. -

ANSWER✔✔-True


Typically ____________________ are hired by mortgage companies and lenders to represent their

interest in closing a loan. - ANSWER✔✔-Title Companies


Costs added to an estimate to cover unknown variables are called Contingency Costs. - ANSWER✔✔-True


No one may take any of the following actions based on race, color, national origin, religion, sex, familial

status or handicap:


A. Refuse to rent or sell housing


B. Refuse to negotiate for housing


Copyright ©Stuvia International BV 2010-2024 Page 2/11

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