Michigan Real Estate Exam Questions And Correct Answer New Update
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Course
Michigan Real Estate
Institution
Michigan Real Estate
Michigan Real Estate Exam Questions And Correct Answer New Update
Fiduciary - Answer -A person, such as an agent, placed in a position of trust; Essentially the same as a trustee.
Fiduciary Duties / Agent Responsibilities - Answer -O.L.D. C.A.R.
Obedience
Loyalty
Disclosure of informati...
Michigan Real Estate Exam Questions
And Correct Answer New Update
Fiduciary - Answer -A person, such as an agent, placed in a position of trust; Essentially
the same as a trustee.
Confidentiality
Accounting
Reasonable Skill, Care, & Diligence
Caveat Emptor - Answer -let the buyer beware
An Appraiser - Answer -Estimates Value
Freehold Estates - Answer -Indicates ownership for an undetermined length of time.
Qualified fee estate is a - Answer -Freehold Estate
Defeasible Estate is a - Answer -Freehold Estate
Life Estate is a - Answer -Freehold Estate
Nonfreehold estate or Leasehold estate - Answer -signifies possession with a
determinable end
Fee Simple Absolute / Ownership In Fee - Answer -Provides the most complete form of
ownership and bundle of rights available in real property.
Fee Simple Absolute is a - Answer -Freehold estate
Life Estate - Answer -Type of ownership. Ownership interest limited to the duration of a
designated person's lifetime. It CANNOT be inherited
Life Estate Pur Autre Vie - Answer -A life estate whose duration is measured by the life
of someone other than the life tenant.
pur autre vie - Answer -for the life of another
, Easement Appurtenant - Answer -Runs with the land.
heterogeneity - Answer -Means that no two properties are identical
Riparian Rights - Answer -Rights of the landowner ADJACENT to a river
Remember "R" - riparian/river
Special Agent - Answer -An agent with limited authority to do a specific thing or conduct
a specific transaction.
Universal Agent - Answer -Power to act for principal in all matters
Blind Agency - Answer -
Oral Agency - Answer -An agency relationship created by an oral or spoken agreement
Express Agency - Answer -An agency relationship between a principal and agent
created by a listing or buyer agency agreement.
Implied Agency - Answer -An agency relationship that results from the behavior of a
principal and agent. When you act as if you represent someone you create this type of
agency.
Statute of Frauds - Answer -A law requiring that certain contracts must be in writing to
be enforceable.
Easements - Answer -Rights to another's property for a specific purpose.
Owners Title insurance - Answer -Protection for the buyer from a title mistake
Net Lease - Answer -Lease requiring tenant to pay not only rent but also taxes,
insurance, utilities and repairs there is also Double and triple Net Lease
A gift of real property by will is a(n) _______. - Answer -devise
Lis Pendens - Answer -A notice that there is and action or lawsuit pending that may
adversely affect the title.
Easement by Implication - Answer -An easement that arises when the parties actions
imply that they intent to create an easement
Easement by necessity - Answer -occurs when land does not have access to a street or
public right-of-way and is landlocked
Easement by prescription - Answer -Acquisition of an easement by prolonged use
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