State License- MI Real Estate Questions
And Answers With Verified Solutions
Already Passed Latest Updated 2024
Mortgage Brokers, Lenders, and Servicers Licensing Act pertains to: -
ANSWER✔✔ persons who service 1-4 family residential first mortgage loans
secured by Michigan property
All of the following would require a license in real estate EXCEPT: -
ANSWER✔✔ an owner of real estate who engages in 5 or fewer real estate sales
in any 12-month period
For a real estate salesperson license, how many hours of approved pre-licensure
education courses are required? - ANSWER✔✔ 40
How much of a grace period would you have to renew your license without
applying for relicensure to the Michigan Department of Licensing and Regulatory
Affairs (LARA)? - ANSWER✔✔ Sixty days from date of expiration.
An office that is maintained in excess of 25 miles from the city limits of the main
office shall: - ANSWER✔✔ be under the direct supervision of an associate broker.
All of the following is true of a branch office EXCEPT: - ANSWER✔✔ it may
maintain its own trust account with a minimum of $2000 of the broker's personal
funds.
All of the following statements are true regarding licenses EXCEPT: -
ANSWER✔✔ a principal broker's license is transferable
, Which of the following would the Department LEAST likely do? - ANSWER✔✔
Assess penalties after a hearing.
The Board, not the Department, can assess a penalty after a hearing. The
Department would (1) issue temporary licenses, (2) renew licenses and (3) handle
investigations.
A lease signed by a person who is 17 years of age would be which of the
following? - ANSWER✔✔ Voidable.
A voidable contract, unlike a void contract, is a valid contract which may be either
affirmed or rejected at the option of one of the parties.
The unlawful practice to treat racial minorities differently with respect to
promotion, advertising, or showing houses is called: - ANSWER✔✔ steering.
Steering is treating minorities differently in showing houses, such as showing
minorities houses only in minority neighborhoods. (1) Blockbusting is encouraging
owners to sell based on an implication about change in a neighborhood based on
race, religion, etc. (2) Redlining is lenders refusing to make loans in questionable
areas. (3) antitrust laws deal with price fixing, etc.
Coercion and duress were applied upon Albert in a contract with Joe. The contract
is: - ANSWER✔✔ voidable at the option of Albert
If you have a listing agreement that has expired, which of the following would you
do? - ANSWER✔✔ Have the owners sign a new listing agreement
All of the following are situations where an action CANNOT be brought against a
licensee EXCEPT: - ANSWER✔✔ a licensee not disclosing a known material fact
about the property, such as a roof leak
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