Michigan Real Estate Broker Exam Study and Glossary 2024/2025 with 100% correct answers
2 views 0 purchase
Course
Michigan Real Estate Broker Study and Glossar
Institution
Michigan Real Estate Broker Study And Glossar
A broker's license is required if you are engaging in more than _______ real estate sales in a __________ month period. correct answers5,12
How many principal associate brokers licenses may a person hold correct answersunlimited
How many non principal associate brokers licenses may a person h...
Michigan Real Estate Broker Exam
Study and Glossary
A broker's license is required if you are engaging in more than _______ real estate sales in a __________
month period. correct answers5,12
How many principal associate brokers licenses may a person hold correct answersunlimited
How many non principal associate brokers licenses may a person hold correct answers1
Paper is power of attorney, person is attorney in fact (TRUE FALSE) correct answersTRUE
How much CE is required correct answers18 hours every 3 years and 2 hours of legal updates must be
every year. 6 general + 2 legal
License renewal period correct answers44500
License renewal occurs how often correct answersevery 3rd year divisible by 3. 18, 21, 24 ...
"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 correct answerssend a copy of the
letter to the Department within 10 days
"
"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 correct answersAll of the Above
"
Non-principal associate brokers can transfer from one company to another. However, they must correct
answersuse an application form and pay the full license fee.
Salespersons may transfer licenses from one company to another by correct answersfilling out a transfer
form and sending it, the wall license, a transfer fee, and the pocket card to the Department.
Salespersons may decide to keep the pocket card and have the new broker sign and date the back. The
location of the pocket card must be noted on the transfer application.
Salespersons may terminate employment with a broker, but must give the broker correct answerswritten
notice of termination. The broker then delivers or sends the salesperson's license by certified mail to the
Department within five days.
The broker may discharge the salesperson by correct answersby sending written notice of termination to
the salesperson's last known address stating his/her license has been sent to the Department. The
broker then sends the license and a copy of the letter to the Department by certified mail within five
days.
Practicing real estate without license penalties 1st, 2nd offense correct answers1st - $500 and/or 90 Days
2nd - $1000 per violation and/or 1 year
Penalties imposed by the board? correct answersfines, posting, bonds, censured, suspended, revocation,
probation, civil fine not to exceed 10k per, restitution, license limitation
if revocated how long to get it back correct answers3 years and meet all requirements again.
How far can a broker supervise a branch correct answers25 miles from main branch or name associate
broker as supervisor
,The Department must respond to complaints or questions about a limitation within: correct answers15
Days
The Department may audit a broker: correct answersduring normal business hours
for an ad to be compliant you must include either/or correct answerseither brokers address or brokers
phone number
a blind ad does not indicate that correct answersseller is a licensee
must disclose license status buying and selling personally when? correct answerswhen you're buying or
selling and must get written authorization BEFORE purchase agreement.
sign by your name when personally buying property correct answersa licensed broker in state of
michigan
for a service provision agreement to be valid it must include? correct answersexpiration date and
provision for non discrimination.
A licensee who buys or acquires interest in a property cannot receive any compensation from the sale
without __________________________. ****** correct answersprior written consent from the seller
Salespersons can receive commissions and other compensation from _______________ only. correct
answersemploying broker
are blind ads illegal? correct answersTRUE
To be non employee indepndent contractor you must be 5 things. correct answerslicensed, at risk, no
min job requirements, annually independent contract, not less than 90% percentage must come from
real estate
, name of the person who determins guilt correct answersadministrative law judge
how many transactions before becoming license correct answers5
how many civil rights hours for broker correct answers9
if broker is company there must be max of ___ principal associate broker correct answers1
exceptions for a real estate license correct answersif you're doing for yourself, new home builder,
How much CE is required per year correct answers6 hours
date of license expire correct answers10/31
if broker is company there must be max of ___ NON principal associate broker correct answersno limit
max fine imposed by board correct answers10000
max bond board can require posting of correct answers5000
The full and complete name of the real estate board is correct answersThe Board of Real Estate Brokers
and Salespersons.
who sets penalty correct answersThe Board of Real Estate Brokers and Salespersons.
all ads must include correct answersbrokers name, and phone number or street address, if it does not
have this info its called a blind ad
patent defect correct answerseasy to see (Obvious) Think OP in alphabet
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller QUILLSKY. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.49. You're not tied to anything after your purchase.
