Michigan real estate - Study guides, Class notes & Summaries

"Which of the following is TRUE about Michigan transfer tax? A)Transfer tax is a charge to the buyer at the closing. B)Transfer tax is calculated on the sale price of the real estate being conveyed. C)Transfer tax is collected at the time a mortgage to real property is recorded. D)There are two types of transfer tax: county and city." - Answer- "B-Explanation: The answer is transfer tax is calculated on the sale price of the real estate being conveyed. The two types of transfer tax are...

Michigan Real Estate Exam (set 9) Questions and Answers Calder's Construction Company has built a home in a new subdivision which was sold 6 months after it was built, for $48,500. This amount reflected a loss of 3%. Knowing this, what was the original asking price on the home? $50,000 To figure this out, take the sale price and divide it by 97% (100%-3% loss=97%). So, $48,500/97% = $50,000. A seller was selling an unimproved 1.1-acre lot for $10,000. The seller listed the property ...

PSI Michigan real estate exam practice test. with complete answers(verified for accuracy)

Michigan Real Estate Exam With Verified Solutions 1. Vendee: Someone who buys or purchases property, especially under a deed. 2. Vendor: A seller, particularly someone selling property through a contract for deed. 3. Escalation Clause: A provision in a contract that allows for an increase or decrease in interest rates based on a specified annual percentage or other conditions. 4. Deed: A written document that transfers title (ownership) of real property from one party to another. 5. ...

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