Michigan real estate - Study guides, Class notes & Summaries

Michigan Real Estate Exam with complete solutions

A borrower has defaulted on the mortgage. The mortgage contains an acceleration clause. This permits the lender to do what? - demand immediate payment of the entire note A broker has brought a ready, willing, and able buyer to a seller. In MOST listing contracts, the broker has earned his commission when what happens? - the seller accepts the offer. A broker lists a property, with a listing contract allowing subagency and dual agency. One of the broker's salespersons shows the property. Th...

Michigan Real Estate Exam Multiple Choice Questions and Answers (Graded A) Michigan Real Estate Exam Multiple Choice Questions and Answers (Graded A) Michigan Real Estate Exam Multiple Choice Questions and Answers (Graded A) Michigan Real Estate Exam Multiple Choice Questions and Answers (Graded A) "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 ...

Michigan Real Estate Ch. 8 - Real Estate Finance Principles Verified Answers ### Acceleration Clause - Allows the lender to declare the entire remaining balance immediately due and payable if the borrower defaults. ### Judicial Foreclosure - Requires the lender to sue the borrower and obtain a judgment for the owed debt. - Once the judgment is obtained, the lender requests the court to issue an execution order for the sheriff to take possession and sell the property at a public auction f...

Allodial System The type of land ownership existing in the United States whereby individuals may hold title to real property absolutely. Association of Real Estate License Law Official (ARELLO) Founded in 1929, a group of real estate license law officials that regulates more than 2 million real estate licensees. Feudal System A type of land ownership in medieval Europe, whereby only the king could hold absolute title to real property. Free Market An economic condition in...

Michigan Real Estate Exam with 100% correct Answers

What does LARA stand for? - Answer- The Department of Licensing and Regulatory Affairs What is the purpose of LARA? - Answer- to support business growth and the creation of new jobs by ensuring real estate business structure is fair and efficient Which of these entities or individuals are responsible for oversight of the Bureau of Professional Licensing? 1. Department Director 2. Chief Deputy Director 3. Director of Professional Licensing 4. Board of Real Estate Brokers and Salesperson...

Michigan Real Estate Exam Graded A+ 1. Accretion ️The natural addition of soil and land to real estate. 2. Accrued Depreciation ️The decrease in a property's value over time, calculated as the difference between the replacement cost and current appraised value. 3. Acre ️An area of 43,560 square feet. 4. Actual Notice ️Informing a person about a property's existence by showing them documents or physical evidence. 5. Ad Valorem ️Latin term meaning "according to value." ...

43560 - square acre act 299 - occupational code of ethics for real estate persons actual notice - assurance that actual notice given to recipient adjusted rate mortgage - ARM- annually tied to index(CPI) adverse possession - acquire title to real estate where occupant has been actual , hostile, open and continuous occupancy(15 year) attorney-in -fact - person authorized to perform business related transactions benchmark - point of beginning in metes and bounds Buy-down - mortgage financi...

Michigan Real Estate Ch. 5 - Brokerage & Agency questions well answered