Michigan Real Estate Credit Collection Agency
Final Exam Questions Comprehensive Resource To Help You
Ace 2026-2027 Exams Includes Frequently Tested Questions
With ELABORATED 100% Correct COMPLETE SOLUTIONS
Guaranteed Pass First Attempt!! Current Update!!
1. Application requirements for licence - Correct Answer: - must be 18
- pass state exam
- no issues in any other states
- US citizenship is not required
2. Salesperson applicant requirements - Correct Answer: - 40-hour course
(4-hours in civil rights)
- name and broker of who you will hold license
- non residents must sign "consent to service of process"
3. broker applicant requirements - Correct Answer: - 90-hour course (9-
hours in civil rights)
- attorney license / MBA = 60 hours
- name of person to be licensed and company location
- Proof of at least 3 years of real estate experience
- must have practiced real estate sales for 60 days in the last 5 years
4. Pocket Card - Correct Answer: - Cannot practice without pocket card on
your person
,5. Limited License - Correct Answer: limitation refers to a condition,
restriction, or probation is attached to license relative to the scope of
practice.
- Board imposes limitation and has 60 days to impose it, if the board
doesn't in 60 days the department can uphold limitation
- a person who received a limitation can petition it within 30 days, then
the department has 15 days to send reason for limitation
6. Continuing Education - Correct Answer: Total of 18 hours per 6 hours
each year 2 hours minimum of core law education
- must be completed by October 31st each year
- has 60 days after 10/31 to complete and pay $20
- If more than 60 days the state may fine $3,000 and more hours
7. Transferring practice - Correct Answer: Salesperson:
- can transfer. send info and pocket card to the department. Can
operate for 45 days from the date endorsed on the back
Associate Broker:
- Principal cannot transfer. Non-principal can the same way
salespersons can. They pay new license cycle fee
Broker:
- License is not transferable
8. Termination (salesperson) - Correct Answer: - Must give broker written
notice
- license is sent to department within 5 days
- Broker can terminate by sending notice to SP address and notify the
department and sends info to department within 5 days
,9. Assumed Names - Correct Answer: - Cannot conduct business by any
name other than the one on license
- broker wanting to conduct business under assumed name must send
info to the department with broker application
10.Practicing without a license - Correct Answer: 1st time = $500 fine or 90
days
2nd time = $1,000 fine and/or 1 year
11.Place of business - Correct Answer: - must be physical location, this
location must be where all books and records are kept and have an
associate broker at least to supervise
- Branch office must be physical location and be at least 25 mikes
outside of the city limits of the home office
12.commission - Correct Answer: Salespersons may only receive
compensation for work directly from broker, the only exception is from a
former broker for work previously done.
- Can receive compensation for services other than sales of RE if
written consent has been made (I.e. title insurance company,
insurance company)
13.Advertising - Correct Answer: All advertisements must include:
- name and license
- number and street address
- clearly state that it is a broker
- Exception is if the property is personally owned by the person selling
, 14.Licensees Buying Property - Correct Answer: - Must disclose that he is a
licensed salesperson/broker in writing as an additional addendum
- Must have written consent from the seller in order to receive
commission
15.Listing Agreement - Correct Answer: - Broker/salesperson that obtains
listing must give signed copy to everyone
- must contain nondiscrimination clause
- define expiration date
- net listings are illegal in MI (min set sales price)
16.Statutory Recommendation - Correct Answer: A licensee, at the time of
the execution of the offer to purchase, shall recommend to purchaser that a
fee title policy in the amount of purchase price be furnished to purchaser by
seller, issued or certified to approx. date of closing of the RE transaction
17.Disclosure of Material Facts - Correct Answer: Full disclosure is
imperative in all aspects.
Exemptions:
1) Cannot disclose info about prior people who lived there if
they were disabled
2) as long as it has no affect on property, you don't have to
disclose if the building has had a homicide/suicide/ or a
haunted house.
18.Offers to purchase - Correct Answer: - All information must give copies
to both buy and seller
- All information must be made certain to all parties and included in
any documents
Final Exam Questions Comprehensive Resource To Help You
Ace 2026-2027 Exams Includes Frequently Tested Questions
With ELABORATED 100% Correct COMPLETE SOLUTIONS
Guaranteed Pass First Attempt!! Current Update!!
1. Application requirements for licence - Correct Answer: - must be 18
- pass state exam
- no issues in any other states
- US citizenship is not required
2. Salesperson applicant requirements - Correct Answer: - 40-hour course
(4-hours in civil rights)
- name and broker of who you will hold license
- non residents must sign "consent to service of process"
3. broker applicant requirements - Correct Answer: - 90-hour course (9-
hours in civil rights)
- attorney license / MBA = 60 hours
- name of person to be licensed and company location
- Proof of at least 3 years of real estate experience
- must have practiced real estate sales for 60 days in the last 5 years
4. Pocket Card - Correct Answer: - Cannot practice without pocket card on
your person
,5. Limited License - Correct Answer: limitation refers to a condition,
restriction, or probation is attached to license relative to the scope of
practice.
- Board imposes limitation and has 60 days to impose it, if the board
doesn't in 60 days the department can uphold limitation
- a person who received a limitation can petition it within 30 days, then
the department has 15 days to send reason for limitation
6. Continuing Education - Correct Answer: Total of 18 hours per 6 hours
each year 2 hours minimum of core law education
- must be completed by October 31st each year
- has 60 days after 10/31 to complete and pay $20
- If more than 60 days the state may fine $3,000 and more hours
7. Transferring practice - Correct Answer: Salesperson:
- can transfer. send info and pocket card to the department. Can
operate for 45 days from the date endorsed on the back
Associate Broker:
- Principal cannot transfer. Non-principal can the same way
salespersons can. They pay new license cycle fee
Broker:
- License is not transferable
8. Termination (salesperson) - Correct Answer: - Must give broker written
notice
- license is sent to department within 5 days
- Broker can terminate by sending notice to SP address and notify the
department and sends info to department within 5 days
,9. Assumed Names - Correct Answer: - Cannot conduct business by any
name other than the one on license
- broker wanting to conduct business under assumed name must send
info to the department with broker application
10.Practicing without a license - Correct Answer: 1st time = $500 fine or 90
days
2nd time = $1,000 fine and/or 1 year
11.Place of business - Correct Answer: - must be physical location, this
location must be where all books and records are kept and have an
associate broker at least to supervise
- Branch office must be physical location and be at least 25 mikes
outside of the city limits of the home office
12.commission - Correct Answer: Salespersons may only receive
compensation for work directly from broker, the only exception is from a
former broker for work previously done.
- Can receive compensation for services other than sales of RE if
written consent has been made (I.e. title insurance company,
insurance company)
13.Advertising - Correct Answer: All advertisements must include:
- name and license
- number and street address
- clearly state that it is a broker
- Exception is if the property is personally owned by the person selling
, 14.Licensees Buying Property - Correct Answer: - Must disclose that he is a
licensed salesperson/broker in writing as an additional addendum
- Must have written consent from the seller in order to receive
commission
15.Listing Agreement - Correct Answer: - Broker/salesperson that obtains
listing must give signed copy to everyone
- must contain nondiscrimination clause
- define expiration date
- net listings are illegal in MI (min set sales price)
16.Statutory Recommendation - Correct Answer: A licensee, at the time of
the execution of the offer to purchase, shall recommend to purchaser that a
fee title policy in the amount of purchase price be furnished to purchaser by
seller, issued or certified to approx. date of closing of the RE transaction
17.Disclosure of Material Facts - Correct Answer: Full disclosure is
imperative in all aspects.
Exemptions:
1) Cannot disclose info about prior people who lived there if
they were disabled
2) as long as it has no affect on property, you don't have to
disclose if the building has had a homicide/suicide/ or a
haunted house.
18.Offers to purchase - Correct Answer: - All information must give copies
to both buy and seller
- All information must be made certain to all parties and included in
any documents
