Michigan Real Estate Exam Practice | Q-Bank | Expert Strategies Review of Key Quizzes, & Practice Questions for Guaranteed Success.

Michigan Real Estate Exam Practice | Q-Bank | Expert Strategies Review of Key Quizzes, & Practice Questions for Guaranteed Success. Quiz_________________? A borrower has defaulted on the mortgage. The mortgage contains an acceleration clause. This permits the lender to do what? - Answer demand immediate payment of the entire note Quiz_________________? 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? - Answer the seller accepts the offer. Quiz_________________? A broker lists a property, with a listing contract allowing subagency and dual agency. One of the broker's salespersons shows the property. The salesperson would be classified as what? - Answer a subagent of the seller. Quiz_________________? A broker says, while showing a rural property, "This property has the world's purest well water." This would be an example of - Answer an expression of opinion, or puffing, which could lead to misrepresentation Quiz_________________? A broker supplies the financing for a project to build condominiums with the stipulation that he has the exclusive right to sell the completed condos. Which of the following BEST describes this relationship? - Answer Agency coupled with an interest. Quiz_________________? A buyer is getting a fully amortized loan for $220,000. The bank will give the buyer the loan for 15 years at 5 1/2% or for 30 years at 6 1/2%. To the nearest cent, what is the difference between the monthly payments for these two loans? (BE SURE TO USE THE AMORTIZATION TABLE.) - Answer $409.20. Quiz_________________? A buyer made an offer on a property that was listed at $350,000. She wanted to put $35,000 down and make payments to the seller, allowing the seller to retain title until the principal was paid off. The seller accepted, and the buyer became a ______. - Answer Vendee Quiz_________________? A charge of violation of Federal Fair Housing laws can be heard by an administrative law judge within the Department of Housing and Urban Development (HUD) or by a Federal district court judge in Federal court. The advantage of a Federal court hearing to the complaining party is what? - Answer there is no dollar limit on damages paid. Quiz_________________? A competitive market analysis is MOST often used for what? - Answer setting a listing price. Quiz_________________? A contract has been drawn which obliges the sellers to convey title to their land to the buyers if the buyers come up with $22,000 on or before December 31st. This is called what? - Answer an option contract.