MICHIGAN REAL ESTATE EXAM ALL SCRIPTED
LATEST QUESTIONS AND ANSWERS SURE A+
✔✔Personal Property (Chattel) - ✔✔Includes movable items, such as a chair or sofa;
emblements, such as annual plantings or crops of grains, vegetables, and fruit; items of
real property that can become personal property by severance; items of personal
property that can become real property by attachment; and manufactured homes unless
permanently affixed to the land
✔✔Fructus Indutriales - ✔✔Annual plantings or crops of grains, vegetables, and fruit
✔✔Fixture - ✔✔Personal property that has been affixed to teh land or to a building so
that by law it becomes part of the real property
✔✔Legal Tests for a Fixture - ✔✔Method of Annexation - not easily removable
Adaptation to Real Estate - ordinarily considered a permanent addition
Agreement of the Parties - stated as part of real estate in the offer to purchase
✔✔Trade Fixtures - ✔✔Include property attached to the structure but used in the course
of business such as
- personal property, if removed by the tenant and the premises are returned to original
condition before the lease expires
, - real property is left behind by the tenant, the landlord and acquire this type of property
by accession
✔✔Characteristics of Real Estate - ✔✔Economic
- Scarcity
- Improvements
- Permanence of Investment
- Location (most important)
Physical
- Immobility
- Indestructibility
- Nonhomogeneity, or Uniqueness
✔✔Laws that affect Real Estate - ✔✔contracts, property, agency, and real estate
licensing, where all states require real estate brokers and salespeople to be licensed
with requirements differing from state to state
state and local land use and zoning laws
federal and state environmental regulations and tax laws
✔✔Types of Housing - ✔✔Single family homes
Apartment complexes
Condominiums
Cooperatives
Planned Unit developments (PUDs)
Mixed use developments (MUDs)
Modular homes (prefabricated homes)
Manufactured housing (mobile homes)
Time shares
✔✔Housing Affordability - ✔✔Aided by creative financing, low interest loans, adjustable
rate loans, and low downpayment loans sponsored by the Federal Housing
Administration (FHA) and the Department of Veterans Affairs (VA)
✔✔Decision to Rent or Buy - ✔✔Influenced by; the length of time the individual will
reside in the area, individual's financial situation, housing affordability, current mortgage
interest rates, tax consequences of owning versus renting property, what may happen
to home prices and tax laws in the future
✔✔PITI - ✔✔Principal
Interest
Taxes
Insurance
LATEST QUESTIONS AND ANSWERS SURE A+
✔✔Personal Property (Chattel) - ✔✔Includes movable items, such as a chair or sofa;
emblements, such as annual plantings or crops of grains, vegetables, and fruit; items of
real property that can become personal property by severance; items of personal
property that can become real property by attachment; and manufactured homes unless
permanently affixed to the land
✔✔Fructus Indutriales - ✔✔Annual plantings or crops of grains, vegetables, and fruit
✔✔Fixture - ✔✔Personal property that has been affixed to teh land or to a building so
that by law it becomes part of the real property
✔✔Legal Tests for a Fixture - ✔✔Method of Annexation - not easily removable
Adaptation to Real Estate - ordinarily considered a permanent addition
Agreement of the Parties - stated as part of real estate in the offer to purchase
✔✔Trade Fixtures - ✔✔Include property attached to the structure but used in the course
of business such as
- personal property, if removed by the tenant and the premises are returned to original
condition before the lease expires
, - real property is left behind by the tenant, the landlord and acquire this type of property
by accession
✔✔Characteristics of Real Estate - ✔✔Economic
- Scarcity
- Improvements
- Permanence of Investment
- Location (most important)
Physical
- Immobility
- Indestructibility
- Nonhomogeneity, or Uniqueness
✔✔Laws that affect Real Estate - ✔✔contracts, property, agency, and real estate
licensing, where all states require real estate brokers and salespeople to be licensed
with requirements differing from state to state
state and local land use and zoning laws
federal and state environmental regulations and tax laws
✔✔Types of Housing - ✔✔Single family homes
Apartment complexes
Condominiums
Cooperatives
Planned Unit developments (PUDs)
Mixed use developments (MUDs)
Modular homes (prefabricated homes)
Manufactured housing (mobile homes)
Time shares
✔✔Housing Affordability - ✔✔Aided by creative financing, low interest loans, adjustable
rate loans, and low downpayment loans sponsored by the Federal Housing
Administration (FHA) and the Department of Veterans Affairs (VA)
✔✔Decision to Rent or Buy - ✔✔Influenced by; the length of time the individual will
reside in the area, individual's financial situation, housing affordability, current mortgage
interest rates, tax consequences of owning versus renting property, what may happen
to home prices and tax laws in the future
✔✔PITI - ✔✔Principal
Interest
Taxes
Insurance
