MICHIGAN REAL ESTATE 2026 EXAMINERS SET
QUESTIONS AND ANSWERS SURE A+
✔✔Exclusive-Agency Listing - ✔✔Authorizes one broker to act as the sole agent of the
seller
Allows the seller to retain the right to sell the property without obligation of payment to
the broker
✔✔Open Listing (Non Exclusive Listing) - ✔✔The seller retains the right to employ any
number of brokers
The seller is obligated to pay a commission only to the broker who successfully
produces a ready, willing, and able buyer
The seller is not obligated to pay a commission if the seller personally sells the property
without the aid of any broker
✔✔Multiple Listing Clause - ✔✔Permits cooperation with other brokers inn the multiple
listing service (MLS)
✔✔Net Listing - ✔✔The excess over the net from the sale will go to the listing broker as
commission
The broker is free to offer the property at any price greater than the net amount
Net listings may be prohibited by state law
, ✔✔Listing Agreement Termination - ✔✔The agreement's purpose is fulfilled
The agreement's term expires
The property is destroyed
Title to the property is transferred by operation of law (bankruptcy)
The broker and the seller mutually agree to end the listing
Either party dies or becomes incapacitated
Either the broker or the seller breaches the contract
✔✔Broker Protection Clause - ✔✔Preserves a broker's commission if, within a certain
number of days, the owner transfers the property to someone the broker introduced to
them
✔✔PETE - ✔✔Government powers
- Police Power
- Eminent Domain
- Taxation
- Escheat
✔✔Police Power - ✔✔The state's authority passed down to municipalities and counties
through enabling acts to enact nondiscriminatory legislation to preserve order, protect
the public health and safety, and to promote the general welfare of the citizens
✔✔Eminent Domain - ✔✔The government's right to acquire privately owned real estate
for a public or economically beneficial use through
- condemnation, a process that begins with a judicial or and administrative proceeding
- just compensation, which must be paid to the property owner
✔✔Taxation - ✔✔A charge on real estate to raise funds to meet public needs
✔✔Escheat - ✔✔Occurs when the deceased ha no will or lawful heirs
✔✔Fee Simple Estate - ✔✔Lasts for an indeterminable length of time
The highest estate recognized by law
✔✔Fee Simple Defeasible - ✔✔A qualified estate subject to occurrence or
nonoccurrence of some specified event
✔✔Life Estate - ✔✔Based on the life of a person
✔✔Encumbrance - ✔✔A claim, charge, or liability that attaches to real estate and may
be one of the following:
- Liens
- Covenants, conditions, and restrictions (CC&Rs)
QUESTIONS AND ANSWERS SURE A+
✔✔Exclusive-Agency Listing - ✔✔Authorizes one broker to act as the sole agent of the
seller
Allows the seller to retain the right to sell the property without obligation of payment to
the broker
✔✔Open Listing (Non Exclusive Listing) - ✔✔The seller retains the right to employ any
number of brokers
The seller is obligated to pay a commission only to the broker who successfully
produces a ready, willing, and able buyer
The seller is not obligated to pay a commission if the seller personally sells the property
without the aid of any broker
✔✔Multiple Listing Clause - ✔✔Permits cooperation with other brokers inn the multiple
listing service (MLS)
✔✔Net Listing - ✔✔The excess over the net from the sale will go to the listing broker as
commission
The broker is free to offer the property at any price greater than the net amount
Net listings may be prohibited by state law
, ✔✔Listing Agreement Termination - ✔✔The agreement's purpose is fulfilled
The agreement's term expires
The property is destroyed
Title to the property is transferred by operation of law (bankruptcy)
The broker and the seller mutually agree to end the listing
Either party dies or becomes incapacitated
Either the broker or the seller breaches the contract
✔✔Broker Protection Clause - ✔✔Preserves a broker's commission if, within a certain
number of days, the owner transfers the property to someone the broker introduced to
them
✔✔PETE - ✔✔Government powers
- Police Power
- Eminent Domain
- Taxation
- Escheat
✔✔Police Power - ✔✔The state's authority passed down to municipalities and counties
through enabling acts to enact nondiscriminatory legislation to preserve order, protect
the public health and safety, and to promote the general welfare of the citizens
✔✔Eminent Domain - ✔✔The government's right to acquire privately owned real estate
for a public or economically beneficial use through
- condemnation, a process that begins with a judicial or and administrative proceeding
- just compensation, which must be paid to the property owner
✔✔Taxation - ✔✔A charge on real estate to raise funds to meet public needs
✔✔Escheat - ✔✔Occurs when the deceased ha no will or lawful heirs
✔✔Fee Simple Estate - ✔✔Lasts for an indeterminable length of time
The highest estate recognized by law
✔✔Fee Simple Defeasible - ✔✔A qualified estate subject to occurrence or
nonoccurrence of some specified event
✔✔Life Estate - ✔✔Based on the life of a person
✔✔Encumbrance - ✔✔A claim, charge, or liability that attaches to real estate and may
be one of the following:
- Liens
- Covenants, conditions, and restrictions (CC&Rs)
