MICHIGAN REAL ESTATE UPDATED EXAMS TEST
PAPER QUESTIONS AND ANSWERS SURE A+
✔✔Fha Loan - ✔✔A loan insured by the Federal Housing Administration and made by
an approved lender in accordance with the FHA's regulations.
✔✔Fiduciary - ✔✔One in whom trust and confidence is placed; a reference to a broker
employed under the terms of a listing contract or buyer agency agreement.
✔✔Fiduciary Relationship - ✔✔A relationship of trust and confidence, as between
trustee and beneficiary, attorney and client, or principal and agent.
✔✔Fixture - ✔✔An item of personal property that has been converted to real property
by being permanently affixed to the realty.
✔✔Floodplain - ✔✔Land bordering a river that is subject to flooding. The U.S. Army
Corps of Engineers rates floodplains by estimating the number of years between floods.
✔✔Foreclosure - ✔✔A legal procedure whereby property used as security for a debt is
sold to satisfy the debt in the event of default in payment of the mortgage note or default
of other terms in the mortgage document. The foreclosure procedure brings the rights of
all parties to a conclusion and passes the title in the mortgaged property to either the
,holder of the mortgage or a third party who may purchase the realty at the foreclosure
sale, free of all encumbrances affecting the property subsequent to the mortgage.
✔✔Formal Complaint - ✔✔A document that lists the charges of each alleged violation of
the Occupational Code.
✔✔Formaldehyde - ✔✔An air pollutant that is a colorless chemical used to manufacture
building materials and many household products, such as particleboard, hardwood
plywood paneling, and urea-formaldehyde foam insulation.
✔✔Fraud - ✔✔Deception intended to cause a person to give up property or a lawful
right.
✔✔Freddie Mac - ✔✔A government-sponsored enterprise established to purchase
primarily conventional mortgage loans in the secondary mortgage market.
✔✔Freehold Estates - ✔✔An estate in land in which ownership is for an indeterminate
length of time, in contrast to a leasehold estate.
✔✔Functional Obsolescence - ✔✔A loss of value to an improvement to real estate
arising from functional problems, often caused by age or poor design.
✔✔Future Interest - ✔✔A person's present right to an interest in real property that will
not result in possession or enjoyment until some time in the future, such as a reversion
or right of re-entry.
✔✔General Agency - ✔✔Created when an agent is empowered to represent the
principal in a broad range of matters related to a particular business or activity.
✔✔General Agent - ✔✔One who is authorized by a principal to represent the principal
in a specific range of matters.
✔✔General Liens - ✔✔The right of a creditor to have all of a debtor's property—both
real and personal—sold to satisfy a debt.
✔✔General Real Estate Tax - ✔✔A tax that is made up of the taxes levied on the real
estate by government agencies and municipalities.
✔✔General Warranty Deed - ✔✔A deed in which the grantor fully warrants good, clear
title to the premises. Used in most real estate deed transfers, a general warranty deed
offers the greatest protection of any deed.
, ✔✔Ginnie Mae - ✔✔A government agency that plays an important role in the secondary
mortgage market. It guarantees mortgage-backed securities using FHA and VA loans
as collateral.
✔✔Good And Marketable Title - ✔✔Good or clear title, reasonably free from the risk of
litigation over possible defects.
✔✔Good Faith Estimate (Gfe) - ✔✔An estimate of all closing fees that must be provided
to a borrower within three days of the loan application as required by the Real Estate
Settlement Procedures Act (RESPA).
✔✔Good Moral Character - ✔✔The tendency to act in fair, open and honest manner.
✔✔Grantee - ✔✔A person who receives a transfer of real property from a grantor.
✔✔Granting Clause - ✔✔Words in a deed of conveyance that state the grantor's
intention to convey the property at the present time. This clause is generally worded as
"convey and warrant"; "grant"; "grant, bargain, and sell"; or the like.
✔✔Grantor - ✔✔The owner transferring title to or an interest in real property to a
grantee.
✔✔Gross Income Multiplier (Gim) - ✔✔A figure used as a multiplier of the gross annual
income of a property to produce an estimate of the property's value.
✔✔Gross Lease - ✔✔A lease of property according to which a landlord pays all property
charges regularly incurred through ownership, such as repairs, taxes, insurance, and
operating expenses. Most residential leases are gross leases.
✔✔Gross Rent Multiplier (Grm) - ✔✔The figure used as a multiplier of the gross monthly
income of a property to produce an estimate of the property's value.
✔✔Ground Lease - ✔✔A lease of land only, on which the tenant usually owns a building
or is required to build as specified in the lease. Such leases are usually long-term net
leases; the tenant's rights and obligations continue until the lease expires or is
terminated through default.
✔✔Groundwater - ✔✔Water that exists under the earth's surface within the tiny spaces
or crevices in geological formations.
✔✔Growing-equity Mortgage - ✔✔A loan in which the monthly payments increase
annually, with the increased amount being used to reduce directly the principal balance
outstanding and thus shorten the overall term of the loan.
PAPER QUESTIONS AND ANSWERS SURE A+
✔✔Fha Loan - ✔✔A loan insured by the Federal Housing Administration and made by
an approved lender in accordance with the FHA's regulations.
✔✔Fiduciary - ✔✔One in whom trust and confidence is placed; a reference to a broker
employed under the terms of a listing contract or buyer agency agreement.
✔✔Fiduciary Relationship - ✔✔A relationship of trust and confidence, as between
trustee and beneficiary, attorney and client, or principal and agent.
✔✔Fixture - ✔✔An item of personal property that has been converted to real property
by being permanently affixed to the realty.
✔✔Floodplain - ✔✔Land bordering a river that is subject to flooding. The U.S. Army
Corps of Engineers rates floodplains by estimating the number of years between floods.
✔✔Foreclosure - ✔✔A legal procedure whereby property used as security for a debt is
sold to satisfy the debt in the event of default in payment of the mortgage note or default
of other terms in the mortgage document. The foreclosure procedure brings the rights of
all parties to a conclusion and passes the title in the mortgaged property to either the
,holder of the mortgage or a third party who may purchase the realty at the foreclosure
sale, free of all encumbrances affecting the property subsequent to the mortgage.
✔✔Formal Complaint - ✔✔A document that lists the charges of each alleged violation of
the Occupational Code.
✔✔Formaldehyde - ✔✔An air pollutant that is a colorless chemical used to manufacture
building materials and many household products, such as particleboard, hardwood
plywood paneling, and urea-formaldehyde foam insulation.
✔✔Fraud - ✔✔Deception intended to cause a person to give up property or a lawful
right.
✔✔Freddie Mac - ✔✔A government-sponsored enterprise established to purchase
primarily conventional mortgage loans in the secondary mortgage market.
✔✔Freehold Estates - ✔✔An estate in land in which ownership is for an indeterminate
length of time, in contrast to a leasehold estate.
✔✔Functional Obsolescence - ✔✔A loss of value to an improvement to real estate
arising from functional problems, often caused by age or poor design.
✔✔Future Interest - ✔✔A person's present right to an interest in real property that will
not result in possession or enjoyment until some time in the future, such as a reversion
or right of re-entry.
✔✔General Agency - ✔✔Created when an agent is empowered to represent the
principal in a broad range of matters related to a particular business or activity.
✔✔General Agent - ✔✔One who is authorized by a principal to represent the principal
in a specific range of matters.
✔✔General Liens - ✔✔The right of a creditor to have all of a debtor's property—both
real and personal—sold to satisfy a debt.
✔✔General Real Estate Tax - ✔✔A tax that is made up of the taxes levied on the real
estate by government agencies and municipalities.
✔✔General Warranty Deed - ✔✔A deed in which the grantor fully warrants good, clear
title to the premises. Used in most real estate deed transfers, a general warranty deed
offers the greatest protection of any deed.
, ✔✔Ginnie Mae - ✔✔A government agency that plays an important role in the secondary
mortgage market. It guarantees mortgage-backed securities using FHA and VA loans
as collateral.
✔✔Good And Marketable Title - ✔✔Good or clear title, reasonably free from the risk of
litigation over possible defects.
✔✔Good Faith Estimate (Gfe) - ✔✔An estimate of all closing fees that must be provided
to a borrower within three days of the loan application as required by the Real Estate
Settlement Procedures Act (RESPA).
✔✔Good Moral Character - ✔✔The tendency to act in fair, open and honest manner.
✔✔Grantee - ✔✔A person who receives a transfer of real property from a grantor.
✔✔Granting Clause - ✔✔Words in a deed of conveyance that state the grantor's
intention to convey the property at the present time. This clause is generally worded as
"convey and warrant"; "grant"; "grant, bargain, and sell"; or the like.
✔✔Grantor - ✔✔The owner transferring title to or an interest in real property to a
grantee.
✔✔Gross Income Multiplier (Gim) - ✔✔A figure used as a multiplier of the gross annual
income of a property to produce an estimate of the property's value.
✔✔Gross Lease - ✔✔A lease of property according to which a landlord pays all property
charges regularly incurred through ownership, such as repairs, taxes, insurance, and
operating expenses. Most residential leases are gross leases.
✔✔Gross Rent Multiplier (Grm) - ✔✔The figure used as a multiplier of the gross monthly
income of a property to produce an estimate of the property's value.
✔✔Ground Lease - ✔✔A lease of land only, on which the tenant usually owns a building
or is required to build as specified in the lease. Such leases are usually long-term net
leases; the tenant's rights and obligations continue until the lease expires or is
terminated through default.
✔✔Groundwater - ✔✔Water that exists under the earth's surface within the tiny spaces
or crevices in geological formations.
✔✔Growing-equity Mortgage - ✔✔A loan in which the monthly payments increase
annually, with the increased amount being used to reduce directly the principal balance
outstanding and thus shorten the overall term of the loan.
