PSI Michigan Real Estate Exam Questions Verified and
Provided with Complete A+ Graded Answers Latest Updated
2026
True Games of chance for promotion (such as 50/50) are illegal Tor F
Functions of the Board 1. Interpret licensure requirements and aid in investigations
2.Members are appointed by the governor
3.2 Four year terms!
Department of Licensing and Regulatory This Department investigates complaints
Affairs (LARA)
The Board and Department Both of these act together to review and approve the licensing
examination.
Broker a person who with intent to receive compensation or valuable
consideration, and performs all the acts of an agent
An Salesperson someone who can do anything a broker can but underneath the
broker
Broker Requires 90 Hours of approved schooling
3 Years How long can someone wait before they have to take the test
again if they don't practice real estate for a period of time
True (T or False) If the Department denies an application for
licensure, then the applicant may file for a petition for a
review of the decision
not if they build and sell sing family Does a Builder need a real estate license if they sell the house
dwellings, duplexes, triplexes, or
quadruplexes.
Power of attorney grants power to a representative of your choosing to legally
act and make decisions on your behalf.
Pocket License Must be carried with person when practicing in real estate
the licensee has 30 days (the board has 15 how long does the licensee have to petition and how long
days) does the board have to respond
18 hours of continuous education in 3 years In 3 year cycles how much hours is required to keep your
or 6 hours a year. license
5 days after termination from a broker, how long does the broker
have to send the license to the department
Provided with Complete A+ Graded Answers Latest Updated
2026
True Games of chance for promotion (such as 50/50) are illegal Tor F
Functions of the Board 1. Interpret licensure requirements and aid in investigations
2.Members are appointed by the governor
3.2 Four year terms!
Department of Licensing and Regulatory This Department investigates complaints
Affairs (LARA)
The Board and Department Both of these act together to review and approve the licensing
examination.
Broker a person who with intent to receive compensation or valuable
consideration, and performs all the acts of an agent
An Salesperson someone who can do anything a broker can but underneath the
broker
Broker Requires 90 Hours of approved schooling
3 Years How long can someone wait before they have to take the test
again if they don't practice real estate for a period of time
True (T or False) If the Department denies an application for
licensure, then the applicant may file for a petition for a
review of the decision
not if they build and sell sing family Does a Builder need a real estate license if they sell the house
dwellings, duplexes, triplexes, or
quadruplexes.
Power of attorney grants power to a representative of your choosing to legally
act and make decisions on your behalf.
Pocket License Must be carried with person when practicing in real estate
the licensee has 30 days (the board has 15 how long does the licensee have to petition and how long
days) does the board have to respond
18 hours of continuous education in 3 years In 3 year cycles how much hours is required to keep your
or 6 hours a year. license
5 days after termination from a broker, how long does the broker
have to send the license to the department
