Michigan Real Estate Exam Questions & Answers. (Graded A+)

owners (they only own the condo, not the land below or air above. Allodial System - ANSWER-Current system employed in Accretion - ANSWER-The addition to real estate by accumulation of soil and land through nature. Accrued Depreciation - ANSWER-Loss in value of a property due to time. Difference of replacement cost and the presently appraised value. Acre - ANSWER-43,560 Sq Ft Actual Notice - ANSWER-Notifying person of an existing property by showing documents or other physical evidence. Ad Valorem - ANSWER-According to value. (Latin) Administrator - ANSWER-A Personal representative. A person appointed by court to settle the estate of a person who died without a will. Adverse Easement (Easement by prescription) - ANSWER-An easement acquired by means of a notorious and continous use of property. Adverse Possession - ANSWER-Gaining interest in real estate through actual, notorious, and notorious possession for the statutory period of time. Agent - ANSWER-One authorized to represnt another on his behalf.