Michigan Real Estate Exam Questions and Answers 100% Correct(Verified By Experts)

vendee - ANSWER-a buyer or purchaser particularly someone buying property under a deed vendor - ANSWER-seller ,particularly someone selling property by means of a contract for deed escalation clause - ANSWER-increase or decrease interest rate based on annual percent deed - ANSWER-written document conveys title to real property deed of trust - ANSWER-voluntary lien on real property to secure repayment of debt deed restriction - ANSWER-provisions in deed that restrict land use quitclaim deed - ANSWER-deed that clears clouds and has highest risk. general warranty - ANSWER-deed that grantor warrants the title against defects during ownership encumbrance - ANSWER-right or interest in land that affects the value lien - ANSWER-claim on property(unpaid taxes, judgements) habendum clause - ANSWER-to have and to hold describes the type of estates will hold