PSI Real Estate Practice Exam - Michigan (Chapter 1)Accurate 100%
Designated Agent - ANSWER A person authorized by the broker to act as the agent of a specific principal - common in dual agency relationships, two salespersons from the same company can represent opposite sides of the sale. Income Approach - ANSWER What approach does an appraiser take primarily for an investment property? 1.) "Personal Assistant" (Answer) 2.) "Agent-Assistant" 3.) "Proxy-Agent" 4.) "Broker-Assignee" - ANSWER Charlie is the personal assistant for the top producer in the office, and he would like to have his own business cards. What can Charlie list as his title? 1.) They have the same force and effect as the Code. 2.) They provide additional detail for the administration of the law. 3.) They provide guidelines for the real estate licensee. 4.) They have less force and effect than the Code. (Answer) - ANSWER Which of the following is NOT true regarding the Administrative Rules in Michigan? 1.) adopt regulations for real estate standards. 2.) protect the public. (Answer) 3.) prosecute unethical brokers. 4.) investigate commission disputes between associates. - ANSWER The primary purpose of Michigan License Law is to: 1.) sell a home you built as part of your business. 2.) sell your own property. (Answer)
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