Michigan Real Estate Exam with 100% Correct Answers |LATEST|

Michigan Real Estate Exam with 100% Correct Answers |LATEST| Accretion *Ans* The addition to real estate by accumulation of soil and land through nature. Accrued Depreciation *Ans* Loss in value of a property due to time. Difference of replacement cost and the presently appraised value. Acre *Ans* 43,560 Sq Ft Actual Notice *Ans* Notifying person of an existing property by showing documents or other physical evidence. Ad Valorem *Ans* According to value. (Latin) Administrator *Ans* 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) *Ans* An easement acquired by means of a notorious and continous use of property. Adverse Possession *Ans* Gaining interest in real estate through actual, notorious, and notorious possession for the statutory period of time. Agent *Ans* One authorized to represnt another on his behalf. Air Rights *Ans* The right of the real estate owner to the space above the land. Air Space *Ans* Space that is solely owned by condo owners (they only own the condo, not the land below or air above. Allodial System *Ans* Current system employed in the US and other counts to own real estate. Americans with Disabilities Act (ADA) *Ans* Federal law that requires public facilities to make accommodations for the disabled. Appraisal *Ans* An opinion issued by a state licensed appraised estimating the value of property based on property features and market cond