Michigan Salesperson's - Exam Questions and Answers with complete solution

"Barriers Free" Addition to ADA in 1991 - -any building built from 1991 onward had to be built barrier free -must make accommodations for tenants of single family residential homes at the tenants expense -landlords can require money up front, as well as monies for restorations (apartments must also comply) 1866 Civil Rights Act - -prohibits discrimination on the basis of race only -has no exceptions/exemptions to the rule 1968 Federal Fair Housing Act - -shall not discriminate on the basis of race, color, national origin, religion, sex, and (in 1988) familial status (persons under 18) and persons with disabilities -can file complaint with HUD at up to one year since violation, or can file with federal courts at up to two years, and lastly, can file with attorney general's office at up to two years 1968 Federal Fair Housing Act Exclusions - -excludes single family residential for sale or rent if any of the following are met: if they didn't use services of broker or salesperson, they didn't use discriminatory advertising, the don't own more than three homes at a time, no more than one sale is a 24-month period, owner occupied 1-4 family property (in Michigan this is up to 2), -religious organizations can give preference based on religion only -private clubs can give preference to their members as long as they don't operate commercially 203(b) (FHA Loan) - -standard single family residential loan 221(d)(2) (FHA Loan) - -low to moderate income families 245 (FHA Loan) - -graduated payment plan -intended for persons out of college entering a profession that promises higher earnings Abstract of Title - -history above each particular plot of land-offers no insurance of guarantees buy buyers typically obtain a certificate of opinion from an attorney Acceleration Clause (Clauses of Mortgage) - -lender can speed up all unpaid payments in the event of a default (technically in default after on missed payment) and entire balance becomes due Accession - -process of gaining or losing land thru the movement of water Accretion (Form of Accession) - -result where you have gained land thru accession -alluvion --> action where you have soil and rock (volcanic islands) -reliction --> water recedes exposing more land Actual Notice (To Protect Interest) - -can see it or hear it first handed Adjustable Rate Mortgage (Type of Mortgage) - -interest rate on loan can go up or down and is tied to a known index Adverse Possession - -for "use" (title) -when someone adversely occupies someone else's property for a statutory period of time, they can go to court, and claim title -must prove HAVOC Agency - -someone empowers another to act in their own best interest Agency Disclosure Law - -requires disclosure of agency relationships on all residential properties before any confidential information is conveyed American Disabilities Act (ADA - 1990) - -primarily deals with commercial buildings built prior to 1990 and requires that these buildings must accommodate persons with disabilities if it is readily achievable, easily obtainable, and without undue hardship and burden -law also pertains to education, employment, public accommodations, and telecommunicationsAmortized Loan (Mortgage Payments) - -loan that has payments that include both P&I -partially amortized --> payments of P&I are being made for a shorter period of time with a lump-sum payment at end of loan period (balloon payment with some principle reduction) -fully amortized -->payments include P&I over the life of the complete principle reduction, and no balloon payment