MICHIGAN BUILDERS LICENSE EXAM
PRACTICE EXAM AND STUDY GUIDE NEWEST
2024 ACTUAL EXAM 500 QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) ||ALREADY GRADED A+
To be entitled to receive a commission on her exclusive
listing, the broker must prove all the following EXCEPT that
he/she:
has a valid, signed listing agreement
produced a ready, willing and able buyer
that he/she belonged to the real estate board
that he/she was procuring cause. - ...ANSWER...that he/she
belonged to the real estate board
Broker Gary opens a branch office. Gary must appoint an
associate broker to supervise this office under what
circumstance?
Gary's new branch is on the other side of town.
The new office is 30 miles from the city limits.
Gary has more than 15 licensees working in the branch office.
The new office is located more than 25 miles from Gary's
main office. - ...ANSWER...The new office is 30 miles from
the city limits.
Broker Dan is required to keep seller Gary informed of all
material facts pertinent to the sale of his home. Which of the
following facts must Dan tell Gary?
,The prospective buyer is Asian.
The buyer is over 70 years old.
The buyer's lender will require the buyer to have private
mortgage insurance (PMI).
The buyer has five children. - ...ANSWER...The buyer's
lender will require the buyer to have private mortgage
insurance (PMI).
The state and county transfer tax charged to the seller of a
property is based on what? - ...ANSWER...The selling price
Broker Karen received an earnest money check from buyer,
Dan. What should Karen do with the money? -
...ANSWER...Deposit the money in a non-interest bearing
trust account that holds other escrow funds.
Which of the following is *not* a requirement for obtaining a
broker's license?
Ninety (90) hours of approved education after receiving a
salesperson license
Twenty-one (21) years old
Three (3)years of experience as a licensed salesperson
Good moral character - ...ANSWER...Twenty-one (21) years
old
When a licensed broker changes his or her place of business:
The Department will issue a new license immediately.
The Department could choose to revoke the license if the
broker fails to give proper notification of the change.
A new license will be issued for a full three-year cycle.
,The Department must approve the change of address. -
...ANSWER...The Department could choose to revoke the
license if the broker fails to give proper notification of the
change.
How many of the 40 hours of approved salesperson
instruction must be in the area of civil rights law and equal
opportunity in housing? - ...ANSWER...4
Elena's listing with Ben of Homeland Real Estate Group has
expired, so she lists with Associated Realty. Ben finds a buyer
for Elena's home. Which statement is true?
Ben is now a dual agent.
Ben cannot represent the new buyer because of his previous
relationship with Elena.
Ben cannot disclose any information about offers that Elena
received during her listing with him.
Ben cannot disclose what he knows about Elena's home. -
...ANSWER...Ben cannot disclose any information about
offers that Elena received during her listing with him.
Fifteen dollars ($15.00) of each license fee will be credited to
- ...ANSWER...The enforcement fund
Which of the following loan programs is NOT available
*through* the Michigan State Housing Development
Authority?
Mortgage credit certificate
VA loan
Property improvement
Single family mortgage - ...ANSWER...VA loan
, *The VA provides VA loans.
The phrase "engaging in the real estate business" means acting
for another in exchange for a fee in all but which of the
following situations?
Building a home for another
Reselling a mobile home
Selling real estate
Collecting rent for the lease of a property -
...ANSWER...Building a home for another
Broker Peter puts an ad in the newspaper with just a street
address. Which statement is true?
The ad is legal because Peter can advertise as a private party.
For the ad to be legal, Peter needs to include his telephone
number.
The ad is fine because the Department does not regulate
newspaper advertising.
The ad is illegal if it does not include the business name of the
brokerage. - ...ANSWER...The ad is illegal if it does not
include the business name of the brokerage.
To renew a license, a broker must - ...ANSWER...Have
completed 18 hours of which 2 per calendar year involved
law, rules and court cases
A non-resident applicant for a license must file which of the
following with the license application?
PRACTICE EXAM AND STUDY GUIDE NEWEST
2024 ACTUAL EXAM 500 QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) ||ALREADY GRADED A+
To be entitled to receive a commission on her exclusive
listing, the broker must prove all the following EXCEPT that
he/she:
has a valid, signed listing agreement
produced a ready, willing and able buyer
that he/she belonged to the real estate board
that he/she was procuring cause. - ...ANSWER...that he/she
belonged to the real estate board
Broker Gary opens a branch office. Gary must appoint an
associate broker to supervise this office under what
circumstance?
Gary's new branch is on the other side of town.
The new office is 30 miles from the city limits.
Gary has more than 15 licensees working in the branch office.
The new office is located more than 25 miles from Gary's
main office. - ...ANSWER...The new office is 30 miles from
the city limits.
Broker Dan is required to keep seller Gary informed of all
material facts pertinent to the sale of his home. Which of the
following facts must Dan tell Gary?
,The prospective buyer is Asian.
The buyer is over 70 years old.
The buyer's lender will require the buyer to have private
mortgage insurance (PMI).
The buyer has five children. - ...ANSWER...The buyer's
lender will require the buyer to have private mortgage
insurance (PMI).
The state and county transfer tax charged to the seller of a
property is based on what? - ...ANSWER...The selling price
Broker Karen received an earnest money check from buyer,
Dan. What should Karen do with the money? -
...ANSWER...Deposit the money in a non-interest bearing
trust account that holds other escrow funds.
Which of the following is *not* a requirement for obtaining a
broker's license?
Ninety (90) hours of approved education after receiving a
salesperson license
Twenty-one (21) years old
Three (3)years of experience as a licensed salesperson
Good moral character - ...ANSWER...Twenty-one (21) years
old
When a licensed broker changes his or her place of business:
The Department will issue a new license immediately.
The Department could choose to revoke the license if the
broker fails to give proper notification of the change.
A new license will be issued for a full three-year cycle.
,The Department must approve the change of address. -
...ANSWER...The Department could choose to revoke the
license if the broker fails to give proper notification of the
change.
How many of the 40 hours of approved salesperson
instruction must be in the area of civil rights law and equal
opportunity in housing? - ...ANSWER...4
Elena's listing with Ben of Homeland Real Estate Group has
expired, so she lists with Associated Realty. Ben finds a buyer
for Elena's home. Which statement is true?
Ben is now a dual agent.
Ben cannot represent the new buyer because of his previous
relationship with Elena.
Ben cannot disclose any information about offers that Elena
received during her listing with him.
Ben cannot disclose what he knows about Elena's home. -
...ANSWER...Ben cannot disclose any information about
offers that Elena received during her listing with him.
Fifteen dollars ($15.00) of each license fee will be credited to
- ...ANSWER...The enforcement fund
Which of the following loan programs is NOT available
*through* the Michigan State Housing Development
Authority?
Mortgage credit certificate
VA loan
Property improvement
Single family mortgage - ...ANSWER...VA loan
, *The VA provides VA loans.
The phrase "engaging in the real estate business" means acting
for another in exchange for a fee in all but which of the
following situations?
Building a home for another
Reselling a mobile home
Selling real estate
Collecting rent for the lease of a property -
...ANSWER...Building a home for another
Broker Peter puts an ad in the newspaper with just a street
address. Which statement is true?
The ad is legal because Peter can advertise as a private party.
For the ad to be legal, Peter needs to include his telephone
number.
The ad is fine because the Department does not regulate
newspaper advertising.
The ad is illegal if it does not include the business name of the
brokerage. - ...ANSWER...The ad is illegal if it does not
include the business name of the brokerage.
To renew a license, a broker must - ...ANSWER...Have
completed 18 hours of which 2 per calendar year involved
law, rules and court cases
A non-resident applicant for a license must file which of the
following with the license application?
