Michigan Real Estate Exam Questions and Answers. (Graded A+)

Ownership in Severalty - ANSWER-Undivided ownership of an estate. Right to quiet enjoyment - ANSWER-A lessee's right to possess a property without interference from lessor, previous owner, or anyone else about the claim to the title. Joint tenancy - ANSWER-Requires all four unities: time, title, interest, and possession. Affixation - ANSWER-the process of creating a fixture, or turning personal property into real property. An example of a specific, involuntary lien: - ANSWER-A mechanic's lien. When is property conveyed? (Seller to Buyer) - ANSWER-When the Grantor delivers a properly executed deed to the grantee. Uniform Electronic Transactions Act (UETA) - ANSWER-A law that authorizes the use of signatures, contracts and records in place of traditional pen-and-paper. It is a uniform law, meaning it is up to each state to determine if they will adopt it or not. Michigan has adopted this act. P.I.T.I - ANSWER-An abbreviation which means "Principal, Interest, Taxes and Insurance." In residential financing, it is common for the monthly mortgage to include these four payments. First time defense penalty - ANSWER-$500 fine and/or 90 days imprisonment First time violations - ANSWER-$1000 and/or one year imprisonment for subsequent violations.