Michigan State Law Questions and Answers Already Passed

Michigan State Law Questions and Answers Already Passed The best definition of the "Board" would be? an agency created in that article composed principally of members of the regulated occupation An expression of disapproval of a licensee's professional conduct, which conduct is not necessarily a violation of this act or a rule promulgated or an order issued under this act would describe a(n): censure Which of the following activities would be a violation under Michigan state law (also known as Occupational Code or Act 299)? Representing or attempting to represent a real estate broker other than the employer, without the express knowledge and consent of the employer All of the following would be included as the Department's duties EXCEPT: assessing criminal prosecution for violations of the occupational code What would the transfer tax be in Michigan on a $343,501 sale? (Selling Price ÷ 500) x 4.30 = $2,958.40 All of the following is true of a branch office EXCEPT: it may maintain its own trust account with a minimum of $500 of the broker's personal funds Which of the following would be true regarding trust or escrow accounts? The broker shall keep records of funds in these accounts, which the records shall indicate clearly the date and from whom the money was received, the date deposited, the date of withdrawal, and other pertinent information concerning the transaction A listing agreement that is obtained by a broker or salesperson shall: set forth a definite expiration date An associate broker license: Suspended automatically when that active officer or active member ceases to be connected with the firm All of the following would be an acceptable office location, provided the Department grants approval, EXCEPT: a P.O. box A real estate broker who proposes to engage in the sale of a property, located outside of this state, would need to comply with all of the following EXCEPT: representing that the property has been inspected and approved by the Department of Licensing and Regulatory Affairs A broker's license may: be suspended for paying a commission to a non-resident broker only licensed in another state if that non-resident broker is negotiating a sale in the state of Michigan What is the minimum amount of time that a broker shall keep trust account records? 3 years All of the following would require a license in real estate EXCEPT: an owner of real estate who engages in 5 or fewer real estate sales in any 12-month period Penalties for a person who violates one or more of the provisions of an article which regulates an occupation would include all of the following EXCEPT: a criminal fine to be paid to the Department not to exceed $10,000 Which of the following would be exempt from license requirements? A person appointed by order of a court to appraise a piece of real property in which a fee is to be paid for their services Which of the following would be considered a usurious contract in the state of Michigan? Land contract at 12% Salesperson Sally Wells of ABC Realty wants to sell her personal residence as a for-sale-by- owner. How may she advertise? For-sale-by-owner and phone number A listing broker involved at the consummation of a real estate or business opportunity transaction shall: furnish or cause to furnish the buyer and seller a complete and detailed closing statement signed by the broker showing the receipts