MICHIGAN STATE LAW EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+

The best definition of the "Board" would be? Correct Answer: 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): Correct Answer: censure Which of the following activities would be a violation under Michigan state law (also known as Occupational Code or Act 299)? Correct Answer: 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: Correct Answer: assessing criminal prosecution for violations of the occupational code 2 What would the transfer tax be in Michigan on a $343,501 sale? (Selling Price ÷ 500) x 4.30 = Correct Answer: $2,958.40 All of the following is true of a branch office EXCEPT: Correct Answer: 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? Correct Answer: 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: Correct Answer: set forth a definite expiration date