Michigan Real estate - exam Questions With 100% Correct Answers.

43560 - square acre act 299 - occupational code of ethics for real estate persons actual notice - assurance that actual notice given to recipient adjusted rate mortgage - ARM- annually tied to index(CPI) adverse possession - acquire title to real estate where occupant has been actual , hostile, open and continuous occupancy(15 year) attorney-in -fact - person authorized to perform business related transactions benchmark - point of beginning in metes and bounds Buy-down - mortgage financing where buyer attempts to obtain lower interest rate buy buying points capital gains - profits(price divide improvement =) censure - formal disapproval (slap on hand) co-ownership - hold as one entity consideration - something of valueconstructive notice - record notice contingency - clause defines condition or action that must be met in order for a real estate contract is binding cooperative - share stock in corporation cost approach - estimate of property value replacement costs to rebuild with todays materials curable depreciation - correction cost recovered in sales price deed - written document conveys title to real property deed of trust - voluntary lien on real property to secure repayment of debt deed restriction - provisions in deed that restrict land use defeasible fee - estate with certain conditions