MICHIGAN REAL ESTATE EXAM QUESTIONS WITH 100% VERIFIED ANSWERS

MICHIGAN REAL ESTATE EXAM QUESTIONS WITH
100% VERIFIED ANSWERS.

1) Accretion -- Answer ✔✔ The addition to real estate by accumulation of soil and land
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through nature.
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2) Accrued Depreciation -- Answer ✔✔ Loss in value of a property due to time.
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Difference of replacement cost and the presently appraised value.
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3) Acre -- Answer ✔✔ 43,560 Sq Ft
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4) Actual Notice -- Answer ✔✔ Notifying person of an existing property by showing
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documents or other physical evidence. t t t t




5) Ad Valorem -- Answer ✔✔ According to value. (Latin)
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6) Administrator -- Answer ✔✔ A Personal representative. A person appointed by
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court to settle the estate of a person who died without a will.
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7) Adverse Easement (Easement by prescription) -- Answer ✔✔ An easement
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acquired by means of a notorious and continuous use of property.
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8) Adverse Possession -- Answer ✔✔ Gaining interest in real estate through actual,
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notorious, and notorious possession for the statutory period of time.
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9) Agent -- Answer ✔✔ One authorized to represent another on his behalf.
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10) Air Rights -- Answer ✔✔ The right of the real estate owner to the space above the
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land.

, 11) Air Space -- Answer ✔✔ Space that is solely owned by condo owners (they only
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own the condo, not the land below or air above.
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12) Allodial System -- Answer ✔✔ Current system employed in the US and other
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counts to own real estate. t t t t




13) Americans with Disabilities Act (ADA) -- Answer ✔✔ Federal law that requires
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public facilities to make accommodations for the disabled.
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14) Appraisal -- Answer ✔✔ An opinion issued by a state licensed appraised estimating
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the value of property based on property features and market conditions.
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15) Appreciation -- Answer ✔✔ The increase of property value resulting from t t t t t t t t t t t




economic conditions t




16) Appurtenance -- Answer ✔✔ A privilege, right, or improvement that passes on with t t t t t t t t t t t t t




land upon transfer of title.
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17) Arms Length Transaction -- Answer ✔✔ Transaction that occurs in a competitive
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market rh leads to a fair sale involving a willing buyer and seller
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18) Assemblage -- Answer ✔✔ The merging of adjacent properties into one common t t t t t t t t t t t t




ownership or use t t




19) Assessed Value -- Answer ✔✔ Value allocated by the local govt for tax purposed
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20) Assessor -- Answer ✔✔ A person employed by the local govt to evaluate property
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for tac purposes
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21) Attorney in fact -- Answer ✔✔ A person authorized under a power of attorney to
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act on behalf of a principal in conducting business or persona activity
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22) Base Line -- Answer ✔✔ Imaginary line that runs in an east-west direction and
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intersects s with the meridian t t t t