MICHIGAN BUILDERS LICENSE EXAM | QUESTIIONS AND ANSWERS
| VERIFIED ANSWERS GRADED A+ | LATEST EXAM
To be entitled to receive a commission on her exclusive listing, the broker must
prove all the following EXCEPT that he/she:
has a valid, signed listing agreement produced a ready, willing and able buyer
that he/she belonged to the real estate board
that he/she was procuring cause. - ...ANSWER...that he/she belonged to the
real estate board
Broker Gary opens a branch office. Gary must appoint an associate broker to
supervise this office under what circumstance?
Gary's new branch is on the other side of town. The new office is 30 miles from
the city limits.
Gary has more than 15 licensees working in the branch office. The new office is
located more than 25 miles from Gary's main office. - ...ANSWER...The new
office is 30 miles from the city limits.
Broker Dan is required to keep seller Gary informed of all material facts
pertinent to the sale of his home. Which of the following facts must Dan tell
Gary?
,The prospective buyer is Asian. The buyer is over 70 years old.
The buyer's lender will require the buyer to have private mortgage insurance
(PMI).
The buyer has five children. - ...ANSWER...The buyer's lender will require
the buyer to have private mortgage insurance (PMI).
The state and county transfer tax charged to the seller of a property is based on
what? - ...ANSWER...The selling price
Broker Karen received an earnest money check from buyer, Dan. What should
Karen do with the money? -
...ANSWER...Deposit the money in a non-interest bearing trust account
that holds other escrow funds.
Which of the following is *not* a requirement for obtaining a broker's license?
Ninety (90) hours of approved education after receiving a salesperson license
Twenty-one (21) years old
Three (3)years of experience as a licensed salesperson
Good moral character - ...ANSWER...Twenty-one (21) years old
When a licensed broker changes his or her place of business:
The Department will issue a new license immediately. The Department could
choose to revoke the license if the broker fails to give proper notification of the
change.
A new license will be issued for a full three-year cycle.
The Department must approve the change of address. -
,...ANSWER...The Department could choose to revoke the license if the
broker fails to give proper notification of the change.
How many of the 40 hours of approved salesperson instruction must be in the
area of civil rights law and equal opportunity in housing? - ...ANSWER...4
Elena's listing with Ben of Homeland Real Estate Group has expired, so she lists
with Associated Realty. Ben finds a buyer for Elena's home. Which statement is
true?
Ben is now a dual agent.
Ben cannot represent the new buyer because of his previous relationship with
Elena.
Ben cannot disclose any information about offers that Elena received during her
listing with him.
Ben cannot disclose what he knows about Elena's home. -
...ANSWER...Ben cannot disclose any information about offers that Elena
received during her listing with him.
Fifteen dollars ($15.00) of each license fee will be credited to
- ...ANSWER...The enforcement fund
Which of the following loan programs is NOT available
*through* the Michigan State Housing Development Authority?
Mortgage credit certificate VA loan
Property improvement
Single family mortgage - ...ANSWER...VA loan
, *The VA provides VA loans.
The phrase "engaging in the real estate business" means acting for another in
exchange for a fee in all but which of the following situations?
Building a home for another Reselling a mobile home Selling real estate
Collecting rent for the lease of a property -
...ANSWER...Building a home for another
Broker Peter puts an ad in the newspaper with just a street address. Which
statement is true?
The ad is legal because Peter can advertise as a private party. For the ad to be
legal, Peter needs to include his telephone number.
The ad is fine because the Department does not regulate newspaper advertising.
The ad is illegal if it does not include the business name of the brokerage. -
...ANSWER...The ad is illegal if it does not include the business name of the
brokerage.
To renew a license, a broker must - ...ANSWER...Have completed 18 hours of
which 2 per calendar year involved law, rules and court cases
A non-resident applicant for a license must file which of the following with the
license application?
A statement from the home state validating the licensee is an active salesperson
in the home state
An application fee that is twice the amount of an in-state applicant
A copy of an affidavit from the County Commissioner stating that the licensee
will be operating only from his or her county of residence
| VERIFIED ANSWERS GRADED A+ | LATEST EXAM
To be entitled to receive a commission on her exclusive listing, the broker must
prove all the following EXCEPT that he/she:
has a valid, signed listing agreement produced a ready, willing and able buyer
that he/she belonged to the real estate board
that he/she was procuring cause. - ...ANSWER...that he/she belonged to the
real estate board
Broker Gary opens a branch office. Gary must appoint an associate broker to
supervise this office under what circumstance?
Gary's new branch is on the other side of town. The new office is 30 miles from
the city limits.
Gary has more than 15 licensees working in the branch office. The new office is
located more than 25 miles from Gary's main office. - ...ANSWER...The new
office is 30 miles from the city limits.
Broker Dan is required to keep seller Gary informed of all material facts
pertinent to the sale of his home. Which of the following facts must Dan tell
Gary?
,The prospective buyer is Asian. The buyer is over 70 years old.
The buyer's lender will require the buyer to have private mortgage insurance
(PMI).
The buyer has five children. - ...ANSWER...The buyer's lender will require
the buyer to have private mortgage insurance (PMI).
The state and county transfer tax charged to the seller of a property is based on
what? - ...ANSWER...The selling price
Broker Karen received an earnest money check from buyer, Dan. What should
Karen do with the money? -
...ANSWER...Deposit the money in a non-interest bearing trust account
that holds other escrow funds.
Which of the following is *not* a requirement for obtaining a broker's license?
Ninety (90) hours of approved education after receiving a salesperson license
Twenty-one (21) years old
Three (3)years of experience as a licensed salesperson
Good moral character - ...ANSWER...Twenty-one (21) years old
When a licensed broker changes his or her place of business:
The Department will issue a new license immediately. The Department could
choose to revoke the license if the broker fails to give proper notification of the
change.
A new license will be issued for a full three-year cycle.
The Department must approve the change of address. -
,...ANSWER...The Department could choose to revoke the license if the
broker fails to give proper notification of the change.
How many of the 40 hours of approved salesperson instruction must be in the
area of civil rights law and equal opportunity in housing? - ...ANSWER...4
Elena's listing with Ben of Homeland Real Estate Group has expired, so she lists
with Associated Realty. Ben finds a buyer for Elena's home. Which statement is
true?
Ben is now a dual agent.
Ben cannot represent the new buyer because of his previous relationship with
Elena.
Ben cannot disclose any information about offers that Elena received during her
listing with him.
Ben cannot disclose what he knows about Elena's home. -
...ANSWER...Ben cannot disclose any information about offers that Elena
received during her listing with him.
Fifteen dollars ($15.00) of each license fee will be credited to
- ...ANSWER...The enforcement fund
Which of the following loan programs is NOT available
*through* the Michigan State Housing Development Authority?
Mortgage credit certificate VA loan
Property improvement
Single family mortgage - ...ANSWER...VA loan
, *The VA provides VA loans.
The phrase "engaging in the real estate business" means acting for another in
exchange for a fee in all but which of the following situations?
Building a home for another Reselling a mobile home Selling real estate
Collecting rent for the lease of a property -
...ANSWER...Building a home for another
Broker Peter puts an ad in the newspaper with just a street address. Which
statement is true?
The ad is legal because Peter can advertise as a private party. For the ad to be
legal, Peter needs to include his telephone number.
The ad is fine because the Department does not regulate newspaper advertising.
The ad is illegal if it does not include the business name of the brokerage. -
...ANSWER...The ad is illegal if it does not include the business name of the
brokerage.
To renew a license, a broker must - ...ANSWER...Have completed 18 hours of
which 2 per calendar year involved law, rules and court cases
A non-resident applicant for a license must file which of the following with the
license application?
A statement from the home state validating the licensee is an active salesperson
in the home state
An application fee that is twice the amount of an in-state applicant
A copy of an affidavit from the County Commissioner stating that the licensee
will be operating only from his or her county of residence
