Michigan Real Estate Exam Complete Questions with 100% Correct Answers Latest 2023

There are various ways to take ownership of a "Real Property" Which type of ownership includes the right of Survivorship? Correct Answer Joint Tenancy Joint Tenancy Correct Answer A form of co-ownership that includes the right of survivorship. Linda Purchased a fee simple interest for the pr...

When land is conveyed to a trustee, what may a trustee do? Correct Answer Whatever is permitted under the trust agreement. What is true of both special assessments an ad valorem taxes? Correct Answer Delinquent payment is grounds for sale of the property. At the time of harvest, crops that req...

All of the following include a real estate interest except: A. Apple trees B. Farm equipment C. Air rights D. Barns Correct Answer B. Farm equipment An owner of a 90 acre parcel of land wishes to split the land without platting. Under the michigan land devision act, how many parcels may this ...

Designated Agent Correct Answer A person authorized by the broker to act as the agent of a specific principal - common in dual agency relationships, two salespersons from the same company can represent opposite sides of the sale. Income Approach Correct Answer What approach does an appraiser take...

Michigan Right to Farm Act Correct Answer The act protects farmers despite local ordinances that may pass to oppose their operation. What is a settlement/closing statement? Correct Answer A document that shows buyer and seller debits and credits In Michigan, criminal usury ceiling is set at 25...

A landlord must place security deposits into a regulated financial institution unless the Correct Answer a. landlord deposits a bond with the Secretary of State. REASONING: The security deposit must be deposited in a regulated financial institution. A landlord may use the security deposit if the lan...

Real Estate Brokerage Correct Answer The business of bringing people together in a real estate transaction conducted by a real estate broker and a real estate salesperson Real Estate Broker Correct Answer A person or company licensed to buy, sell, exchange, or lease real property for others for c...

Special Assessment Correct Answer A category of property tax levied upon a property according to specific benefits that it receives. Special assessments are levied for those improvements that only benefit a limited number of properties such as street paving, water & sewer lines, sidewalks and lighti...