Michigan Real Estate Exam Questions and Answers 100% Correct(SCORED A+)

Special Assessment - 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 lighting. Riparian Land - ANSWER-Land which is bounded by or touches a natural water source, such as river or stream. Littoral Land - ANSWER-Land that borders an ocean, sea, or one of the Great Lakes. Land - ANSWER-The immediate surface area, subsurface area, and air above. Bill of Sale - ANSWER-This is the document used to transfer ownership of personal property items. It accompanies the deed to the real property at the closing. Statute - ANSWER-A formal, written enactment of a state or federal legislative body; also known as an Act. Common Law - ANSWER-A body of law that stems from judicial decisions; for example, judgements and court decrees. Administrative Law - ANSWER-Law created by administrative agencies. A body of law that administrative agencies such as licensing departments use to carry out its regulatory function; for example, license laws and rules. Puffing - ANSWER-Statements of opinion made during the sale process. They do not amount to fraud since they are not intended to be a representation of fact upon which a