Michigan Real Estate National Exam
Questions with Answers
Department - ✔✔department of licensing and affairs
- 9 members (6 licensees / 3 general public)
- issues licenses
-
Board - ✔✔Board of real estate brokers and salepersons
- in charge of revewal
- sets penalties
- aids department in licensure requirments
Broker - ✔✔Any person or other entity that with intent to receive compensation or valuable
consideration for acts regarding real estate
- buy/sell/exchange
- provides offers to market analysis
- negotiations
- leases/rents/engages in property management
- any of the above with businesses as well
Salesperson - ✔✔Agent under the broker
- cannot be licensed under more than one broker (can be employed by independent contractor)
- not less than 75% of annual compensation paid by broker is from the sale of real estate
Selling own Property licensure requirements - ✔✔a broker license is required only when:
1) engages in more than 5 real estate sales in any 12-month period
,2) Devotes over 50% of working time or more than 15 hours per week, in any 6 month period
3) holding yourself out to the public
Non-living entities - ✔✔Can only be a broker
- one license per company/corp/dead person
- must be at least one associate broker there to be valid
- everyone within it must be licensed
- The applicant delegates who is an officer or general member
Non-Principal Associate Broker - ✔✔An individual who is not an owner of the brokerage, but
who has met the requirements for a real estate broker's license.
Principal Associate Broker - ✔✔An individual who is a sole proprietor, member, manager,
general manager, equity owner, or officer of the corporation, association, general partnership,
or other authorized entity.
Exemptions from not needing a license - ✔✔- A person acting under a court order
(executor/administrator/receiver)
- Attorney-in-fact / attorney-in-law
- A licensed builder who builds and sells houses that have not been occupied yet
- an auctioneer
- a trustee selling under a deed of trust
Attorney-in-fact - ✔✔the person receiving the power of attorney
Application requirements for licence - ✔✔- must be 18
- pass state exam
- no issues in any other states
, - US citizenship is not required
Salesperson applicant requirements - ✔✔- 40-hour course (4-hours in civil rights)
- name and broker of who you will hold license
- non residents must sign "consent to service of process"
broker applicant requirements - ✔✔- 90-hour course (9-hours in civil rights)
- attorney license / MBA = 60 hours
- name of person to be licensed and company location
- Proof of at least 3 years of real estate experience
- must have practiced real estate sales for 60 days in the last 5 years
Pocket Card - ✔✔- Cannot practice without pocket card on your person
Limited License - ✔✔limitation refers to a condition, restriction, or probation is attached to
license relative to the scope of practice.
- Board imposes limitation and has 60 days to impose it, if the board doesn't in 60 days the
department can uphold limitation
- a person who received a limitation can petition it within 30 days, then the department has 15
days to send reason for limitation
Continuing Education - ✔✔Total of 18 hours per 6 hours each year 2 hours minimum of core
law education
- must be completed by October 31st each year
- has 60 days after 10/31 to complete and pay $20
- If more than 60 days the state may fine $3,000 and more hours
Transferring practice - ✔✔Salesperson:
Questions with Answers
Department - ✔✔department of licensing and affairs
- 9 members (6 licensees / 3 general public)
- issues licenses
-
Board - ✔✔Board of real estate brokers and salepersons
- in charge of revewal
- sets penalties
- aids department in licensure requirments
Broker - ✔✔Any person or other entity that with intent to receive compensation or valuable
consideration for acts regarding real estate
- buy/sell/exchange
- provides offers to market analysis
- negotiations
- leases/rents/engages in property management
- any of the above with businesses as well
Salesperson - ✔✔Agent under the broker
- cannot be licensed under more than one broker (can be employed by independent contractor)
- not less than 75% of annual compensation paid by broker is from the sale of real estate
Selling own Property licensure requirements - ✔✔a broker license is required only when:
1) engages in more than 5 real estate sales in any 12-month period
,2) Devotes over 50% of working time or more than 15 hours per week, in any 6 month period
3) holding yourself out to the public
Non-living entities - ✔✔Can only be a broker
- one license per company/corp/dead person
- must be at least one associate broker there to be valid
- everyone within it must be licensed
- The applicant delegates who is an officer or general member
Non-Principal Associate Broker - ✔✔An individual who is not an owner of the brokerage, but
who has met the requirements for a real estate broker's license.
Principal Associate Broker - ✔✔An individual who is a sole proprietor, member, manager,
general manager, equity owner, or officer of the corporation, association, general partnership,
or other authorized entity.
Exemptions from not needing a license - ✔✔- A person acting under a court order
(executor/administrator/receiver)
- Attorney-in-fact / attorney-in-law
- A licensed builder who builds and sells houses that have not been occupied yet
- an auctioneer
- a trustee selling under a deed of trust
Attorney-in-fact - ✔✔the person receiving the power of attorney
Application requirements for licence - ✔✔- must be 18
- pass state exam
- no issues in any other states
, - US citizenship is not required
Salesperson applicant requirements - ✔✔- 40-hour course (4-hours in civil rights)
- name and broker of who you will hold license
- non residents must sign "consent to service of process"
broker applicant requirements - ✔✔- 90-hour course (9-hours in civil rights)
- attorney license / MBA = 60 hours
- name of person to be licensed and company location
- Proof of at least 3 years of real estate experience
- must have practiced real estate sales for 60 days in the last 5 years
Pocket Card - ✔✔- Cannot practice without pocket card on your person
Limited License - ✔✔limitation refers to a condition, restriction, or probation is attached to
license relative to the scope of practice.
- Board imposes limitation and has 60 days to impose it, if the board doesn't in 60 days the
department can uphold limitation
- a person who received a limitation can petition it within 30 days, then the department has 15
days to send reason for limitation
Continuing Education - ✔✔Total of 18 hours per 6 hours each year 2 hours minimum of core
law education
- must be completed by October 31st each year
- has 60 days after 10/31 to complete and pay $20
- If more than 60 days the state may fine $3,000 and more hours
Transferring practice - ✔✔Salesperson:
