MICHIGAN REAL ESTATE EXAM QUESTIONS WITH 100% CORRECT ANSWERS ALREADY GRADED A+|GUARANTEED SUCCESS

Fiduciary A person, such as an agent, placed in a position of trust; Essentially the same as a trustee. Fiduciary Duties / Agent Responsibilities O.L.D. C.A.R. Obedience Loyalty Disclosure of information Confidentiality Accounting Reasonable Skill, Care, & Diligence Caveat Emptor let the buyer beware An Appraiser Estimates Value Freehold Estates Indicates ownership for an undetermined length of time. Qualified fee estate is a Freehold Estate Defeasible Estate is a Freehold Estate Life Estate is a Freehold Estate Nonfreehold estate or Leasehold estate signifies possession with a determinable end Fee Simple Absolute / Ownership In Fee Provides the most complete form of ownership and bundle of rights available in real property. Fee Simple Absolute is a Freehold estate Life Estate Type of ownership. Ownership interest limited to the duration of a designated person's lifetime. It CANNOT be inherited Life Estate Pur Autre Vie A life estate whose duration is measured by the life of someone other than the life tenant. pur autre vie for the life of another Easement Appurtenant Runs with the land. heterogeneity Means that no two properties are identical Riparian Rights Rights of the landowner ADJACENT to a river Remember "R" - riparian/river Special Agent An agent with limited authority to do a specific thing or conduct a specific transaction. Universal Agent Power to act for principal in all matters Blind Agency Oral Agency An agency relationship created by an oral or spoken agreement Express Agency An agency relationship between a principal and agent created by a listing or buyer agency agreement. Implied Agency An agency relationship that results from the behavior of a principal and agent. When you act as if you represent someone you create this type of agency. Statute of Frauds A law requiring that certain contracts must be in writing to be enforceable. Easements Rights to another's property for a specific purpose. Owners Title insurance Protection for the buyer from a title mistake Net Lease Lease requiring tenant to pay not only rent but also taxes, insurance, utilities and repairs there is also Double and triple Net Lease A gift of real property by will is a(n) _______. devise Lis Pendens A notice that there is and action or lawsuit pending that may adversely affect the title. Easement by Implication An easement that arises when the parties actions imply that they intent to create an easement Easement by necessity occurs when land does not have access to a street or public right-of-way and is landlocked Easement by prescription Acquisition of an easement by prolonged use Escheats reversion of property to the state Equitable right of redemption Borrower comes up with money to satisfy debt once foreclosure has begun Breach of contract legal remedies Specific performance Rescission Compensatory damages Liquidated damages Sq Ft in a Acre 43,560 Sq Ft Ft in a Mile 5,280 Ft Acres in a Section 640 Acres A Section 1 mile by 1 mile