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What must be done if the load extends 4 feet or more past the rear of a vehicle's bed or body? correct answers A red flag or cloth at least 12 x 12 (day) or a red light (night) must be displayed at the extreme rear end of the load. What is the maximum height allowed for vehicles on Michigan roads and highways? correct answers 13 feet, 6 inches. How are rearview mirrors affected by the weight of a vehicle? correct answers Commercial vehicles with a weight of 1,000 pounds or more must hav...

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How many members of the Board of Real Estate Brokers and Salespersons are licensed real estate professionals? (3, 5, 6, or 9) correct answers 6 Any natural person, corporation, partnership, trust, etc offering or qualifying buyers for mortgages or land contracts in Michigan must be licensed as a mortgage loan originator if ____ are executed? (2+, 4+, 5+, 6+ land contracts for residential) correct answers 4+ land contracts for residential, owner-occupied housing during a 12-month period. ...

A Michigan landlord has set the monthly rent for a residential unit at $700. What's the maximum amount the landlord can require for a security deposit? correct answers $1,050 How many members of the Board of Real Estate Brokers and Salespersons are unlicensed members of the general public? correct answers Three How does the Michigan State Housing Development Authority fund its activities, such as making or purchasing loans? correct answers Through the issuance of tax-exempt bonds A p...

According to the CAN SPAM Act, every email advertisement for real estate services must do all of the following EXCEPT correct answers advise the recipient that it will take 180 days to remove the recipient's name from this email list A complaint must be filed w/ HUD within what period of time after a fair housing violation has occurred? correct answers 1 year A MAJOR difference between freehold and nonfreehold estates is that all nonfreehold estates correct answers are estates for a fix...

A buyer will receive a power bill for an estimated $140 at the end of the month. At closing, the seller has used an estimated $67 in power. What should appear on the closing statement? correct answers Credit the buyer $67 and debit the seller $67 How many Commission members come from the general public? correct answers 3 members Which of the following situations would satisfy the continuing education requirement? correct answers Completing 18 hours of education from an approved sponsor ...

"Which of the following is TRUE about Michigan transfer tax? A)Transfer tax is a charge to the buyer at the closing. B)Transfer tax is calculated on the sale price of the real estate being conveyed. C)Transfer tax is collected at the time a mortgage to real property is recorded. D)There are two types of tra+C2:D16nsfer tax: county and city correct answers "B-Explanation: The answer is transfer tax is calculated on the sale price of the real estate being conveyed. The two types of tr...

A property owned by one individual, with no co-owners, is an example of: Tenancy in the Entireties Tenancy in Severalty An Estate for Years Joint Tenancy correct answers Tenancy in Severalty The regulation of land use, typically practiced at the township or municipal level and justified by the police powers of the state, is called? Zoning Surveys Master Planning Government Investiture Rights correct answers Zoning The home valuation method where similar homes recently sold or ...

A salesperson, broker associate, or sales associate is a person employed by or associated with a broker who performs brokerage services for the broker. correct answers True The six categories of real property are residential, commercial, mixed use, industrial, agricultural, and special purpose. correct answers True The primary difference between a condominium and a cooperative is how the ownership is structured correct answers True Demographics, economy, and wages affect supply. correct...

When land is conveyed to a trustee, what may a trustee do? correct answers Whatever is permitted under the trust agreement. What is true of both special assessments an ad valorem taxes? correct answers Delinquent payment is grounds for sale of the property. At the time of harvest, crops that require annual plantin gare generally considered to be what? correct answers Personal property. A homeowner has negotiated with a neighbor to obtain the permanent right to pass over the northern par...

How many acres are there in the N 1/2 of the SW 1/4 and the NE 1/4 of the SE 1/4 of a section? correct answers 120 640 acreas per section. Then: 640/4 =160/2 = 80 (stop at the AND). Then, 640/4 =160/4 = 40. 80 plus 40 = 120 acres. 9A savings and loan agreed to make a $65,000 mortgage at 8% interest for 30 years, and charged three points to negotiate the loan. What was the effective yield to the lender? correct answers 8.375% To begin with, remember that one point equals 1% of a loan pri...

In Lansing, the office which houses all of our bureaucracy is referred to as correct answers The Department (specifically the Department of Licensing and Regulatory Affairs) The board which represents our occupation is called: correct answers The Board of Real Estate Brokers and Salespersons. How many members of the Board represent the occupation? correct answers 6 How many members of the board represent the general public? correct answers 3 Who sets the penalty when a violation has ...

Michigan Right to Farm Act correct answers The act protects farmers despite local ordinances that may pass to oppose their operation. What is a settlement/closing statement? correct answers A document that shows buyer and seller debits and credits In Michigan, criminal usury ceiling is set at 25% APR correct answers While regulated lenders may charge up to 25% APR, non-regulated lenders cannot usually exceed 11% APR (certain exemptions apply). So, if you're asked about a land contract b...

All of the following include a real estate interest except: A. Apple trees B. Farm equipment C. Air rights D. Barns correct answers 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 owner get if he does not create any new roads? A. 12 B. 14 C. 10 D. 8 correct answers A. 12 In estimating the value of a single-family home, an appraiser would most likely use which approach? ...

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a square of roofing materials is equal to correct answers 100 square feet poper attic insulation can prevent ice dams however evaes must protected correct answers eave flashing the selection of roofing materials is influenced by factors as cost durability apperance application methods correct answers slope of roof wood shingles when applied to a roof must be spaced correct answers 1/4 what must be done where applied to a roof must be spaced ----- apart correct answers use metal step ...

What is not a step in lead paint safety? correct answers using a shopvac Each one gallon of water added to one yard of concrete will... correct answers Reduce the PSI strength by 150. A construction lien can be placed on? correct answers Residential, and Commercial property. Trench boxes are used.... correct answers to protect workers in deeper excavation. About how much does a yard of dirt weigh? correct answers lbs The board shall consist of _____voting members, and ______ memb...

5 days correct answers Time allotted for a residential builder to return sales person's license and for sales person to return I.D. card by certified mail 10 days correct answers The department, after investigation, may request a licensee to appear at such investigative conference. Notice of a request for a conference shall be in writing and mailed to the address appearing on the license not less than ----- before the conference and shall set the time and place of the conference. The notic...

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Verification Form I-9 must be completed by applicants providing proof of identity and employment eligibility within ______ of employment. correct answers 3 days What type of business is the easiest to establish and allows the owner to determine how profits are used although they are personally liable for all debt and assets? correct answers Sole Proprietorship A ______is a joint co-owner partnership established to specifically increase bonding and bidding capacities and profits. correct an...