Michigan Real Estate Salesperson Exam practice test

Michigan license law requires a real estate licensee to disclose, in writing, the type of agency relationship the licensee has with a buyer or seller. The main purpose of this agency disclosure is to:

A home in Michigan sells for 220,000 dollars at a commission rate of 7 percent. What is the total commission?

A grantor wishes to transfer whatever interest the grantor may have in a property to a relative, making no promises or warranties about the title. The grantor should use a:

A Michigan broker who receives earnest money on behalf of clients must:

An owner instructs a real estate licensee to market a rental property only to applicants of a certain national origin. The licensee should:

Annual property taxes are 3,000 dollars. The seller owned the property for the first 8 months of the year before closing. Using a 12-month year, what is the seller's prorated share of the taxes?

A seller signs an exclusive right-to-sell listing with a brokerage. During the listing term, the seller finds a buyer with no help from any brokerage. The seller:

For a real estate purchase agreement to be valid, the parties must have legal capacity. A party generally lacks legal capacity to contract if the party is:

An acceleration clause in a mortgage gives the lender the right to:

A property owner allows a neighbor to use a driveway across the owner's land for many years, and the law eventually recognizes the neighbor's right to continue. This right may have been created as an easement by:

An appraiser notes that a home's outdated kitchen and lack of modern features reduce its value compared to similar homes. This loss in value is best described as a form of:

In Michigan, a seller of residential real property is generally required to give the buyer a:

A husband and wife in Michigan take title to their home as tenants by the entirety. One important characteristic of this form of ownership is that:

A buyer purchases a home for 180,000 dollars and makes a down payment of 20 percent. What is the amount of the down payment?

Because of the statute of frauds, an oral agreement to sell a parcel of land in Michigan is generally:

A real estate licensee acting as a seller's agent receives two offers on a property at the same time. The licensee must:

A city wants to build a new public school and uses its legal authority to acquire a privately owned parcel, paying the owner just compensation. This is an exercise of:

In Michigan, the licensing and regulation of real estate brokers and salespersons is carried out by the state department that administers occupational and professional licensing. The primary purpose of this regulation is to:

A buyer purchases an owner's title insurance policy at closing. If a previously unknown title defect later causes the buyer a covered financial loss, the title insurance policy will generally: