Michigan Real Estate Exam Flashcards

Michigan Real Estate Exam Flashcards The civil rights act, which banned all discrimination based

on race, was passed in:a. 1888b. 1968c. 1865d. 1866

D. 1866

Marianne and Elinor own a duplex. They live in one side and rent the other to Edward in an estate for years.Marianne dies and her interest transfers to her children.How did Elinor and Marianne hold title.a. severaltyb.entiretiesc. commond. joint

• common

An earnest money deposit check made payable to the

name of the salesperson must:a. be turned over to the

broker immediatelyb. be cashed and turned over to the employing brokerc. be certified by the bank to the make sure funds are availabled. must not be accepted

• must not be accepted

A pesticide to which exposure may cause cancer is:A.

ChlordaneB. RadonC. Chlorophyl IID. Nitrate

• Chlordane

when a prospect inquires about the presence of group homes in the neighborhood, licensees should respond by

saying:a. "I do not know but if I were you I would definitely

do some research because that could lower property calues"b. The fair housing act prohibits me from providing that kind of informationc. don't worry about that, the neighborhood is safe and the schools are goodd. this neighborhood values diversity, you will love it

• the fair housing act prohibits me from providing that kind

of information A home sells for $150,00, buyer borrows 85% of value, pay 1% origination fee and $1,00 closing costs. How much does he ow at closing?a. $25,000b. $22,500c. $22,775d.

$24,775

• $24,775

A property sells for $7.25 per sq. ft. It is 85ft. X 150 ft. The broker charged 7.5%. How much did the seller pay the broker?a. $7,191.00b. $6,932.81c. $1,277.81d. $3,466.41

• $6,932.81

the written transfer of the balance of an interest in a lease

is most commonly known as:a. assumptionb. subleasec.

assignmentd. buyout

• assignment

Fred Wentworth assumes Anne Elliot's mortgage and Anne

is relieved of all liability. This best describes:a. invocationb.

subrogationc. novationd. simple assesment

• novation

After buying a hosue, Mr. Bennet purchased a dishwasher and installed it into the kitchen cabinets. This item has now

become:a. Fixed Chattelb. Assetc. Home

applianced.Fixture

• fixture

Brokers and salespersons who are not attorneys may:a.

create a contract on a blank sheet of paperb. fill in the

blanks on preprinted contractsc. suggest legal language for real estate law onlyd. practice law part-time, but only in Michigan

• fill in the blanks on preprinted contracts

At a foreclosure sale, the lender receives excess funds of $10,000. To whom does the money belond?a. mortgageeb.sheriff for his comissionc. state fund for out of work agentsd. mortgagor

• mortgagor

a real estate license must renew his license bya. December 1b. November 1c. December 31d. October 31

• October 31

The landlord must notify the tenant of the institution where the security deposit is being held within how many days of taking possessiona. 2 daysb. 7 daysc. no time limitd. 14 days

• 14 days

Section #11 of a township is located just above:a. sec. 14b.

sec. 2c. sec. 13d. sec. 15

• sec. 14

An owner takes out a wraparound mortgage to finance a new kitchen. Who does the owner pay each month?a. the first lender who pays the wraparound lenderb.the wraparound lender who pays the first lenderc. the first lender onlyd. the owner directly pays both the first lender and the wraparound lender

• the wraparound lender who pays the first lender

all but which of the following must be disclosed on the seller's disclosure?A. A farm operation in the vicinityB. The presence of high levels of radon gas or asbestosC. The presence of underground storage tanksD. The house was a crack house

• the house was a crack house

A brokers license is issued under the name F. William Darcy. The broker may use which name on his business card?a. F. William DarcyB. William DarcyC. Will darcyD.any of the above

• F. William Darcy

the penalties for violating the Americans with disabilities act

are:a. $75,000 first violation & $150,000 for all subsequent

violationsb. $100,000 for the first and subsequent violationsc. A warning for the first but for $50,000 for subsequent violationsd. $100,000 for the first and $50,000 for subsequent violations

• $75,000 first violation & $150,000 for all subsequent

violations salesperson Elizabeth purchased a property from a "for

sale by owner" she must:A. Disclose the fact that she is

licensed as a part of purchase agreementB. Disclose her licensee status at closingC. No disclosure is necessary because the property was not listed with a brokerD. The law does not address this issue

• Disclose the fact that she is licensed as a part of

purchase agreement

the highest form of ownership recognized by law is:a.fee

simple determinableb.dowerc.fee simple absoluted.entirety c.fee simple absolute

Lead paint was banned for most residential housing in:a.

1978b. 1977b. 1979d. 1989

• 1978

If a property is located on a private roada. a stake survey must be doneb. this must be stated in the purchase

agreementc. the school bus wont drive down the roadd. the county must approve the ownership transfer

• this must be stated in the purchase agreement