MICHIGAN REAL STATE PRACTICE EXAM STUDY QUESTIONS WITH CORRECT QUESTIONS GUARANTEED PASS | RATED A+

MICHIGAN REAL STATE PRACTICE EXAM STUDY QUESTIONS WITH CORRECT QUESTIONS GUARANTEED PASS | RATED A+
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? -
Answer>>> Credit the buyer $67 and debit the seller $67
How many Commission members come from the general public? - Answer>>> 3 members
Which of the following situations would satisfy the continuing education requirement? -
Answer>>> Completing 18 hours of education from an approved sponsor
If a salesperson fails to renew his or her license for more than 3 years after it expires, he or she
can do any one of the following to renew EXCEPT - Answer>>> Complete 18 hours of
continuing education
A town has a tax base of $411,000,000 and a budget of $850,000. What is the tax rate in terms of
mills? - Answer>>> 2.1 mills (Hint mills are the same as percentage)
Paul is applying for a broker's license as a sole proprietor. On his application, he must indicate
all of the following EXCEPT - Answer>>> How many affiliates he has working for him
William has applied to transfer to another brokerage firm. How long will his current pocket card
be proper evidence of a valid license? - Answer>>> It's valid for 45 days from the latest date
written on the back of the card.
A developer wants to develop a 18-acre subdivision. He figures that the streets and common area
will take up about 20% of this overall area. If the minimum lot size is to be 10,000 SF, how
many lots can the developer have on this property? - Answer>>> 62 lots (Hint: 18 acres - 20% =
18 x .20 = 3.6 acres for streets and common area, leaving 14.4 acreas for lots (18 - 3.6 = 14.4).
43,560 SF per acre x 14.4 acres = 627,264 SF. 627,264 SF / 10,000 SF per lot = 62.7 or 62 full
lots.)
What duties does a licensee owe to his or her customer? - Answer>>> Material fact disclosure
Brokers and salespersons who are not lawyers may do which of the following tasks? -
Answer>>> Fill in blanks on preprinted form contracts.
The relationship of a salesperson to his or her broker can be compared to that of - Answer>>>
Employee to employer
Which of the following is exempt from the Civil Rights Act? - Answer>>> Les who occupies
one of the two units of his duplex
When do salesperson's licenses expire in Michigan? - Answer>>> October 31 of every third year