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+
Real estate can be a poor investment if - Answer>>> the investor needs ready cash.
A settlement agent must provide the seller with the Closing Disclosure - Answer>>> at
consummation of the mortgage.
In terms of stating mortgage rate interest, the standardized rate required by the Truth in Lending
Act to facilitate comparison loan shopping is called the - Answer>>> annual percentage rate.
The grantor of a life estate names a third party to receive the title when the life tenant dies. What
will the third party hold? - Answer>>> A remainder estate. (If a life estate names a third party to
receive title to the property upon termination of the life estate, that party enjoys a future interest
called a remainder interest or a remainder estate.)
If a party has an interest in real estate that includes the right of possession, the party owns -
Answer>>> an estate in land. (Interests are distinguished by whether they include possession or
not. If the interest-holder has the right of possession, that party is considered to have an estate in
land.)
Of the two kinds of fee simple estate, the kind that is a perpetual estate with no usage restrictions
is the - Answer>>> fee simple absolute. (The fee simple absolute estate is a perpetual estate that
is not conditioned by stipulated or restricted uses. It may also be freely passed on to heirs.)
Two people own a house, each having an undivided equal interest. Which of the following best
describes what they own? - Answer>>> Each owns fifty percent of the estate represented by the
real property, but no physical portion of the real property.
Bill and Bob share ownership of a real property, but neither owns a physical portion of the
property. The kind of interest they each own is an - Answer>>> undivided interest.(An
indivisible, or undivided interest is an owner's interest in a property in which two or more parties
share ownership. The term "undivided" means that the owners' interest is in a part of the entire
estate, not in a physical portion of the real property itself.)
Under the ECOA, a lender can base lending decisions on all of an individual's information,
except - Answer>>> sex.
Unsophisticated investors should seek - Answer>>> legal and tax counsel before making any
real estate investments.
The Equal Credit Opportunity Act prohibits lenders from discriminating against consumers in the
granting of credit based on the following protected classes; - Answer>>> race, color, religion,
national origin, sex, marital status, age or dependency on public assistance.
Truth In Lending applies to all of the following, except - Answer>>> commercial property.
Ad valorem taxes are based on - Answer>>> the assessed value of the property
A millage rate is derived by - Answer>>> dividing the tax requirement by the tax base.
To qualify for a homestead exemption, a property owner generally must - Answer>>> reside on