PSI Michigan Real Estate Exam Flashcards

PSI Michigan Real Estate Exam Flashcards Special Agentis an agent that is given the authority to perform specific tasks.Power of attorneygrants power to a representative of your choosing to legally act and make decisions on your behalf.Blue Sky LawsState laws that regulate the offering and sale of securities for the protection of the public.Metes and BoundsA method of land description which involves identifying distances and directions and makes use of both the physical boundaries and measurements of the land.Quitclaim DeedProvides no warranties whatsoever. used to clear clouds.helps make the property marketable.the licensee has 30 days (the board has 15 days) how long does the licensee have to petition and how long does the board have to respond Specific PerformanceThe Breaching party is forced to carry out the contract AcknowledgedCommonly accepted or recognized Bilateral Contractpromise for a promise Contributionthis is the value an item adds to the property tying agreementAn illegal agreement requiring a customer to buy other products in order to obtain desired goods and services involentary alienationLosing property without meaning too

• dayshow many days must a broker deposit after receiving notice

that an offer to purchase is accepted ConformityValue is created and sustained when the real estate characteristics are similar Splits4 splits for the first 10 acres split again 10 years 2 bonus splits Statute of FraudsA state statute under which certain types of contracts must be in writing to be enforceable.

• YearsHow long can someone wait before they have to take the

test again if they don't practice real estate for a period of time expressed contracta contract clearly stated in written or spoken words Joint OwnershipRight to survivorship AssignmentThe act of transferring to another all or part of one's rights arising under a contract.Spot Surveya survey that shows the location, size, and shape of buildings located on the lot Things givin with conosMaster Deed, Purchase agreement, Escrow agreement, Condo buyer handbook, Disclosure statement.Easement Appurtenantwhen one property owner has to use the others owners property for use (such as a driveway)

not if they build and sell sing family dwellings, duplexes, triplexes, or quadruplexes.Does a Builder need a real estate license if they sell the house SeveraltyOwnership of real property by one person only, also called sole ownership.Range LinesA series of government survey lines running north and south at six-mile intervals starting with the principal meridian and forming the east and west boundaries of townships.Valid ContractA contract that results when elements necessary for contract formation (agreement, consideration, legal purpose, and contractual capacity) are present.Warranty DeedA deed in which the grantor makes formal assurance as to quality of title.Pollutesif buyer pollutes property seller is liable right of first refusalA clause allowing the tenant the opportunity to buy the property before the owner accepts an offer from another party.loyaltyThe Agent owes undivided loyalty to the client and must put the clients interest above his owns

• daysafter termination from a broker, how long does the broker

have to send the license to the department Base Lineseast-west lines separating townships Puffing/PufferyThe use of exaggeration in advertising; stating opinions about a property that do not constitute misrepresentation divisionA Parcel split for the purpose of sale Police PowersProtect health and welfare of the people living in the community Give it to the broker immediatelywhat does a salesperson do with a deposit after receiving it common ownershipTenets in Common are the default Estate Department of Licensing and Regulatory Affairs (LARA)This Department investigates complaints TortA civil wrong entiretyLimited to Husband and Wife Government Survey SystemA method of land description in which meridians (lines of longitude) & base lines (lines of latitude) are used to divide land into townships & sections.General AgentOne who is authorized by a principal to represent the principal in a specific range of matters.18 hours of continuous education in 3 years or 6 hours a year.In 3 year cycles how much hours is required to keep your license SubstitutionThe economic principle tells us that a buyer will try to pay as little as possible for the property.An Salespersonsomeone who can do anything a broker can but underneath the broker price fixingan agreement between two or more firms on the price they will charge for a product

The Board and DepartmentBoth of these act together to review and approve the licensing examination.subdivisionSplitting a single property into smaller parcels Exempt SplitParcels of a minimum of 40 acres that created from a larger parcel; the parcels are exempt from municipal approval.Tell them to go to the state of Michigan's website and look for themselves What to say if someone asks if there are any sex offenders in the area Defeasible FeeContains such words as for so long as. ( Something that can be voidable).if the departments finds you are a threat to the publicwhen may the department suspend your license immediately LiensA charge or claim which one person has upon the property of another as security for a debt or obligation BrokerRequires 90 Hours of approved schooling Unilateral Contractpromise in exchange for an act Riparian RightsAn owner's rights in land that borders on or includes a stream, river, or lake. These rights include access to and use of the water.Voluntary AlienationThe transfer of title by a deed.Life EstateA freehold estate in land that is limited in duration to the life of the owner or to the life or lives of some other designated person or persons.Parole Evidence Rule (PER)Oral items that amend or contradict the written contract are inadmissible in a court of law ErosionProcesses by which rock, sand, and soil are broken down and carried away (i.e. weathering, glaciation) DatumA horizontal plane from which heights and depths are measured.Stake SurveyBasic survey provides the location and dimensions of a parcel of land Pocket LicenseMust be carried with person when practicing in real estate Voidable ContractA contract where one of the parties are not competent FreeholdActual ownership for indefinite period Executed ContractA contract that has been completely performed by both parties.Functions of the Board1. Interpret licensure requirements and aid in investigations2. Members are appointed by the governor3.

• Four year terms!

Void ContractA contract having no legal force or binding effect.Universal AgentA person empowered to do anything the principal could do personally.Brokera person who with intent to receive compensation or valuable consideration, and performs all the acts of an agent

Littoral RightsThe right of a property owner whose land borders on a body of water, such as a lake, ocean or sea, to reasonable use and enjoyment of the shore and water the property borders on.Leaseholdtenant gives rent for possession of property Lead based paintDisclosure of lead based paint is required on all properties built before 1978. 10 Day opportunity township linesAll the lines in a rectangular survey system that run east and west, parallel to the base line six miles apart.PlottageThe whole is worth more than the sum of its parts when consummations or termination of the transactionwhen can a broker release the funds from a trust or escrow account Cloud on TitleAny claim affecting title to property.executory contractA contract that has not yet been fully performed.AvulsionThe sudden tearing away of land, as by earthquake, flood, volcanic action, or the sudden change in the course of a stream.Fee SimpleAbsolute ownership of real property.Easement in Grossthe right to use land for a specific, limited purpose unrelated to any adjacent parcel cooperativeA business that is owned by the members it serves and is managed in their interest.Deed RestrictionsClauses in a deed limiting the future uses of the property.Easementsthe right to use land for a specific and limited purpose accretiongrowth in size or increase in amount of land TrueGames of chance for promotion (such as 50/50) are illegal Tor F CustomerParty with whom the real estate agent does not have a contract NovationEliminates the secondary liability caused by assignment DamagesDamages can be compensatory or liquidated (Earnest Money) ad valoremA prefix meaning "based on value". Most local governments levy an ad valorem tax on property.Implied ContractContracts made by the acts of the parties. telling the buyer to trust you.Quiet Title Suitcourt-ordered hearings held to determine land ownership Special Warranty DeedUsually only contains 2 warranties. the grantor promises that they have the right it convey and has not encumbered.True(T or False) If the Department denies an application for licensure, then the applicant may file for a petition for a review of the decision Blind adsadd that does not identify the company Principal MeridianThe main imaginary line running north and south and crossing a base line at a definite point; used by surveyors