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Real Estate State Exam
na
19
Real Estate & Planning
Professional
04/12/2012

Additional Real Estate & Planning Flashcards

 


 

Cards

Term
Department
Definition
Department of Licensing and Regulatory Affairs
Term
Board
Definition
Board of Real Estate Brokers and Salespersons
Term
Occupational Code
Definition

main license law, licenses and regulates numerous occupations.

A.  Creates a Board for each occupation

B.  Establishes powers and duties of the Department and Boards for each occupation.

C. Provides for the promulgation of rules.

D.  Provides for certain fees.

E.  Provides for penalties and civil fines.

F.  Repeals certain acts and parts of other acts.

Term
What is the Board of Real Estate Brokers and Salespersons
Definition
Interpret licensure requirements and aid in investigation
Term
Members of the Board
Definition

1.  9 voting members

2.  Governor appoints members with advice and consent from Senate.

3.  6 members are licensees

4.  3 members represent the general public

5.  4 year terms- limit of 2 consecutive terms

6.  Members must be at least 18 years old and be Michigan residents

Term
What are the Duties of the Board?
Definition

1.  Aids Department in interpreting licensure requirements and in investigations.

2.  Assits Department in implementation of this Act.

3.  Promulgates rules and sets minimum standards of acceptable practices.

4.  May review petitions for licensure or renewal.

5.  Sets penalty after violation is substantiated.

6.  All occupational boards must meet as needed, at least twice a year.  The Board usually meets quarterly.

Term
What does the Department do?
Definition

A.  Issues licenses (or certificates of registration) to qualifying applicants.

B.  Has physical dominion over files of Board and ensures public access to the files.

C.  Furnishes office services, secretarial and administrative assistance, orentation and budgetary functions for Board.

D.  May contract with others to implement responsibilites of Department or Board.

Term
License Examinations
Definition

A.  Approval:

        1.  Department and Board, acting jointly, review and approve licensing examination.

    2.  Department and Board determine whether examination establishes a minimum competency of applicant.

 

B.  Administration by Department:

     1.  Administers scores and monitors examination.

    2.  Provides equipment, examination room, and written form.

     3.  May delegate all or any of these duties.

Term
What requires a Brokers License
Definition

1.  Any person or other entity that with intent to recieve compensation or valuable consideration performs any of the following acts for another person regarding real estate:

 

     a.  Sells or offers to sell

     b.  Buys or offers to buy

     c.  Provides or offers to provide a market analyses

d.  Lists, offers to list, or attempts to list.

     e.  Negotiates purchase, sale exchange, or mortgage.

     f.  Negotiates for the construction of a building.

     g.  Leases, or offers to lease, rents, or offers to rent, real estate or its improvements.  Engages in property management as a whole or partial vocation.

     h.  Sells, offers to sell, buys or offers to buy, leases or offers to lease, or negotiates purchase, sale or exchange of business, business opportunity, or goodwill of existing business when real property is associated with the transacation.

Term
 Salesperson License
Definition

1.  Anyone who does anything for a broker as an agent.

2.  Shall be licensed under a broker

3. Shall not be licensed with more than one broker during the same period of time.

4.  Salesperson shall be either an employee or independenmt contractor.

     a.  If independent contractor, must have written contract with broker.

     b.  Not less than 75% of annual compensation paid by broker is from the sale of real estate.

Term
What are the Exemptions for needing a License?
Definition

1.  A person acting under court order.

        a.  Executor (personal representative)

        b.  Administrator (personal representative)

        c.  Receiver (neutral person/trustee in a bankruptcy)

2.  An attorney-in-fact operating under a power of attorney.

3.  An attorney-at-law in performance of his/her duties as an attorney.

4.  A licensed builder who builds and sells single family dwellings, duplexs, triplexs, or quadruplexes.  Which they have built and have never been occupied.

5.  An existing tenant in rental property, accepting consideration of one-half month's rent (or less) for the referral of prospective tenants.

6.  an auctioneer under certain conditions.

7.  A person licensed or registered as a mortgage broker, mortgage lender, or mortgage servicer

8.  A trustee selling under a deed of trust.

Term
Application Requirements for Licensure
Definition

A.  Applicants for Broker or Salesperson License:

     1.  18 years of age or older.

     2.  Shall not misrepresent a material fact on the application.

     3.  Must pass the state sponsored real estate examination.

 

B.  After passing the state examination, the Department may require applicant to submit criminal record or other information.

C.  Must not have a complaint pending in another State.

Term
What must a Salesperson Applicant submit?
Definition

1.  Proof of 40-hour approved real estate course (at least 4 hours on civil rights)

2.  Statement of period of time, if any, in real estate business, listing employer.

3.  Name and signature of new broker who will hold license.

4.  Nonresidents of the state must sign a "consent to service of process" form.

Term
What can you do if your application is denied?
Definition
If Department denies an application for license, applicant may petition Department and Board, in writing, for review of decision.
Term
Transfer Fee
Definition
Application processing fee- $10
Term
Late Renewal
Definition
Late charge- $20
Term
Every active officer of a real estate corporation must be a?
Definition
Associate Broker
Term
Someone who has been given a Power of Attorny to act in someone elses behalf is a?
Definition
Attorney in Fact
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