Term
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Definition
| real estate agents need a basic understanding of real estate investsing, taxation, and insurance. depending on specific needs, agents may need to refer to certain buyers to an attorney, tax consultant, investment counselor or commercial/ industrial real estate specialist. |
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Term
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Definition
| the inability to convert an asset into a readily available cash. savings accounts are liquid whereas real property is non liquid. |
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Term
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Definition
| a charge or monetary burden laid upon individuals or their property to support the government. taxes are imposed for the use and service of the government and its facilities. and as a means of generating revenue for public needs. |
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Term
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Definition
| the worth of a property including all land and improvements, which is established by a taxing authority for purposes of property taxation. The actual tax due is calculated by applying the tax rate to the assessed value as follows. Tax Rate x assessed value (SEV)= tax amount due. |
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Term
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Definition
ASSESSED VALUE IS COMMONLY 50% OR HALF OF TRUE CASH VALUE.
((FAIR MARKET VALUE)) |
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Term
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Definition
| ONE MILL= 1/10 OF 1 CENT PER 1000 OF ASSESSED VALUE. |
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Term
| HOME OWNERS PRINCIPAL RESIDENCE EXEMPTION |
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Definition
| MICHIGANS PROPERTY TAX LIMITATION ACT. EXCUSES 18 MILLS OF THE TOTAL MILLAGE LEVIED AS A PROPERTY TAX FOR RESIDENTIAL, OWNER OCCUPIED PROPERTIES. IT RELIEVES A PORTION OF THE RESPONSIBILITY OF FUNDING PUBLIC SCHOOLS. |
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Term
| PRINCIPAL RESIDENCE EXEMPTION REQUIREMENTS |
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Definition
| FORMALLY CALLED THE HOMESTEAD EXEMPTION. MICHIGAN RESIDENTS ARE ELIGIBLE AND THE PROPERTY MUST BE OCCUPIED AS THE HOMEOWNERS PRIMARY RESIDENCE. |
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Term
| THE EXEMPTION DOES NOT APPLY TO: |
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Definition
| SECOND HOMES, COTTAGES, RENTAL PROPERTIES, COMMERCIAL AND INDUSTRIAL PROPERTIES, OR PROPERTIES OWNED BY A CORPORATION. |
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Term
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Definition
| THE PROFIT REALIZED ON THE SALE OR EXCHANGE OF A CAPITL ASSET; IN OTHER WORDS THE TRUE PROFIT REALIZED FROM APPRECIATION OF PROPERTY. |
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Term
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Definition
| ALL CAPITAL IMPROVEMENTS MADE BY THE OWNER DURING THE OWNERSHIP PERIAD ARE ADDED TO THE BASIS TO ARRIVE AT THE ADJUSTED COST BASIS. |
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Term
| QUALIFYING FOR THE UNIVERSAL EXCLUSION |
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Definition
1: THE RESIDENCE MUST HAVE BEEN OWNER BY AT LEAST ONE OF THE SPOUSES IN THE CASE OF MARRIED COUPLE FOR THE 2 YEAR PERIOD IMMEDIATELY PRECEDING THE RESALE.
2: THE TAXPAYER, MUST HAVE OCCUPIED THE PROPERTY AS A PRIMARY RESIDENCE FOR AN AGGREGATE PERIOD OF 2 YEARS OUT OF 5 YEARS IMMEDIATELY PRECEDING THE RESALE. |
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Term
| SECTION 1031 LIKE KIND EXCHANGE |
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Definition
| THIS TRANSACTION INVOLVES A MUTUAL TRANSFER OF PROPERTIES OF EQUAL INTEREST. THE PROPERTIES MUST BE OF LIKE-KIND MEANING APARTMENT FOR APARTMENT OR OFFICE FOR OFFICE BUILDING. THE IRS PROVIDES FOR THE DEFERRED TAXATION OF A LIKE KIND EXCHANGES OF SECTION 1031 PROPERTY. THE PROPERTY MUST BE EXCHANGED THROUGH A QUALIFIED INTERMEDIARY WITHIN 180 DAYS OF THE SALE. |
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Term
| WHAT IS THE DIFFERENCE BETWEEN A HOMEOWNERES POLOCY AND A HOMEOWNERS WARRANY POLICY? |
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Definition
HOMEOWNERS POLICY- A POLICY COMMONLY OBTAINED BY A HOMEOWNER TO INSURE AGAINST CERTAIN RISKS OF LOSS TO ONE AND TWO FAMILY RESIDENTIAL DWERLLINGS. HAZARD INSURANCE
HOW- A POLICY DESIGNED TO OFFER LIMITED PROTECTION TO A BUYER AGAINST CERTAIN DEFECTS IN THE STRUCTURE OF MECHANICAL ITEMS. OFFERED BY SELLERS, BUILDERS AND REAL ESTATE COMPANIES. |
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Term
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Definition
| A DOCUMENT PACKAGE INVOLVING TWO SEPERATE INSTRUMENTS THAT ACT TOGETHER. |
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Term
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Definition
| THE MORTGAGE MUST CONTAIN A SUFFICIENT LEGAL DESCRIPTION OF THE PROPERTY. |
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Term
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Definition
| AN ACCELERATION CLAUSE ALLOWSTHE LENDER TO ACCELERATE THE ENTIRE UNPAID PRINCIPAL BALANCE AND DECLARE IT IMMEDIATELY DUE UPON THE OCCURANCE. |
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Term
| CERTIFICATE OF NO DEFENSE |
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Definition
| ALSO CALLED A CERTIFICATE OF NO DEFENSE BECAUSE IT BARS ANY DEFENSES TO A SUIT FOR NON-PAYMENT. |
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Term
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Definition
| SMALLER, SHORT-TERM CONSUMER LOANS ARE MORE LIKELY TO BE BASED ON SIMPLE INTEREST THAN ARE LONG TERM MORTGAGE LOANS |
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Term
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Definition
| INTEREST THAT MERGES WITH THE PRINCIPAL AND BECOMES PART OF THE BASE ON WHICH FUTURE INTEREST IS CALCULATED. THE INTEREST RATE IS FIRST CALCULATED AND THEN SUBTRACTED FROM THE TOTAL MONTHLY PAYMENT. THE REMAINING AMOUNT IS APPLIED TO PRINCIPAL REDUCTION. |
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Term
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Definition
| BUYERS WHO PURCHASE A PROPERTY WITH AN EXISTING DEBT MUST TAKE CARE SINCE THE PROPERTY IS ENCUMBERED BY A SUPERIOR INTEREST. |
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Term
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Definition
| WHEN A BUYER TAKES TITLE SUBJECT TO THE MORTGAGE NO FORMAL ACKNOLEDMENT OF THE EXISTING DEBT UNDER THE NOTE TAKES PLACE. |
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Term
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Definition
| THE SUBSTITUTION OF ONE DEBTOR FOR ANOTHER WHERE TEH DEBT REMAILS THE SAME, BUT THE OLD DEBTORS OBLIGATIONS UNDER THE NOTE ARE EXTINGUISHED. THE MORTGAGEE FORMALL RELEASES THE MORTGAGOR FROM ANY FUTHER LIABILITY UNDER THE NOTE. |
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Term
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Definition
| A LAND CONTRACT IS AN AGREEMENT FOR THE SALE OF LAND THAT CALLS FOR A DOWN PAYMENT TO BE MADE AT THE CLOSING WITH THE BALANCE OF THE PURCHASE PRICE PAID IN INSTALLMENTS. ALSO CALLED A CONTRACT FOR THE PURCHASE AND SALE OF LAND. |
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Term
| PLACING THE DEED IN ESCROW |
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Definition
| WHEN A LAND CONTRACT IS CREATED THE PARTIES KNWO THAT THE DEED MAY NOT BE DELIVERED UNTIL SEVERAL YEARS OR DECADES LATER. IF A GRANTOR DIES AFTER SIGNING A DEED BUT BEFORE ITS DELIVERY IT IS NOT VALID. |
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Term
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Definition
| TWO REMEDIES EXIST FOR A VENDOR TO PURSUE IN THE EVENT THE VENDEE DEFAULTS ON THE PAYMENTS OR BREACHES THE LAND CONTRACT. |
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Term
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Definition
THE VENDEE HAS THE RIGHT TO CURE THE DEFAULT. DEPENDING ON THE AMOUNT OF THE CONTRACT PAID. THE REDEMPTION PERIOD IS 90 DAYS- 6 MONTHS.
***LESS THAN 50% OR 50% OR MORE** |
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Term
| LAND CONTRACT FORECLOSURE |
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Definition
| JUDICIAL FORECLOSURE INVOLVES A FORMAL LAWSUIT BROUGHT IN A COURT. UNDER JUDICIAL FORECLOSURE. THE VENDOR ACCELERATES THE BALANCE OWING ON THE CONTRACT AND HAS THE PROPERTY SOLD AT A AUCTION TYPE SALE. THE VENDEE HAS 6 MONTHS AFTER THE SALE TO REDEEM THE PROPERTY. |
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Term
PRIVATE MORGAGE INSURANCE
(PMI) |
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Definition
| PMI IS INSURANCE DESIGNED TO PROTECT LENDERS WHO ISSUE HIGH LOAN TO VALUE RATIO LOANS TO BUYERS WHO LACK THE REQUIRED CONVENTIONAL DOWN PAYMENT. |
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Term
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Definition
| A LENDER MUST TERMINATE COVERAGE WHEN THE BORROWERS LOAN BALANCE IS REDUCED TO 78%. IN THE CASE OF HIGH RISK LOANS, FOR EXAMPLE, A LOAN IN WHICH THE BORROWER HAS A POOR PAYMENT HISTORY, THE LENDER MAY BE ABLE TO WAIT UNTIL ITS 77% |
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Term
ADJUSTABLE RATE MORTGAGE
(ARM) |
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Definition
| THE INTEREST RATE FLOATS AND CAN BE CHANGED BY THE LENDER DURING THE LOAN BASED ON ECONOMIC INDICATORS. THIS GIVES THE BORROWERS THE BENEFIT OF CURRENT MARKET CONDITIONS OF INTERST RATES. |
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Term
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Definition
| SETS THE MAXIMUM INTEREST RATE INCREASE DURING ONE YEAR. A 2% INTEREST ANNUAL CAP IS COMMON |
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Term
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Definition
| DETERMINES THE MAXIMUM INCREASE DURING THE ENTIRE TERM OF THE LOAN. ARMS TYPICALLY USE 6% AGGREGATE CAP. |
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Term
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Definition
| A LOAN WHICH IS DESIGNED TO COVER MORE THAN ONE PARCEL OF PROPERTY UNDER A SINGLE SECURITY PLEDGE. IN EXCHANGE FOR THE LOAN, THE BORROWER GIVES THE LENDER ONE MORETGGE THAT COVERS MULTIPLE PROPERTIES. |
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Term
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Definition
| ANY LOAN ISSUED FOR A SHORT DURATION UNTIL MORE PERMANENT FINANCING CAN BE OBTAINED. FOR EXAMPLE, A LOAN OBTAINED TO CONSTRUCT A NEW HOUSE WHILE AWAITING APPROVAL OF AN END LOAN. A PURCHASER SHOULD STATE ANY INTENT TO OBTAIN A BRIDGE LOAN IN THE FINANCING CONTINGENCY CLAUSE TO PROTECT HIS DEPOSIT IN THE EVENT THE BRIDGE CANNOT BE OBTIANED. |
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Term
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Definition
| ALSO KNOWN AS A LEASEHOLD MORTGAGE, IT IS A PROCESS INVOLVING THE SIMULTANEOUS SALE AND LEASE BACK OF PROPERTY. USUALLY THROUGH A NET LEASE. THE SELLER GRANTOR OF THE PROPERTY IMMEDIATELY TURNS INTO A LESSEE. THE PURCHASER GRANTEE BECOMES A LESSOR. |
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Term
| SHARED APPRECIATION MORTGAGE |
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Definition
| THE LENDER AGREES TO ORIGINATE THE MORTGAGE LOAN AT A BELOW MARKET INTEREST RATE IN EXCHANGE FOR A GUARANTEED PERCENTAGE OF ANY GAIN REALIZED THROUGH APPRECIATION DURING THE SHARED APPRECIATION PERIOD AT THE TIME OF THE SALE. |
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Term
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Definition
| CERTAIN DEFICIENCIES MAY BE DESIGNATED BY THE APPRAISER FOR REPAIR. SINCE THE GOVERNMENT INSURES THE LOAN, STANDARDS OF FITNESS AND REPAIR MUST BE MET. |
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Term
| CONDITIONS THAT REQUIRE AUTOMATIC REPAIR |
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Definition
| IF A CONDITION REPRESENTS A RISK TO THE HEALTH AND SAFETY OF THE OCCUPANTS OR AFFECTS THE SOUNDNESS OF THE PROPERTY. |
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Term
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Definition
| BUYERS MUST BE MADE AWARE THAT THEY ARE NOT TO RELY ON AN FHA APPRAISAL AS A SUBSTITURE FOR AN INDEPENDENT HOME INSPECTION. |
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Term
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Definition
| BUYERS ARE ENTITILED TO A HUD/FHA FORM TITLED FOR YOUR PROTECTION GET A HOME INSPECTION. IT IS THE LENDERS RESPONSIBILITY TO PROVIDETHIS FORM IN CONNECTION WITH A FHA MORTGAGE APPLICATION. |
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Term
| PROPERTY FLIPPING AND FHA INELIGIBILITY |
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Definition
| FHA FINANCING MAY NOT BE UTILIZED IN CONNECTION WITH A PROPERTY FLIPPING TRANSACTION. THIS OCCURS WHEN A PROPERTY IS PURCHASED AND THEN RESOLD. OFTEN WITHIN DAYS AT AN ATRIFICALLY INFLATED PRICE. |
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Term
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Definition
| ANOTHER FORM OF FLIPPING OCCURS WHEN A INVESTOR ENGAGES IN A SIMILAR ACQUISITION STRATEGY AND THEN ASSIGNS HIS RIGHTS UNDER THE PURCHASE AGREEMENT PRIOR TO CLOSING. |
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Term
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Definition
| VA LOANS MAY BE OBTAINED FOR THE PURCHASE, CONSTRUCTION, REPAIR OR ALTERATION OF A HOUSE, CONDO, OR FARM TO BE PERSONALLY OCCUPIED BY THE VETERAN. MAY NOT BE USED TO PURCHASE INVESTOR OWNER PROPERTY. |
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Term
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Definition
| WHILE A VA LOAN CAN ONLY BE ORIGINATED BY AN ELIGIBLE VETERAN, THE LOAN IS ASSUMABLE BY A NON-VETERAN. IT CAN EVEN BE ASSUMED BY AN INVESTOR WHO PLANS TO RENT OUT THE PROPERTY. |
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Term
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Definition
| WHEN A BORROWER SEEKS A MORTGAGE LOAN FROM A LENDER, HE IS DEALING IN THE PRIMARY MORTGAGE MARKET. A PRIMARY LENDER OFTEN ORIGINATES A LOAN AND THEN SELLS IT TO ANOTHER INVESTOR. |
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Term
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Definition
TO QUALIFY MOST LENDERS APPLY A 28/36 FORMULA. THE BORROWER MUST MEET TWO INCOME TO DEBT RATIOS.
1; MULTIPLY GROSS MONTHLY INCOME BY 28%
2: TAKE GROSS MONTHLY INCOME AND ADD ALL EXISTING FINANCIAL OBLIGATIONS WITH 10 OR MORE MONTHS REMAINING AND MULTIPLY THE COMBINED FIGURE BY 36%
FHA 29/41 MAY BE APPLIED. |
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Term
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Definition
| LENDERS ALSO REQUIRE A BORROWER TO DEMONSTRATE AT LEAST 2 YEARS OF STEADY EMPLOYMENT. |
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Term
| REAL ESTATE SETTLEMENT PROCEDURE ACT |
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Definition
RESPA REQUIRES ALL OF SETTLEMENT COSTS TO BUYERS AND SELLERS BEFORE CLOSING ON A NEW FIRST MORTGAGE LOAN. REAL ESTATE SETTLEMENT PROCEDURES FOR DETAILS.
**DOES NOT COVER LAND CONTRACTS** |
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Term
| THE GUARENTEE OF EQUAL ACCESS TO HOUSING OPPORTUNITIES |
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Definition
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Term
RACIALLY RESTRICTIVE COVENANTS
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Definition
| A CONSTRUCTUAL PROMISE, SET IN A DEED OR OTHER DOCUMENT, WHEREBY THE PURCHASER EITHER IS RESTRICTED FROM OR AGREES TO NOT SELL, RENT OR TRANSFER THE PROPERTY TO ANYONE WHO IS IN A PROTECTED CLASSIFICATION. IT AMOUNTS TO A DISCRIMINATORY DEED RESTRICTION. |
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Term
EXEMPTIONS FOR SENIOR CITIZENS HOUSING
((FEDERAL)) |
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Definition
62 YEARS OLD
55 YEARS AND OLDER |
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Term
| AMERICANS WITH DISABILITIES ACT OF 1990 |
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Definition
| A FEDERAL ACT THAT PROVIDES A COMPREHENSIVE MANDATE FOR THE ELIMINATION OF DISCRIMINATION AGAINST PERSONS WITH A DISABILITY. |
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Term
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Definition
| EN EMPLOYER MUST PROVIDE REASONABLE ACCOMODATIONS TO ALLOW AN OTHERWISE QUALIFIED INDIVIDUAL WITH A DISABILITY TO PERFORM ESSENTIAL FUNCTIONS. ACCOMODATIONS MAY INCLUDE JOB RESTRUCTURING, ELIMINATION OF NON ESSENTIAL JOB ELEMENTS OR DELEGATION OR EXCHANGE OF ASSIGNMENTS. |
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Term
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Definition
| ****NON RESIDENTIAL****PLACES OF LODGING ESTABLISHMENTS SERVING FOOD OR DRINK, PLACES OF EXHIBITION OR ENTERTAINMENT, PLACES OF PUBLIC GATHERING, COMMERICAL FACILITIES, PLACES OF EDUCATION, ETC. |
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Term
| EXEMPTIONS OF PUBLIC ACCOMMIDATIONS |
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Definition
| PRIVATE CLUBS, RELIGIOUS ORGANIZATIONS, ENTITIES CONTROLLED BY RELIGIOUS ORGANIZATIONS ARE EXEMPT FROM THE ACCOMMODATIONS REQUIREMENTS. |
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Term
| NEW BUILDINGS CONSTRUCTED AFTER 1976 |
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Definition
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Term
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Definition
| AN EXEMPTION EXISTS FOR AGE AND FAMILIA STATUS IN THE SALE OR LEASE OF SENIOR CITIZEN HOUSING THAT MEETS THE REQUIREMENTS OF FEDERAL, STATE OR LOCAL HOUSING PROGRAMS FOR SENIOR CITIZENS. THE EXEMPTION INCLUDES ACCOMMPDATIONS WHICH ARE INTENDED AND OPERATED FOR PERSONS OF 50 YEARS OF AGE OR OLDER. |
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Term
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Definition
| MEANS A RESTRICTION ATTACHED TO A LICENSE RELATIVE TO THE SCOPE OF PRACTICE. OF THE 10 POSSIBLY LIMITATIONS NOT ALL ARE NECESSARILY GEARED TOWARD REAL ESTATE. WHAT MIGHT BE A LIMITATION FOR ONE OCCUPATION MAY BE A MANDATORY REQUIREMENT UNDER ANOTHER. |
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Term
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Definition
A LICENSE MAY BE RENEWED WITH A LIMITATION IF SO, THE DEPARTMENT MUST NOTIFY AND SEEK APPROVAL FROM THE BOARD. A PERSON WHO RECIEVES A LIMITATION MAY HAVE THE DECISION REVIEWED.
A LICENSEE IS RESPONSIBLE FOR RENEWING HIS OWN LICENSE. |
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Term
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Definition
| A LICENSEE WHO IS ACTIVE DUTY IN THE ARMED FORCES IS TEMPORARILY EXEMPT FROM THE REQUIREMENTS OF THE OCCUPATIONAL CODE INCLUDING RENEWAL AND CONTINUED EDUCATION. |
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Term
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Definition
A-COMPLAINANT- A PERSON WHO HAS FILED A COMPLAINT ALLEGING A VIOLATION OF ACT 299, A RULE OR AN ORDER
B-RESPONDANT- A PERSON AGAINST WHOM A COMPLAINT HAS BEEN FILED. |
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Term
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Definition
| THE DEPARTMENT MAY BRING THE COMPLAINANT AND RESPONDENT TOGETHER FOR A INFORMAL CONFERENCE DURING WHICH THE DEPARTMENT ATTEMPTS TO RESOLVE THE ISSUES TO REACH A SETTLEMENT OR STIPULATION. |
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Term
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Definition
| AN AGGREEMENT BY THE PARTIES TO ELIMINATE THE NEED TO PROVE AN UNCONTESTED FACTUAL ISSUE. IT SIMPLIFIES HEARINGS. |
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Term
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Definition
RESPONDENT HAS 30 DAYS TO ACCEPT THE CITATION OR DENY THE VIOLATION.
IF NO ACTIONS ARE TAKEN FOR 5 YEARS, THE CITATION IS REMOVED FROM THE RECORDS. |
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Term
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Definition
| AT LEAST 75% OF THE ANNUAL COMPENSATION PAID BY THE BROKER MUST BE FROM THE REAL ESTATE SALES COMMISSION |
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Term
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Definition
| BROKERS LICENSE ARE NOT TRANSFERABLE. THIS FLOWS FROM THE FACT THAT A BROKERS LICENSE IS ISSUED IN A NAME UNDER WHICH ALL BUSINESS IS TO BE CONDUCTED FOR A PARTICULAR COMPANY. IF ANY CHANGES ARE MADE RELATIVE TO THE INFORMATION ON THE LICENSE, A NEW LICENSE AND POCKET CARD WILL BE PRINTED AND ISSUED WITH THE CORRECTED INFORMATION. |
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Term
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Definition
| LOTTERIES, CONTESTS, GAMES OR DRAWINGS CANNOT BE USED BY A BROKER OR SALES PERSON TO PROMOTE THE SALE OF A REAL ESTATE. |
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Term
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Definition
| A SALES PERSON MUST TURN OVER ANY DEPOSIT COLLECTED TO HIS REAL ESTATE BROKER |
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Term
| SEC 2512 NUMBER 2 BANKING DAYS |
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Definition
| THE 2 BANKING DAY TIME REQUIREMENT FOR DEPOSIT IS TRIGGERED WHEN THE BROKER RECIEVES NOTICE THAT THE OFFER HAS BEEN ACCEPTED BY ALL PARTIES. |
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Term
| PART 2 LICENSING RULE 203 |
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Definition
| 60 HOURS FOR POSSESSION OF A MASTERS DEGREE IN BUSINESS ADMINISTRATION CAN BE CREDITED TOWARDS A BROKERS EDUCATION REQUIREMENTS. |
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Term
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Definition
BROKER LICENSES CANNOT BE CONVERTED TO A SALESPERSONS LICENSES.
ANY CHANGE IN NAME, LOCATION OR SUPERVISOR REQUIRES THAT OF A NEW LICENSE BE PRINTED. |
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Term
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Definition
A BROKER OR LICENSEE ACTING ON BEHALF OF THE EMPLOYING BROKER WHO OBTAINS A SERVICE PROVISION AGREEMENT WITH A PARTY, MUST GIVE A TRUE, EXECUTED COPY TO THE PARTY AT THE TIME OF SIGNING. THE SERVICE PROVISION AGREEMENT MUST BE FULLY COMPLETED BY THE LICENSEE BEFORE IT IS SIGNED BY THE PARTY.
A LICENSEE CANNOT GIVE THE OWNER A BLANK LISTING OR BUYER AGENCY CONTRACT AND ASK HIM TO SIGN IT WITH THE UNDERSTANDING THAT THE BLANK SPACES WILL BE FILLED IN LATER. |
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Term
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Definition
| ONCE A SELLER ACCEPTS A OFFER TO PURCHASE FROM ONE BUYER, THE LICENSEE DOES NOT HAVE TO SUBMIT TO THE SELLER SUBSEQUENT OFFERS RECIEVED FROM OTHER BUYERS UNELSS A SERVICE PROVISION AGREEMENT REQUIRES IT. |
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Term
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Definition
| A SALES PERSON CAN SELL HIS PRINCIPAL RESIDENCE ON A FOR SALE BY OWNER BASIS WITHOUT THE ASSISTANCE OF A BROKER. ALL OTHER PROPERTY OWNED MUS BE HANDLED THROUGH A LICENSED BROKER. |
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Term
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Definition
A LICENSEE MUST BE DISPLAYED IN A CONSPICUOUS POSITION MEANING OBVIOUS TO THE PUBLIC.
A LICENSEE CANNOT ACT AS A BROKE OR SALES PERSON WITHOUT HAVING HIS LICENSE AND POCKET CARD. |
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Term
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Definition
| TO REGULATE THE SUBDIVISION OF LAND BY IMPOSING REQUIREMENTS AS TO ITS DEVELOPMENT BY DEVELOPERS. |
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Term
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Definition
A PERSON CANNOT DO THE FOLLOWING WITHIN A WETLAND:
1: DEPOSIT OR PERMIT THE PLACING OF LAND FILL MATERIAL.
2: DREDGE, REMOVE OR PERMIT THE REMOVAL OF SOIL OR MINERALS.
3: CONSTRUCT, OPERATE OR MAINTAIN ANY USE OR DEVELOPMENT
4: DRAIN SURFACE WATER |
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Term
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Definition
A PERSON MAY DO THE FOLLOWING WITHOUT FIRST OBTAINING A PERMIT:
1: RECREATIONAL USES- FOR EXAMPLE, FISHING, TRAPPING, HUNTING, SWIMMING, BOATING HIKING.
2: AGRICULTURAL USES
3: MAINTENANCE NAD IMPROVE,EMT OF PUBLIC STREETS HIGHWAYS AND ROADS |
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Term
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Definition
| 1: COMPLETED BY THE OWNER |
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Term
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Definition
| INFORMING THE OWNER THAT A SUBCONTRACTOR SUPPLIER OR LABORER IS INVOLVED. |
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Term
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Definition
| IT IS GIVEN TO THE HOMEOWNER BY THE CONTRACTOR OR SUBCONTRACTOR WHENEVER PAYMENT IS DUE. |
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Term
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Definition
| TEST ANSWER- RECORDED MASTER DEED |
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Term
| SELLER DISCLOSURE ACT SECTION 3 |
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Definition
| TRANSFERS BETWEEN SPOUSES RESULTING FROM DIVORCE IS A EXAMPLE OF A EXEMPT TRANSFER. |
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Term
| LANDLORD AND TENANT RELATIONSHIPS |
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Definition
| LIMITED TO RESIDENTIAL LEASES. |
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Term
| MAXIMUM AMOUNT OF DEPOSIT |
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Definition
| A LANDLORD MAY REQUIRE A MAXIMUM OF 1 1/2 MONTHS RENT LAND LORDS MAY AVOID THE SECURITY DEPOSIT LIMITATIONS BY ASSESSING SEPERATE MOVE IN FEES UNDER DIFFERENT NAMES |
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Term
| INVENTORY CHECK LIST AND DAMAGES |
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Definition
| THE LANDLORD MUST GIVE A NEW TENANT 2 BLANK COMMENCEMENT INVENTORY CHECKLISTS WHICH INCLUDE ALL ITEMS OWNED BY THE LANDLORD. THE TENANT MUST NOTE THE CONDITION OF THE PROPERTY AND RETURN 1 COPY WITHIN 7 DAYS AFTER POSSESSION. |
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Term
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Definition
| AT TERMINATION THE LANDLORD MUST COMPLETE A TERMINATION INVENTORY CHECKLIST LISTING ALL TENANT CAUSED DAMAGES.THE LANDLORD THEN DETERMINES WHICH DAMAGES RESULTS FROM THE TENANT AND HOW MUCH SECURITY DEPOSIT TO RETAIN FOR REPAIRS. |
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Term
| REAL ESTATE AGENTS AS REGISTRANTS |
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Definition
| A REAL ESTATE BROKER OR SALES PERSON MAY BE REGISTERED AS A MORTGAGTE BROKER, LENDER, OR SERVICER FOR REAL ESTATE SALES IN WHICH THE LICENSEE IS ENGAGED. ONCE REGISTERED THE BROKER OR SALES PERSON CAN RECEIVE ADDITIONAL COMPENSATION BEYOND THEIR CUSTOMARY COMMISSION. |
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Term
| TEST QUESTION DEALING WITH FAIR MARKET VALUE OF 150,000 AND TAX RATE IS 4 1/2 MILLS |
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Definition
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Term
| 18 MONTHS AGO RICH SOLD HOME USED IRS EXCLUSION- MOVING IN HOME W SALLY GOT MARRIED. SELL HOME AND BUY A NEW ONE 12 MONTHS LATER. |
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Definition
| ANSWER IS B-RICHARD AND SALLY HAVE TO WAIT AT LEAST 1 YEAR TO QUALIFY FOR THE IRS EXCLUSION |
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Term
| MR MERCURY OWNED APARTMENT FOR SO LONG NO TAX BENEFIT. HIS FRIEND VENUS SAME POSITION. BOTH HOPE TO RECIEVE TAX BENEFIT. |
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Definition
| ANSWER D.- SECTION 103, EXCHANGE INVOLVING BOTH PARTIES |
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Term
COMPOUND INTEREST TEST QUESTION
10% COMP INTEREST
JAN 1 2000 DEPOSITS 100,000 CALCULATE INTEREST FOR 2005.
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Definition
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Term
| BUYER BETTY WANTS TO BUY FREDS HOME. DOES NOT WANT TO BE LIABLE FOR MORTGAGE DEBT. |
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Definition
| A- ACQUIRE TITLE TO PROPERTY SUBJECT TO MORTGAGE LIEN. |
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Term
PMI TEST QUESTION.
GEORGE PAID 100,000 FOR HOME.
MORTGAGES 90,000 PAID 10,000 HOME IS WORTH 110,000. |
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Definition
| C- GEORGE MUSTP AY ANOTHER 10,000 ON BALANCE FOR LENDER TO BE REQUIRED TO TERMINATE PMI |
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Term
ARM TEST QUESTION
2013 BARRY BORROWS FUNS WITH A ARM. 2013 RATE IS 4% THE NOTE ALLOWES CONSUMER CAPS. |
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Definition
| ANSWER- C- THE LENDER CAN ONLY CHARGE BARRY 8% IN 2015. |
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Term
| LYNN WAS HONORABLY DISCHARGED. SHE WANTS TO BUY INVESTMENT RENTAL PROPERTY FOR 130,000. WHICH IS TRUE? |
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Definition
| ANSWER D- FHA WILL NOT INSURE LYNNS LOAN FOR RENTAL PROPERTY. |
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Term
| LAST 3 TEST QUESTION ANSWERS |
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Definition
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Term
| POPPES GROSS MONTHLY INCOME MAKES 10,000 A MONTH WANTS TO KNOW MORTGAGE PAYMENT SHE CAN AFFORD? |
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Definition
| ANSWER C- POPPE WILL QUALIFY FOR MAX 2800 MORETGAGE PAYMENT. |
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Term
| IN MICHIGAN HOW IS TAX RATE CALCULATED? |
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Definition
| ANSWER D- HALF OF CASH VALUE ETC. |
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Term
| THE BOARDWALK HOTEL JUST BUILT. GUEST WITH DISSABILITIS REASONABLE POLICY. WHICH OF THE FOLLOWING IS TRUE? |
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Definition
| ANSWER C- IT IS A VIOLATION OF AMERICAN WITH DISABILITIES ACT. |
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Term
| SARAH A PROSPECTIVE TENANT SAW A RENT SIGN. ABRAHAM MISUNDERSTOOD SARAHS DELIBERATE AND SLOW SPEECH AS A BARRIER. WHICH OF THE FOLLOWING IS TRUE. |
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Definition
| ANSWER A- PROVIDING ABRAHAM DID NOT USE A HIGHER LICENSE HE WAS NOT IN VIOLATION. |
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Term
| AMERICAN DISSABILITIES WOULD APPLY TO WHICH OF THE FOLLOWING PROPERTY TYPES OR USES? |
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Definition
| ANSWER D- NON RESIDENTIAL PROPERTIES AND RESIDENTS. |
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Term
| JOEL A TENANT IN A APARTMENT OWNED BY SARAH HAS A MENTAL DISORDER CONTROLLED BY MEDICATION. LANDLORD SARAH CONVICTS A EVICTION LAWSUIT. WHICH OF THE FOLLOW BEST DESCRIBES SARAHS ACTIONS? |
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Definition
| ANSWER IS B. FORCE OF DISCRIMINATION |
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Term
| MALCOM OWNS SEVERAL RENTAL HOMES. REFURBISHED AND SELLS IT. FOR RELIGIOUS REASON HE WANTS TO RENT THE SALE TO A MARRIED COUPLE WITH CHILDREN. WHICH OF THE FOLLOWING IS MOST ACCURATE? |
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Definition
| ANSWER- A. MALCOME MAY NOT DISCRIMINATE AGAINST UNDER UNAMRRIED PERSONS OR PERSONS WITH OUT CHILDREN. |
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Term
| JIM OWNS 4 HOMES, NEIGHBORS ARE NORTHERN EUROPE. JAMES DOES NOT WANT TO DISTROY ETHNICE NEIGHBORHOOD. WHICH OF THE FOLLOWING IS THE ANSWER? |
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Definition
| ANSWER D- JAMES MAY NOT RESTRICT THE SHOWING OF HIS HOME. |
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Term
DIXIE MASON PURSUADES PERRY TO LIST PROPERTY WITH HER PERRY INSTRUCTS DIXIE TO STEER AWAY FROM UNDESIRABLES. WIHCH OF THE FOLLOWING BEST DESCRIBES HOW SHE MUST PROCEED?
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Definition
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Term
| UNDER MICHIGAN LAW, A MEETING BETWEEN A RESPONDANT AND A COMPLAINTANT IS WHAT? |
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Definition
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Term
| A BROKERS LICENSE IS ISSUED NINA MARIA PINTA, ALL OF THE FOLLOWING ARE TRUE EXCEPT? |
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Definition
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Term
| HOW MANY DAYS DOES IT REMAIN IN A FILE? |
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Definition
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Term
| BROKER JOHN HAS A LISTING ON PROPERTY. RECIEVES OFFER ON KENDRAS PROPERTY PURCHASE. ACCEPTS OFFER DESPITES JOHNS CONCERN. WHAT IS JOHNS RESPONSIBILITY? |
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Definition
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Term
| ALL OF THE FOLLOWING STATEMENTS ARE FALSE UNDER MICHIGAN CONDOMINUM ACT EXCEPT? |
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Definition
| ANSWER- D MUST PRESENT WITH MASTER DEED |
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Term
| BROKER ABNEY HAS 200,000 EXTREMELY DIFFICULT TO SELL. APPROACH, CHANCE TO WIN 100,000. ADVERTISING CAMPAIN IS? |
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Definition
| ANSWER- B. VIOLATES LICENSE LAW BECAUSE IT IS A ILLEGAL GAME. |
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Term
| SALES PERSON ALIENA ADMITS SHE ADMITS TO A BLANK AGREEMENT. CLOSING DID OCCUR. ALIENAS CONDUCT WAS WHAT FOR CONSQUENCES? |
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Definition
| ANSWER- ISSUE A CITATION. |
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Term
| SALES PERSON FLOSSY HAS REAL ESTATE LICENSE FOR 20 YEARS. SHE MUST FIRST SELL PRINCIPAL RESIDENCE. UHNHAPPY WITH BROKER. DECIDES TO SELL WITHOUT BGROKER. WHICH IS MOST TRUE? |
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Definition
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Term
| LIST OF DAMAGES CLAIMED BY A LANDLORD CLAIMED AFTER TENANT LEAVES? |
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Definition
| ANSWER- TERMINATION OF INVENTORY CHECKLIST. |
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Term
| OUT OF THE COUNTRY FOR 2 YEARS LICENSE HAS LAPSED. CONCERNED, GIVES LICENSE BACK FOR 6 MONTHS FOR WHICH TIME SHE MUST INFORM DEPARTMENT. EXAMPLE OF WHAT? |
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Definition
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Term
| THE AMOUNT OF SECURITY WHICH A LESSOR CAN CHARGE A LESSEEE IS WHICH ACT? |
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Definition
| ANSWER- LANDLORD AND TENANT ACT LIMITED TO RESIDENTIAL LEASES. |
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Term
| MATT SECRUITY DEPOSIT WILL BE HELD BY TITAN TITLE COMPANY |
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Definition
| ANSWER- D TURN MONEY OVER TO BROKER |
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Term
| PRINCIPAL BROKER CHANGED LAST NAME. WHAT IMAPCT WILL HAVE ON LICENSE? |
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Definition
| ANSWER- MUST APPLY FOR A NEW LICENSE WITH NEW STATUS. |
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Term
| KATRINA OWNS REALITY SERVICES, PRIMARLY PURCHASES REAL ESTATE FOR INVESTMENT. WHICH IS THE MOST ACCURATE? |
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Definition
| ANSWER. D. MUST RELEASE FACTS SHE IS A REAL ESTATE AGENT |
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