US Real Estate Michigan Test 1

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Author: TestGru Team (Education Specialist)

20 questions · All questions on one page

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Real Estate — Michigan Professional (Real Estate, USA) USA — Michigan State Real Estate License — USA

What is this test? for Real Estate Salesperson/Broker prep, USA (national + state law) — Professional (Real Estate, USA) level, USA — Michigan.
For adults preparing for Real Estate license in the USA
Section: Real Estate — Michigan · Education: Professional (Adult) · Part: Real Estate — Michigan · Country: USA · Region: USA — Michigan

Finance and real estate acumen covers markets, valuation, contracts, and budget management.

This test is designed to reinforce core concepts and help you succeed on your exams.

By solving this test of 20 questions, you can both test your knowledge and identify the topics you need to improve.

Question 1

Which agency licenses agents in Michigan?

A) IRS

B) LARA

C) State Bar

D) Medical Board

Question 2

What is a listing agreement?

A) lease

B) contract to sell a property

C) deed

D) purchase offer

Question 3

What is earnest money?

A) fee

B) buyer good-faith deposit

C) commission

D) tax

Question 4

What is a fiduciary duty?

A) secrecy from client

B) loyalty, obedience, care to client

C) dual profit

D) profit first

Question 5

What is dual agency?

A) two brokers

B) one broker representing both sides

C) no representation

D) buyer only

Question 6

What is the Fair Housing Act?

A) tax law

B) bans housing discrimination

C) zoning code

D) building code

Question 7

What classes are protected in housing?

A) race, color, religion, sex, handicap, family, national origin

B) income

C) age only

D) politics

Question 8

What is redlining?

A) illegal denial by neighborhood

B) surveying

C) appraising

D) mapping

Question 9

What is steering?

A) advertising

B) negotiating

C) showing homes

D) guiding buyers by race (illegal)

Question 10

What is a CMA?

A) comparative market analysis

B) appraisal

C) survey

D) inspection

Question 11

What is an appraisal?

A) professional value opinion

B) listing

C) offer

D) inspection

Question 12

What are the three appraisal approaches?

A) show, stage, sell

B) list, sell, close

C) offer, accept, record

D) sales comparison, cost, income

Question 13

What is PITI?

A) principal, interest, taxes, insurance

B) a loan type

C) a deed

D) a tax

Question 14

What is LTV?

A) lease term value

B) listing traffic volume

C) land title verification

D) loan-to-value ratio

Question 15

What is PMI?

A) title insurance

B) flood insurance

C) insurance for low down payments

D) property tax

Question 16

What is escrow?

A) neutral third-party holding

B) down payment

C) tax

D) commission

Question 17

What is a deed?

A) loan paper

B) ownership transfer document

C) offer

D) lease

Question 18

What is a warranty deed?

A) guarantees clear title

B) option

C) quitclaim

D) lease

Question 19

What is a quitclaim deed?

A) transfers whatever interest exists

B) loan

C) lease

D) full warranty

Question 20

What is title insurance?

A) flood policy

B) life insurance

C) home warranty

D) protects against title defects

US Real Estate Michigan Test 1

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