Michigan Real Estate Salesperson Exam — Study Guide
Free, topic-by-topic study notes for the Michigan Real Estate Salesperson Exam exam. Read a chapter, then practice it.
Property Ownership
This national topic covers the bundle of rights that make up real property, the different estates in land, and the ways two or more people can hold title together. Understanding what is being owned and how is the foundation for everything else on the exam.
Land Use Controls and Regulations
Government and private parties both place limits on how land may be used. This topic covers public controls such as zoning and eminent domain, and private controls such as deed restrictions and easements.
Valuation and Market Analysis
Value is not the same as price or cost. This topic explains the principles of value, the three approaches to appraisal, and how licensees prepare a comparative market analysis to guide pricing.
Financing
Most real estate is purchased with borrowed money. This topic covers mortgage instruments, loan clauses, the parties to a loan, and key federal financing laws.
Contracts
Contracts are the backbone of every transaction, and this is the most heavily weighted national topic. You must know what makes a contract valid, the main types of real estate contracts, and what happens when a party breaches.
Agency
Agency defines the legal relationship between a licensee and the person they represent. This topic covers how agency is created, the fiduciary duties owed, and the different representation options.
Property Disclosures
Buyers rely on accurate information. This topic covers the duty to disclose material defects, environmental hazards, and required federal disclosures.
Transfer of Title
Title is the legal evidence of ownership. This topic covers deeds, how title passes, and how title is protected and recorded.
Practice of Real Estate
This topic covers the professional and ethical duties of a licensee, including fair housing, advertising, and the handling of trust funds.
Property Management
Property managers operate real estate on behalf of owners. This topic covers management agreements, leases, and the manager's responsibilities.
Real Estate Calculations
Licensees must handle basic math for commissions, proration, area, and financing. This topic reviews the common calculation types tested on the exam.
State License Law (Michigan)
Michigan real estate practice is regulated under Article 25 of the Occupational Code and administered by the Department of Licensing and Regulatory Affairs (LARA). This topic covers who must be licensed, how brokers supervise salespersons, and the rules that govern conduct.
State Agency Rules (Michigan)
Michigan requires licensees to be transparent about whom they represent and to give buyers information about a property's condition. This topic covers Michigan agency disclosure and the Seller Disclosure Act.
State Practice, Closing, and Escrow (Michigan)
This topic covers how Michigan transactions are typically closed, how earnest money is handled, and financing customs such as the land contract.
State Licensing Requirements (Michigan)
This topic covers the education, age, examination, and renewal requirements to become and stay a licensed Michigan salesperson.
Practice by topic
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