Michigan Real Estate Salesperson Exam — All Questions
← Back to practiceAllProperty OwnershipLand Use Controls and RegulationsValuation and Market AnalysisFinancingContractsAgencyProperty DisclosuresTransfer of TitlePractice of Real EstateProperty ManagementReal Estate CalculationsMichigan License LawMichigan Agency RulesMichigan Practice & ClosingMichigan Licensing Requirements
2 questions
Agency
An agent owes the client the duties often summarized as OLD CAR: obedience, loyalty, disclosure, confidentiality, accounting, and reasonable care. These are known as:
- a.Ministerial duties
- b.Fiduciary duties✓
- c.Statutory nuisance duties
- d.Puffing duties
An agency relationship imposes fiduciary duties: obedience, loyalty, disclosure, confidentiality, accounting, and reasonable care/diligence. Ministerial acts are routine tasks that do not rise to representation.
Agency
A broker represents both the buyer and the seller in the same transaction. This is called:
- a.Single agency
- b.Subagency
- c.Dual agency✓
- d.Designated buyer agency
Dual agency occurs when one broker represents both parties in a single transaction. It creates a conflict of interest and generally requires informed written consent from both parties; it is prohibited in some states.