Michigan Real Estate Salesperson Exam — All Questions
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2 questions
Michigan Agency Rules
Under Michigan law, before a licensee discloses confidential information in a prospective transaction, the licensee must provide the consumer with:
- a.A fully executed purchase agreement
- b.An agency (disclosure of relationship) statement describing the type of representation✓
- c.A property appraisal
- d.A title insurance policy
Michigan requires licensees to disclose the nature of their agency relationship using an agency disclosure statement before disclosing confidential information, so consumers understand whom the licensee represents.
Michigan Agency Rules
A Michigan seller of a single-family home (1 to 4 units) generally must give the buyer which document about the property's known condition?
- a.A federal HUD-1 statement
- b.A zoning variance
- c.An appraisal waiver
- d.A Seller Disclosure Statement under the Michigan Seller Disclosure Act✓
The Michigan Seller Disclosure Act requires sellers of residential property of 1 to 4 units to deliver a Seller Disclosure Statement describing the known condition of the property. It is a disclosure of known facts, not a warranty.