Michigan Real Estate Salesperson Exam — All Questions

All Property Ownership Land Use Controls and Regulations Valuation and Market Analysis Financing Contracts Agency Property Disclosures Transfer of Title Practice of Real Estate Property Management Real Estate Calculations Michigan License Law Michigan Agency Rules Michigan Practice & Closing Michigan Licensing Requirements

2 questions

Michigan License Law

Michigan real estate licensing is governed by Article 25 of the Occupational Code and administered by which agency?

a.The Michigan Department of Treasury
b.The Federal Real Estate Commission
c.The Department of Licensing and Regulatory Affairs (LARA)✓
d.The Michigan Association of Realtors

Michigan real estate salespersons and brokers are licensed under Article 25 of the Occupational Code (P.A. 299 of 1980), administered by the Department of Licensing and Regulatory Affairs (LARA). A private trade association such as the Realtors does not license practitioners.

Michigan License Law

In Michigan, a licensed real estate salesperson may lawfully receive compensation for a completed transaction from:

a.Only the employing broker with whom the salesperson is associated✓
b.Any party to the transaction directly
c.The buyer in cash at closing
d.Another salesperson at a different brokerage

A Michigan salesperson must be associated with a licensed broker and may accept compensation only through that employing broker, not directly from buyers, sellers, or other licensees. This keeps the broker responsible for supervision.