MICHIGAN REAL ESTATE FINAL EXAM ACTUAL QUESTIONS
AND ANSWERS GUARANTEE A+
✔✔Title - ✔✔Evidence of ownership of land
✔✔Counteroffer - ✔✔The rejection of an original offer that becomes a new offer
✔✔Fiscal Year - ✔✔a year as reckoned for taxing or accounting purposes.
✔✔Ratified - ✔✔Approved
✔✔Scarcity - ✔✔Less availability of a commodity in the marketplace resulting in
increased value when demand exceeds supply.
✔✔Closed-End Loan - ✔✔Loan in which the borrower receives all loan proceeds in one
lump sum at the time of closing. These loans are secured with collateral, i.e., auto and
home loans
✔✔Holder - ✔✔The party to whom a promissory note is made payable; the person
holding the note
✔✔Surrender - ✔✔The voluntary giving up of a lease
✔✔Preliminary Title Report - ✔✔An offer to issue a policy of title insurance in the future
for a specific fee
✔✔Codicil - ✔✔A change in a will before the maker's death
✔✔Mutual Consent - ✔✔Agreement to the provisions of a contract by the parties
involved; a mutual willingness to enter into a contract
✔✔Avulsion - ✔✔The sudden washing or tearing away of the land by action of water
✔✔Attorney-in-Fact - ✔✔A competent and disinterested person who is authorized by
another person to act in his or her place in legal matters
✔✔Acknowledgement - ✔✔A signed statement, made before a notary public by a
named person; confirming the signature on a document and that it was made of free will
✔✔Private Grant - ✔✔The granting of private property to other private persons
✔✔Notice of Default - ✔✔A notice to a defaulting party that there has been a
nonpayment of debt
,✔✔Retaliatory Eviction - ✔✔An act whereby a landlord evicts a tenant in response to
some complaint made by the tenant
✔✔Cost - ✔✔Represents expenses in money, labor, material, or sacrifices in acquiring
or producing something
✔✔Request for Notice - ✔✔A notice that is sent, upon request, to any parties interested
in a mortgage or deed of trust informing them of a default
✔✔Unilateral Contract - ✔✔An agreement in which one party promises to pay
consideration for the performance of an act by another party. The party promising to pay
consideration is not legally obligated to act unless the party promising to perform does
so
✔✔Reinstate - ✔✔Bring current and restore
✔✔Emblements - ✔✔Annual crops produced for sale by a tenant using or occupying
the property
✔✔Assemblage - ✔✔Putting several smaller, less valuable parcels together under one
ownership to increase value of total property
✔✔Acceleration Clause - ✔✔A clause in the loan document describing certain events
that would cause the entire loan to be due
✔✔Escrow Holder - ✔✔An independent third party that acts as a neutral agent of both
buyer and seller.
✔✔Axial Growth - ✔✔City growth that occurs outward along main transportation routes;
usually star shaped
✔✔Financial Intermediaries - ✔✔An organization that obtains funds through deposits
and then lends those funds to earn a return; savings and loan associations, commercial
banks, credit unions, and mutual savings banks
✔✔CC&Rs - ✔✔Restrictions are placed on certain types of real property and limit the
activities of owners
✔✔Equal Credit Opportunity Act - ✔✔A federal law that requires lenders to assure that
credit is available with fairness, impartiality, and without discrimination
✔✔Net Income - ✔✔Sometimes known as net operating income. The remaining income
after operating expensed have been subtracted from the gross income of a property
, ✔✔Littoral - ✔✔Land bordering a lake, ocean, or sea as opposed to a land bordering a
stream or river (running water)
✔✔Executor/Executrix - ✔✔A person namend in the will to handle the affairs of a
deceased person
✔✔Security Instrument - ✔✔Evidence of obligations to pay money, such as a deed of
trust or mortgage
✔✔Less-Than-Freehold Estate - ✔✔A leasehold estate that is considered to exist for a
definite period of time or successive periods of time until termination
✔✔Testaor/Textatrix - ✔✔A person who has made a will
✔✔Land Grant - ✔✔A grant of public lands by the government usually for roads,
railroads, or agricultural colleges
✔✔Accretion - ✔✔A build-up of soil by natural causes on property bordering a river,
lake, or ocean
✔✔Legal Title - ✔✔Ownership of property; for real estate, a lawful claim, supported by
evidence of ownership.
✔✔legal title - ✔✔Title that is complete and perfect in regard to the right of ownership;
can be held by a trustee
✔✔Subdivision - ✔✔A plot of land divided into smaller portions for the purpose of
building
✔✔Holder in Due Course - ✔✔A person who has obtained a negotiable instrument
(promissory note, check) in the ordinary course of business before it is due, in good
faith and for value, without knowledge that it has been previously dishonored and
without notice of any defect or setoff at the time it is negotiated
✔✔Unlawful Detainer Action - ✔✔A lawsuit filed with the court against a tenant who
remains in unlawful possession of rental property after breaching the terms of a lawful
lease
✔✔Mobile Home - ✔✔A factory-built home fabricated prior to June 15, 1976,
constructed on a chassis and wheels
✔✔Notice of Trustee's Sale - ✔✔Notice given, and published, that a trustee's sale will
be held to sell a property to satisfy a debt
AND ANSWERS GUARANTEE A+
✔✔Title - ✔✔Evidence of ownership of land
✔✔Counteroffer - ✔✔The rejection of an original offer that becomes a new offer
✔✔Fiscal Year - ✔✔a year as reckoned for taxing or accounting purposes.
✔✔Ratified - ✔✔Approved
✔✔Scarcity - ✔✔Less availability of a commodity in the marketplace resulting in
increased value when demand exceeds supply.
✔✔Closed-End Loan - ✔✔Loan in which the borrower receives all loan proceeds in one
lump sum at the time of closing. These loans are secured with collateral, i.e., auto and
home loans
✔✔Holder - ✔✔The party to whom a promissory note is made payable; the person
holding the note
✔✔Surrender - ✔✔The voluntary giving up of a lease
✔✔Preliminary Title Report - ✔✔An offer to issue a policy of title insurance in the future
for a specific fee
✔✔Codicil - ✔✔A change in a will before the maker's death
✔✔Mutual Consent - ✔✔Agreement to the provisions of a contract by the parties
involved; a mutual willingness to enter into a contract
✔✔Avulsion - ✔✔The sudden washing or tearing away of the land by action of water
✔✔Attorney-in-Fact - ✔✔A competent and disinterested person who is authorized by
another person to act in his or her place in legal matters
✔✔Acknowledgement - ✔✔A signed statement, made before a notary public by a
named person; confirming the signature on a document and that it was made of free will
✔✔Private Grant - ✔✔The granting of private property to other private persons
✔✔Notice of Default - ✔✔A notice to a defaulting party that there has been a
nonpayment of debt
,✔✔Retaliatory Eviction - ✔✔An act whereby a landlord evicts a tenant in response to
some complaint made by the tenant
✔✔Cost - ✔✔Represents expenses in money, labor, material, or sacrifices in acquiring
or producing something
✔✔Request for Notice - ✔✔A notice that is sent, upon request, to any parties interested
in a mortgage or deed of trust informing them of a default
✔✔Unilateral Contract - ✔✔An agreement in which one party promises to pay
consideration for the performance of an act by another party. The party promising to pay
consideration is not legally obligated to act unless the party promising to perform does
so
✔✔Reinstate - ✔✔Bring current and restore
✔✔Emblements - ✔✔Annual crops produced for sale by a tenant using or occupying
the property
✔✔Assemblage - ✔✔Putting several smaller, less valuable parcels together under one
ownership to increase value of total property
✔✔Acceleration Clause - ✔✔A clause in the loan document describing certain events
that would cause the entire loan to be due
✔✔Escrow Holder - ✔✔An independent third party that acts as a neutral agent of both
buyer and seller.
✔✔Axial Growth - ✔✔City growth that occurs outward along main transportation routes;
usually star shaped
✔✔Financial Intermediaries - ✔✔An organization that obtains funds through deposits
and then lends those funds to earn a return; savings and loan associations, commercial
banks, credit unions, and mutual savings banks
✔✔CC&Rs - ✔✔Restrictions are placed on certain types of real property and limit the
activities of owners
✔✔Equal Credit Opportunity Act - ✔✔A federal law that requires lenders to assure that
credit is available with fairness, impartiality, and without discrimination
✔✔Net Income - ✔✔Sometimes known as net operating income. The remaining income
after operating expensed have been subtracted from the gross income of a property
, ✔✔Littoral - ✔✔Land bordering a lake, ocean, or sea as opposed to a land bordering a
stream or river (running water)
✔✔Executor/Executrix - ✔✔A person namend in the will to handle the affairs of a
deceased person
✔✔Security Instrument - ✔✔Evidence of obligations to pay money, such as a deed of
trust or mortgage
✔✔Less-Than-Freehold Estate - ✔✔A leasehold estate that is considered to exist for a
definite period of time or successive periods of time until termination
✔✔Testaor/Textatrix - ✔✔A person who has made a will
✔✔Land Grant - ✔✔A grant of public lands by the government usually for roads,
railroads, or agricultural colleges
✔✔Accretion - ✔✔A build-up of soil by natural causes on property bordering a river,
lake, or ocean
✔✔Legal Title - ✔✔Ownership of property; for real estate, a lawful claim, supported by
evidence of ownership.
✔✔legal title - ✔✔Title that is complete and perfect in regard to the right of ownership;
can be held by a trustee
✔✔Subdivision - ✔✔A plot of land divided into smaller portions for the purpose of
building
✔✔Holder in Due Course - ✔✔A person who has obtained a negotiable instrument
(promissory note, check) in the ordinary course of business before it is due, in good
faith and for value, without knowledge that it has been previously dishonored and
without notice of any defect or setoff at the time it is negotiated
✔✔Unlawful Detainer Action - ✔✔A lawsuit filed with the court against a tenant who
remains in unlawful possession of rental property after breaching the terms of a lawful
lease
✔✔Mobile Home - ✔✔A factory-built home fabricated prior to June 15, 1976,
constructed on a chassis and wheels
✔✔Notice of Trustee's Sale - ✔✔Notice given, and published, that a trustee's sale will
be held to sell a property to satisfy a debt
