MICHIGAN REAL ESTATE
EXAM:LICENSING, LAWS AND
AGENCY PRINCIPLES
What is the price of the Michigan Real Estate Exam Prep app?
$8.99
How many questions does the Michigan Real Estate Exam Prep contain?
733 questions
What is the required passing grade for the class final exam?
70% or higher
How long must a security deposit be returned in Michigan?
Within 30 days
What is the cancellation period for a purchase agreement under the
Michigan Condominium Act?
9 days
What is the fee to register for the Michigan Salesperson's Real Estate
Exam?
,$79
How many multiple choice questions are on the state exam?
115 questions
What is the minimum number of correct answers needed to pass the state
exam?
80 correct answers
How long is the license valid after passing the exam?
3 years
What happens if you do not find a broker within one year of passing the
exam?
You will have to retake the exam.
What is the minimum continuing education requirement for each year
licensed?
6 hours
How many hours of legal education are required each license year?
Minimum 2 hours
What must a salesperson do to receive compensation?
Receive it only from their own broker.
What is the consequence of missing more than one renewal?
Must retake the exam and apply for re-licensure.
What is the authority for passing license law in Michigan?
Emanates from the police power of the State.
What is required for real estate schools and curriculum?
Must be approved by the Department.
,What is the term length for a board member?
4-year term, may not serve more than 2 consecutive terms.
What must be done if there are changes to location, name, or address?
Processed through Lansing.
What is the status of licensees on active military duty regarding
continuing education?
Can postpone until out of combat zone.
What is the maximum time a revoked license can be gone for?
Minimum 3 years, but could be permanent.
What is the recommended approach to answering questions on the state
exam?
Read each question and all 4 possible answers carefully.
What is the recommended strategy for changing answers on the exam?
Be cautious and trust your first instinct.
What is a common error regarding earnest money under Michigan law?
The money cannot be released without a judge's order if in dispute.
What is the recommended mode for using the Michigan Real Estate
Exam Prep?
Use in study mode, not test mode.
What should you do if you have misplaced your certificate?
Email the Academy to request another copy.
What are the two online resources for preparing for real estate exams?
PSI and AMP tests.
What is the process to create an account for the Michigan ELibrary?
, Sign in using your Google or Gmail account.
What is the purpose of the PSI Exam Candidate Handbook?
To provide specific information about exam contents, testing sites, and
rules.
What is included in the PSI exam preparation test?
Available for purchase when signing up for the State Exam.
Who can a salesperson receive compensation from?
Only from their own broker.
Can a former broker pay commission to an unlicensed individual?
Yes, but they are not required to.
What cannot be used to promote real estate sales?
Lotteries, contests, and drawings.
What must a licensee prove before suing for commission?
That they were licensed when the activity occurred.
What name must a broker use in business?
The name under which the license was issued.
What must be included in all advertisements?
The broker's name and contact information.
What must be done before signing service provision agreements?
They must be fully filled in and a copy given to the seller/buyer.
What is the duty of a licensee regarding offers on a listed property?
To present all offers.
When does a licensee not have to present other offers?
EXAM:LICENSING, LAWS AND
AGENCY PRINCIPLES
What is the price of the Michigan Real Estate Exam Prep app?
$8.99
How many questions does the Michigan Real Estate Exam Prep contain?
733 questions
What is the required passing grade for the class final exam?
70% or higher
How long must a security deposit be returned in Michigan?
Within 30 days
What is the cancellation period for a purchase agreement under the
Michigan Condominium Act?
9 days
What is the fee to register for the Michigan Salesperson's Real Estate
Exam?
,$79
How many multiple choice questions are on the state exam?
115 questions
What is the minimum number of correct answers needed to pass the state
exam?
80 correct answers
How long is the license valid after passing the exam?
3 years
What happens if you do not find a broker within one year of passing the
exam?
You will have to retake the exam.
What is the minimum continuing education requirement for each year
licensed?
6 hours
How many hours of legal education are required each license year?
Minimum 2 hours
What must a salesperson do to receive compensation?
Receive it only from their own broker.
What is the consequence of missing more than one renewal?
Must retake the exam and apply for re-licensure.
What is the authority for passing license law in Michigan?
Emanates from the police power of the State.
What is required for real estate schools and curriculum?
Must be approved by the Department.
,What is the term length for a board member?
4-year term, may not serve more than 2 consecutive terms.
What must be done if there are changes to location, name, or address?
Processed through Lansing.
What is the status of licensees on active military duty regarding
continuing education?
Can postpone until out of combat zone.
What is the maximum time a revoked license can be gone for?
Minimum 3 years, but could be permanent.
What is the recommended approach to answering questions on the state
exam?
Read each question and all 4 possible answers carefully.
What is the recommended strategy for changing answers on the exam?
Be cautious and trust your first instinct.
What is a common error regarding earnest money under Michigan law?
The money cannot be released without a judge's order if in dispute.
What is the recommended mode for using the Michigan Real Estate
Exam Prep?
Use in study mode, not test mode.
What should you do if you have misplaced your certificate?
Email the Academy to request another copy.
What are the two online resources for preparing for real estate exams?
PSI and AMP tests.
What is the process to create an account for the Michigan ELibrary?
, Sign in using your Google or Gmail account.
What is the purpose of the PSI Exam Candidate Handbook?
To provide specific information about exam contents, testing sites, and
rules.
What is included in the PSI exam preparation test?
Available for purchase when signing up for the State Exam.
Who can a salesperson receive compensation from?
Only from their own broker.
Can a former broker pay commission to an unlicensed individual?
Yes, but they are not required to.
What cannot be used to promote real estate sales?
Lotteries, contests, and drawings.
What must a licensee prove before suing for commission?
That they were licensed when the activity occurred.
What name must a broker use in business?
The name under which the license was issued.
What must be included in all advertisements?
The broker's name and contact information.
What must be done before signing service provision agreements?
They must be fully filled in and a copy given to the seller/buyer.
What is the duty of a licensee regarding offers on a listed property?
To present all offers.
When does a licensee not have to present other offers?
