Michigan Real Estate Exam QUESTION AND ANSWERS 100% SOLVED

Accretion - Answer- The addition to real estate by accumulation of soil and land through nature. Accrued Depreciation - Answer- Loss in value of a property due to time. Difference of replacement cost and the presently appraised value. Acre - Answer- 43,560 Sq Ft Actual Notice - Answer- Notifying person of an existing property by showing documents or other physical evidence. Ad Valorem - Answer- According to value. (Latin) Administrator - Answer- A Personal representative. A person appointed by court to settle the estate of a person who died without a will. Adverse Easement (Easement by prescription) - Answer- An easement acquired by means of a notorious and continous use of property. Adverse Possession - Answer- Gaining interest in real estate through actual, notorious, and notorious possession for the statutory period of time. Agent - Answer- One authorized to represnt another on his behalf. Air Rights - Answer- The right of the real estate owner to the space above the land. Air Space - Answer- Space that is solely owned by condo owners (they only own the condo, not the land below or air above. Allodial System - Answer- Current system employed in the US and other counts to own real estate.