Michigan Real Estate Exam Practice question and answers graded A

When land is conveyed to a trustee, what may a trustee do? - Answer- Whatever is permitted under the trust agreement. What is true of both special assessments an ad valorem taxes? - Answer- Delinquent payment is grounds for sale of the property. At the time of harvest, crops that require annual plantin gare generally considered to be what? - Answer- Personal property. A homeowner has negotiated with a neighbor to obtain the permanent right to pass over the northern part of the neighbor's land to gain access to the river. He pays the neighbor $9,000 for the right of access and receives a deed. This is an easement _______? - Answer- Appurtenant Two lots of the same size are sold on a street. The lot on the corner sells for $20,000 more than the lot in the middle of the street. What characteristic MOST likely explains the price difference? - Answer- Situs. A tenant rented an apartment, signing a 15-month lease. After the lease expired, the tenant paid 1 month's rent and got a receipt. What kind of leasehold does the tenant have? - Answer- Holdover Tenancy. Legal descriptions using the government survey system are NOT generally used where? - Answer- the original 13 states A deed restriction is applicable to the activities of who? - Answer- present and future owners. A landowner wishes to build a neighborhood grocery store on a busy street in an area zoned for residential use. What would MOST likely be used to obtain permission for this store? - Answer- Conditional use permit or zoning variance.