Michigan Real Estate Exam Flash Cards verified content

Michigan Real Estate Exam Flash Cards verified content Special Assessment - Answer - A category of property tax levied upon a property according to specific benefits that it receives. Special assessments are levied for those improvements that only benefit a limited number of properties such as street paving, wa ter & sewer lines, sidewalks and lighting. Riparian Land - Answer - Land which is bounded by or touches a natural water source, such as river or stream. Littoral Land - Answer - Land that borders an ocean, sea, or one of the Great Lakes. Land - Answer - The immediate surface area, subsurface area, and air above. Bill of Sale - Answer - This is the document used to transfer ownership of personal property items. It accompanies the deed to the real property at the closing. Statute - Answer - A formal, written enactment of a state or federal legislative body; also known as an Act. Common Law - Answer - A body of law that stems from judicial decisions; for example, judgements and court decrees. Administrative Law - Answer - Law created by administrative agencies. A body of law that administrative agencies such as licensing departments use to carry out its regulatory function; for example, license laws and rules. Puffing - Answer - Statements of opinion made during the sale process. They do not amount to fraud sinc e they are not intended to be a representation of fact upon which a person can rely; for example, a listing agent tells a buyer that a home is located in the "most beautiful" neighborhood in town. Abstract Title - Answer - History of title chain. Accelera tion Clause - Answer - Speeds up repayment of unpaid principal upon default, Accretion - Answer - Land accumulated through the gradual motion of water. Accrue - Answer - Add to an amount. Acknowledgment - Answer - The notarization of a signature. Acre - Answer - 43,560 square feet Act - Answer - Legislative enactment Actual Agency - Answer - Arises when an agent has, in fact, been hired. Actual Damages - Answer - Damage award for actual losses. Actual Eviction - Answer - Expulsion of a tenant by a l andlord. (Physical ouster of a tenant by a landlord from leased property.) ADA - Answer - Americans with Disabilities Act Addendum (Addenda) - Answer - Something added such as a provision to a contract. Address - Answer - A location (not a legal descriptio n). Adjacent - Answer - Lying nearby. Adjusted Cost Basis - Answer - Cost (+) improvements ( -) depreciation Administrator - Answer - Court appointee who handles a decedent's estate. Ad Valorem - Answer - According to value. A type of tax based on the value of property. Most estate property taxes are ad valorem in nature. Adverse Possession - Answer - Acquiring title to land through long -term possession. (Squatter...openly and continuously for 15 years.) Affidavit - Answer - A written statement of fact sworn to under oath. Affiliated Licensees - Answer - Individuals licensed under the same broker.