3 hour final Exam ( MI sales person PSI exam) QUESTION AND ANSWER GRADED A+

1. A veteran buying a home from a for sale by owner and financing it with a VA loan can do all of the following except: Immediately rent the home after closing to make the monthly payments 2. After Charlie's death, his will indicates that all of his real property must go to charity what can Charlie's wife do? Nothing Brainpower Read More 3. Two Brokers decide to go broke 60/40 in favor of the listing broker, and each broker split 50 Dash 50 with his sales person. How much will the listing sales person make if the house is sold for $134,500 & commission rate is 6%? $2,421 4. The real estate board, appointed by the governor and consisting of nine voting members, has authority to decide on all of the following except Waiving continuing education requirements for an individual who proves to be very competent. 5. Property is appraised for $158,000 and tax rate is 33 mills. How much tax is due? 2,607 6. A shape six miles by six miles square that results from intersection of range lines and township lines is called a: Township 7. A parcel of land measuring 485 ft by 1,210 ft sold for $122,000. Calculate the approximate price per acre. 9,056 8. The following is an example of functional obsolescence? Outdated plumbing. 9. An agent's exaggerated opinion of property features is known as: Puffing 10. After purchasing a home, the Johnson's purchased a dishwasher and installed it into the kitchen cabinets. This item has now become: A fixture 11. David and Susan purchased real estate as tenants in common. All of the following is true regarding their ownership except: C. When David dies, his share belongs to Susan automatically and without probate court. 12. John deeded property to his mother with the stipulation that the mother could own it for as long as she lived and upon her death property will go to charity. This is an example of: C. life estate. 13. David's architect told him that the house built on the lot must be within 20 feet from the lot line, while the zoning ordinance requires a 30-ft setback. David must apply and receive: A. A variance. 14. As a special agent of the owner, the salesperson needs written authority to do all of the following except: D. Disclose all known material facts to a potential buyer. 15. After noticing the opening of a new group home in a neighborhood, a licensee contacts the surrounding subdivision owners to notify them of that fact, suggesting that they may want to sell their property before it loses value. This illegal conduct is known as: A. Block-busting