Michigan real estate study Exam
When is a certificate of occupancy issued? - ANSWER After building construction
work has been inspected and found satisfactory by the municipal inspector
MSHDA (Michigan State Housing Development Authority) - ANSWER Offers down
payment assistance for first time and repeat home buys
tying agreement - ANSWER An illegal agreement requiring a customer to buy other
products in order to obtain desired goods and services.
Examples: printer and ink. Printers are the base good.you buy one printer it's tied a
second good the ink.
Regulation Z generally applies when a credit transaction is secured by - ANSWER A
residence: regulation Z applies to credit transactions related to loan on a residence.
Michigan Land Division Act - ANSWER requires that land be suitable for building
sites and public improvements.
(Governs the process of splitting or dividing a single parcel of land into multiple
smaller parcels.)
Ginnie Mae - ANSWER The Government National Mortgage Association ( or Ginnie
Mae ) is a government corporation within the U.S. Department of Housing and Urban
Development ( HUD ) . It was established in 1968 when Fannie Mae was privatized .
Its mission is to expand funding for mortgages that are insured or guaranteed by
other federal agencies .
Steering - ANSWER Is the practice of influencing a buyer's choice of communities
based upon one of the protected characteristics under the Fair Housing Act, which
are race,color,religion,gender,disability,familial status,or national origin.
Many states determine the order of water rights according to which users of the
water hold a recorded beneficial use permit. This allocation of water rights is
determined by:
A.)accretion
B.) riparian theory
C.) littoral theory
D. The doctrine of prior appropriation. - ANSWER D. The doctrine of prior
appropriation
The right to control one's property includes all of the following EXCEPT :
A. the right to invite people on the property for a political fund - raiser
B. the right to exclude the utilities meter reader .
, C. the right to erect " no trespassing " signs .
D. the right to enjoy pride of ownership . - ANSWER B. This right to enter and work
on a property is granted to utility companies (water , sewer ,gas and electric ) as well
as telephone and cable companies . Essentially , if a company provides a service
and owns the equipment ( e.g. , phone and cable lines ) , they are usually granted an
easement .
Which of the following types of ownership CANNOT be created by operation of law ,
but must be created by the parties ' expressed intent ?
A. community property
B. tenancy in common
C. condominium ownership
D. tenancy by the entireties - ANSWER D. Tenancy by the entireties is a form of
ownership that husbands and wives can choose or create by deciding to do so and
declaring it as such in contracts and deeds . Tenancy in common is put in motion by
state law . Community Property is a law of ownership that exists in Arizona ,
California , Idaho , Louisiana , Nevada , New Mexico , Texas , Washington and some
the Entireties is an estate that is recognized in some states between who have equal
right of possession and enjoyment during their joint lives and with the other states .
Tenancy by husband and wife , right of survivorship-- that is when one dies , the
property goes to the surviving tenant . form of ownership will be ( In many states , if
couples do not specify " Joint Tenancy , " this automatically assumed . ) Tenancy in
Common is a type of joint ownership by parties NOT his share or leave it in a will
without the consent of married , that allows a person to sell the other owners . If a
person dies without a will , his share goes to his heirs , not to the other owners .
Which of the following is / are considered to be personal property ?
A. wood - burning fireplace
B. furnace
C. bathtubs
D. patio furniture - ANSWER D. The concept of personal property typically comes
into play at the time of sale . Things that are part of the house -- bathroom fixtures ,
fireplaces , carpeting and such- go with the sale . ( Unless specifically excluded , as
can happen in the case of a dining room chandelier or one or two other objects with
which the owners have an emotional attachment . ) Furniture , rugs , lamps and
other portable items that are not " nailed down " constitute personal property and are
not included in the sale .
The word " improvement " would refer to all of the following EXCEPT :
A. streets .
B. a sanitary sewer system .
C. trade fixtures .
D. the foundation. - ANSWER C. The term " trade fixture " refers to an item installed
by a tenant in a rented commercial property that he or she removes at the end of the
occupancy . More on this topic follows .
All of the following are physical characteristics of land EXCEPT:
A.) indestructible.
When is a certificate of occupancy issued? - ANSWER After building construction
work has been inspected and found satisfactory by the municipal inspector
MSHDA (Michigan State Housing Development Authority) - ANSWER Offers down
payment assistance for first time and repeat home buys
tying agreement - ANSWER An illegal agreement requiring a customer to buy other
products in order to obtain desired goods and services.
Examples: printer and ink. Printers are the base good.you buy one printer it's tied a
second good the ink.
Regulation Z generally applies when a credit transaction is secured by - ANSWER A
residence: regulation Z applies to credit transactions related to loan on a residence.
Michigan Land Division Act - ANSWER requires that land be suitable for building
sites and public improvements.
(Governs the process of splitting or dividing a single parcel of land into multiple
smaller parcels.)
Ginnie Mae - ANSWER The Government National Mortgage Association ( or Ginnie
Mae ) is a government corporation within the U.S. Department of Housing and Urban
Development ( HUD ) . It was established in 1968 when Fannie Mae was privatized .
Its mission is to expand funding for mortgages that are insured or guaranteed by
other federal agencies .
Steering - ANSWER Is the practice of influencing a buyer's choice of communities
based upon one of the protected characteristics under the Fair Housing Act, which
are race,color,religion,gender,disability,familial status,or national origin.
Many states determine the order of water rights according to which users of the
water hold a recorded beneficial use permit. This allocation of water rights is
determined by:
A.)accretion
B.) riparian theory
C.) littoral theory
D. The doctrine of prior appropriation. - ANSWER D. The doctrine of prior
appropriation
The right to control one's property includes all of the following EXCEPT :
A. the right to invite people on the property for a political fund - raiser
B. the right to exclude the utilities meter reader .
, C. the right to erect " no trespassing " signs .
D. the right to enjoy pride of ownership . - ANSWER B. This right to enter and work
on a property is granted to utility companies (water , sewer ,gas and electric ) as well
as telephone and cable companies . Essentially , if a company provides a service
and owns the equipment ( e.g. , phone and cable lines ) , they are usually granted an
easement .
Which of the following types of ownership CANNOT be created by operation of law ,
but must be created by the parties ' expressed intent ?
A. community property
B. tenancy in common
C. condominium ownership
D. tenancy by the entireties - ANSWER D. Tenancy by the entireties is a form of
ownership that husbands and wives can choose or create by deciding to do so and
declaring it as such in contracts and deeds . Tenancy in common is put in motion by
state law . Community Property is a law of ownership that exists in Arizona ,
California , Idaho , Louisiana , Nevada , New Mexico , Texas , Washington and some
the Entireties is an estate that is recognized in some states between who have equal
right of possession and enjoyment during their joint lives and with the other states .
Tenancy by husband and wife , right of survivorship-- that is when one dies , the
property goes to the surviving tenant . form of ownership will be ( In many states , if
couples do not specify " Joint Tenancy , " this automatically assumed . ) Tenancy in
Common is a type of joint ownership by parties NOT his share or leave it in a will
without the consent of married , that allows a person to sell the other owners . If a
person dies without a will , his share goes to his heirs , not to the other owners .
Which of the following is / are considered to be personal property ?
A. wood - burning fireplace
B. furnace
C. bathtubs
D. patio furniture - ANSWER D. The concept of personal property typically comes
into play at the time of sale . Things that are part of the house -- bathroom fixtures ,
fireplaces , carpeting and such- go with the sale . ( Unless specifically excluded , as
can happen in the case of a dining room chandelier or one or two other objects with
which the owners have an emotional attachment . ) Furniture , rugs , lamps and
other portable items that are not " nailed down " constitute personal property and are
not included in the sale .
The word " improvement " would refer to all of the following EXCEPT :
A. streets .
B. a sanitary sewer system .
C. trade fixtures .
D. the foundation. - ANSWER C. The term " trade fixture " refers to an item installed
by a tenant in a rented commercial property that he or she removes at the end of the
occupancy . More on this topic follows .
All of the following are physical characteristics of land EXCEPT:
A.) indestructible.
