MICHIGAN BUILDERS LICENSE EXAM PRACTI g g g g
CE EXAM AND STUDY GUIDE NEWEST 2024 AC
g g g g g g g
TUAL EXAM 500 QUESTIONS AND g g g g
CORRECT DETAILED ANSWERS (VERIFIED AN g g g g
SWERS) ||ALREADY GRADED A+ g g g
To be entitled to receive a commission on her exclusive listing,
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the broker must prove all the following EXCEPT that he/she:
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has a valid, signed listing agreement produce
g g g g g g
d a ready, willing and able buyer that he/she
g g g g g g g g g
belonged to the real estate board g g g g g
that he/she was procuring cause. -
g g g g g
g...ANSWER...that he/she belonged to the real estate board g g g g g g g
Broker Gary opens a branch office. Gary must appoint an assoc
g g g g g g g g g g
iate broker to supervise this office under what circumstance?
g g g g g g g g
Gary's new branch is on the other side of town. The
g g g g g g g g g g g
new office is 30 miles from the city limits.
g g g g g g g g
Gary has more than 15 licensees working in the branch office.
g g g g g g g g g g g
The new office is located more than 25 miles from Gary's main
g g g g g g g g g g g
office. -
g g
...ANSWER...The new office is 30 miles from the city limits.
g g g g g g g g g g
Broker Dan is required to keep seller Gary informed of all mate
g g g g g g g g g g g
rial facts pertinent to the sale of his home. Which of the followi
g g g g g g g g g g g g
ng facts must Dan tell Gary?
g g g g g
,The prospective buyer is Asian.
g g g g g
The buyer is over 70 years old.
g g g g g g
The buyer's lender will require the buyer to have private mortga
g g g g g g g g g g
ge insurance (PMI).
g g
The buyer has five children. -
g g g g g
...ANSWER...The buyer's lender will require the buyer to ha
g g g g g g g g g
ve private mortgage insurance (PMI).
g g g g
The state and county transfer tax charged to the seller of a prop
g g g g g g g g g g g g
erty is based on what? - ...ANSWER...The selling price
g g g g g g g g
Broker Karen received an earnest money check from buyer, Da
g g g g g g g g g
n. What should Karen do with the money? -
g g g g g g g g
...ANSWER...Deposit the money in a non- g g g g g
interest bearing trust account that holds other escrow funds.
g g g g g g g g
Which of the following is *not* a requirement for obtaining a b
g g g g g g g g g g g
roker's license? g
Ninety (90) hours of approved education after receiving a sales
g g g g g g g g g
person license g
Twenty-one (21) years old g g g
Three (3)years of experience as a licensed salesperson Good
g g g g g g g g g
moral character - ...ANSWER...Twenty-one (21) years old
g g g g g g
When a licensed broker changes his or her place of business:
g g g g g g g g g g
The Department will issue a new license immediately. Th
g g g g g g g g
e Department could choose to revoke the license if the bro
g g g g g g g g g g
ker fails to give proper notification of the change.
g g g g g g g g
A new license will be issued for a full three-year cycle.
g g g g g g g g g g
,The Department must approve the change of address. -
g g g g g g g g
...ANSWER...The Department could choose to revoke the g g g g g g g
license if the broker fails to give proper notification of the c
g g g g g g g g g g g
hange.
How many of the 40 hours of approved salesperson instructio
g g g g g g g g g
n must be in the area of civil rights law and equal opportunity i
g g g g g g g g g g g g g
n housing? - ...ANSWER...4
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Elena's listing with Ben of Homeland Real Estate Group has ex
g g g g g g g g g g
pired, so she lists with Associated Realty. Ben finds a buyer for
g g g g g g g g g g g g
Elena's home. Which statement is true?
g g g g g
Ben is now a dual agent.
g g g g g
Ben cannot represent the new buyer because of his previous rel
g g g g g g g g g g
ationship with Elena. g g
Ben cannot disclose any information about offers that Elena rec
g g g g g g g g g
eived during her listing with him.
g g g g g
Ben cannot disclose what he knows about Elena's home. -
g g g g g g g g g
...ANSWER...Ben cannot disclose any information about offer g g g g g g
s that Elena received during her listing with him.
g g g g g g g g
Fifteen dollars ($15.00) of each license fee will be credited to
g g g g g g g g g g
- ...ANSWER...The enforcement fund
g g g
Which of the following loan programs is NOT available
g g g g g g g g
*through* the Michigan State Housing Development Authority
g g g g g g
?
Mortgage credit certificate g g g
VA loan
g
Property improvement g
Single family mortgage - ...ANSWER...VA loan
g g g g g
, *The VA provides VA loans. g g g g
The phrase "engaging in the real estate business" means acting f
g g g g g g g g g g
or another in exchange for a fee in all but which of the followin
g g g g g g g g g g g g g
g situations?
g
Building a home for another Res g g g g g
elling a mobile home Selling reag g g g g
l estate
g
Collecting rent for the lease of a property - g g g g g g g g
...ANSWER...Building a home for another g g g g
Broker Peter puts an ad in the newspaper with just a street addr
g g g g g g g g g g g g
ess. Which statement is true?
g g g g
The ad is legal because Peter can advertise as a private party. F
g g g g g g g g g g g g
or the ad to be legal, Peter needs to include his telephone numb
g g g g g g g g g g g g
er.
The ad is fine because the Department does not regulate newsp
g g g g g g g g g g
aper advertising. g
The ad is illegal if it does not include the business name of the b
g g g g g g g g g g g g g g
rokerage. - g
g...ANSWER...The ad is illegal if it does not include the busines g g g g g g g g g g
s name of the brokerage.
g g g g
To renew a license, a broker must -
g g g g g g g
...ANSWER...Have completed 18 hours of which 2 per calen
g g g g g g g g g
dar year involved law, rules and court cases
g g g g g g g
A non- g
resident applicant for a license must file which of the following
g g g g g g g g g g
gwith the license application?
g g g
CE EXAM AND STUDY GUIDE NEWEST 2024 AC
g g g g g g g
TUAL EXAM 500 QUESTIONS AND g g g g
CORRECT DETAILED ANSWERS (VERIFIED AN g g g g
SWERS) ||ALREADY GRADED A+ g g g
To be entitled to receive a commission on her exclusive listing,
g g g g g g g g g g
the broker must prove all the following EXCEPT that he/she:
g g g g g g g g g g
has a valid, signed listing agreement produce
g g g g g g
d a ready, willing and able buyer that he/she
g g g g g g g g g
belonged to the real estate board g g g g g
that he/she was procuring cause. -
g g g g g
g...ANSWER...that he/she belonged to the real estate board g g g g g g g
Broker Gary opens a branch office. Gary must appoint an assoc
g g g g g g g g g g
iate broker to supervise this office under what circumstance?
g g g g g g g g
Gary's new branch is on the other side of town. The
g g g g g g g g g g g
new office is 30 miles from the city limits.
g g g g g g g g
Gary has more than 15 licensees working in the branch office.
g g g g g g g g g g g
The new office is located more than 25 miles from Gary's main
g g g g g g g g g g g
office. -
g g
...ANSWER...The new office is 30 miles from the city limits.
g g g g g g g g g g
Broker Dan is required to keep seller Gary informed of all mate
g g g g g g g g g g g
rial facts pertinent to the sale of his home. Which of the followi
g g g g g g g g g g g g
ng facts must Dan tell Gary?
g g g g g
,The prospective buyer is Asian.
g g g g g
The buyer is over 70 years old.
g g g g g g
The buyer's lender will require the buyer to have private mortga
g g g g g g g g g g
ge insurance (PMI).
g g
The buyer has five children. -
g g g g g
...ANSWER...The buyer's lender will require the buyer to ha
g g g g g g g g g
ve private mortgage insurance (PMI).
g g g g
The state and county transfer tax charged to the seller of a prop
g g g g g g g g g g g g
erty is based on what? - ...ANSWER...The selling price
g g g g g g g g
Broker Karen received an earnest money check from buyer, Da
g g g g g g g g g
n. What should Karen do with the money? -
g g g g g g g g
...ANSWER...Deposit the money in a non- g g g g g
interest bearing trust account that holds other escrow funds.
g g g g g g g g
Which of the following is *not* a requirement for obtaining a b
g g g g g g g g g g g
roker's license? g
Ninety (90) hours of approved education after receiving a sales
g g g g g g g g g
person license g
Twenty-one (21) years old g g g
Three (3)years of experience as a licensed salesperson Good
g g g g g g g g g
moral character - ...ANSWER...Twenty-one (21) years old
g g g g g g
When a licensed broker changes his or her place of business:
g g g g g g g g g g
The Department will issue a new license immediately. Th
g g g g g g g g
e Department could choose to revoke the license if the bro
g g g g g g g g g g
ker fails to give proper notification of the change.
g g g g g g g g
A new license will be issued for a full three-year cycle.
g g g g g g g g g g
,The Department must approve the change of address. -
g g g g g g g g
...ANSWER...The Department could choose to revoke the g g g g g g g
license if the broker fails to give proper notification of the c
g g g g g g g g g g g
hange.
How many of the 40 hours of approved salesperson instructio
g g g g g g g g g
n must be in the area of civil rights law and equal opportunity i
g g g g g g g g g g g g g
n housing? - ...ANSWER...4
g g g
Elena's listing with Ben of Homeland Real Estate Group has ex
g g g g g g g g g g
pired, so she lists with Associated Realty. Ben finds a buyer for
g g g g g g g g g g g g
Elena's home. Which statement is true?
g g g g g
Ben is now a dual agent.
g g g g g
Ben cannot represent the new buyer because of his previous rel
g g g g g g g g g g
ationship with Elena. g g
Ben cannot disclose any information about offers that Elena rec
g g g g g g g g g
eived during her listing with him.
g g g g g
Ben cannot disclose what he knows about Elena's home. -
g g g g g g g g g
...ANSWER...Ben cannot disclose any information about offer g g g g g g
s that Elena received during her listing with him.
g g g g g g g g
Fifteen dollars ($15.00) of each license fee will be credited to
g g g g g g g g g g
- ...ANSWER...The enforcement fund
g g g
Which of the following loan programs is NOT available
g g g g g g g g
*through* the Michigan State Housing Development Authority
g g g g g g
?
Mortgage credit certificate g g g
VA loan
g
Property improvement g
Single family mortgage - ...ANSWER...VA loan
g g g g g
, *The VA provides VA loans. g g g g
The phrase "engaging in the real estate business" means acting f
g g g g g g g g g g
or another in exchange for a fee in all but which of the followin
g g g g g g g g g g g g g
g situations?
g
Building a home for another Res g g g g g
elling a mobile home Selling reag g g g g
l estate
g
Collecting rent for the lease of a property - g g g g g g g g
...ANSWER...Building a home for another g g g g
Broker Peter puts an ad in the newspaper with just a street addr
g g g g g g g g g g g g
ess. Which statement is true?
g g g g
The ad is legal because Peter can advertise as a private party. F
g g g g g g g g g g g g
or the ad to be legal, Peter needs to include his telephone numb
g g g g g g g g g g g g
er.
The ad is fine because the Department does not regulate newsp
g g g g g g g g g g
aper advertising. g
The ad is illegal if it does not include the business name of the b
g g g g g g g g g g g g g g
rokerage. - g
g...ANSWER...The ad is illegal if it does not include the busines g g g g g g g g g g
s name of the brokerage.
g g g g
To renew a license, a broker must -
g g g g g g g
...ANSWER...Have completed 18 hours of which 2 per calen
g g g g g g g g g
dar year involved law, rules and court cases
g g g g g g g
A non- g
resident applicant for a license must file which of the following
g g g g g g g g g g
gwith the license application?
g g g
