Michigan Real Estate Exam | Test Bank with Correct Answers | Latest 2024 Edition | Actual Questions & Verified Solutions | Instant Download

Michigan Real Estate Exam/ Test Bank for Michigan Real
Estate Exam/ Questions with Correct Answers/ Latest
2024.



What does LARA stand for? - Correct Answer - The Department of Licensing and Regulatory Affairs



What is the purpose of LARA? - Correct Answer - to support business growth and the creation of new
jobs by ensuring real estate business structure is fair and efficient



Which of these entities or individuals are responsible for oversight of the Bureau of Professional
Licensing?

1. Department Director

2. Chief Deputy Director

3. Director of Professional Licensing

4. Board of Real Estate Brokers and Salespersons - Correct Answer - Chief Deputy Director



How is LARA organized? (There are 3 levels, and 4 jobs) - Correct Answer - Level 1: Department Director
and Chief Deputy Director (hold the majority of power)

Level 2: Director of Professional Licensing

Level 3: Board of Real Estate Brokers and Salespersons

(Level 1 oversees level 2 and 3, level 2 oversees level 3, etc.)



What are the duties (or duty) of the Department director of LARA? (also known as the executive director)
- Correct Answer - oversees administrative operations



What are the duties (or duty) of the Chief Deputy Director of LARA? - Correct Answer - oversees the
Bureau of Professional Licensing




pg. 1

,What are the duties (or duty) of the director of professional licensing of LARA? - Correct Answer - to
oversee the Board of Real Estate Brokers and Salespersons



What are the 5 duties of the Board of Real Estate Brokers and Salespersons? - Correct Answer - 1.
promulgates rules

2. assesses penalties

3. assists the department in interpreting licensure requirements

4. recommends licensing (and continuing education)

5. develops exams and alternate forms of testing



For LARA, whose responsibility is it to promulgate rules? - Correct Answer - Board of Real Estate Brokers
and Salespersons



For LARA, whose responsibility is it to oversee the administrative operations? - Correct Answer -
Department Director



For LARA, whose responsibility is it to assess penalties? - Correct Answer - Board of Real Estate Brokers
and Salespersons



For LARA, whose responsibility is it to oversee the Board of Real Estate Brokers and Salespersons? -
Correct Answer - Director of Professional Licensing



For LARA, whose responsibility is it to recommend licensure schools and programs? - Correct Answer -
Board of Real Estate Brokers and Salespersons



For the Board of Real Estate Brokers and Salespersons, the Governor has what 2 responsibilities when it
comes to members? - Correct Answer - to appoint members and to remove members



For the Board of Real Estate Brokers and Salespersons, how long is a term for the Governor? How many
terms can they serve? - Correct Answer - 4 year terms - they can serve two consecutive terms max



How many members are on the Board of Real Estate Brokers and Salespersons? - Correct Answer - 9



pg. 2

,On the Board of Real Estate Brokers and Salespersons, how many are licensed real estate brokers, and
how many are non-licensed consumers? - Correct Answer - 6 are licensed real estate brokers, and 3 are
non-licensed consumers



what are the 5 responsibilities of the Board of Real Estate Brokers and Salespersons? - Correct Answer -
1. discuss policy

2. promulgate rules

3. assess penalties

4. make recommendations to the department (LARA) concerning education and CE programs

5. set minimum acceptable standards of practice for real estate professionals in Michigan



T/F The director of professional licensing makes appointments to the board? - Correct Answer - false



T/F The Board of Real Estate Brokers and Salespersons serve a four-year term - Correct Answer - true



Once appointed, The Board of Real Estate Brokers and Salespersons can't be removed until their term is
up. - Correct Answer - false



The Board of Real Estate Brokers and Salespersons serve a maximum of two consecutive terms. - Correct
Answer - true



How many members make up the Board of Real Estate Brokers and Salespersons? - Correct Answer - 9



Who or what entity is responsible for regulation of the Board of Real Estate Brokers and Salespersons? -
Correct Answer - The Department of Licensing and Regulatory Affairs (LARA)



How many members of the Board of Real Estate Brokers and Salespersons are licensed real estate
professionals? - Correct Answer - 6



How many members of the Board of Real Estate Brokers and Salespersons are members of the general
public? - Correct Answer - 3


pg. 3

, T/F The Board of Real Estate Brokers and Salespersons sets standards of practice for real estate
professionals? - Correct Answer - true



T/F The Board of Real Estate Brokers and Salespersons passes real estate laws - Correct Answer - false



T/F The Board of Real Estate Brokers and Salespersons promulgates rules - Correct Answer - true



T/F The Board of Real Estate Brokers and Salespersons recommends approval of education programs -
Correct Answer - true



What are the 7 steps of a complaint process in Michigan? - Correct Answer - 1. Complaint filed

2. Investigation, first steps,

3. Investigation

4. Informal conference

5. Formal complaint

6. Contested case hearing

7. Final decision



When a complaint is filed in Michigan for real estate, where do they file it? - Correct Answer - The
complainant files a Statement of Complaint form with LARA



Who can file complaints? - Correct Answer - the general public, LARA, or the state attorney general



When is the complainant notified that investigation has begun after they file a complaint? - Correct
Answer - within 15 days



T/F complaints are filed by phone - Correct Answer - false




pg. 4