Michigan Real Estate Exam Prep

MI Salesperson Practice Exam

Our Michigan Real Estate Exam Preparation guide will have you quickly prepared for your upcoming Salesperson License Exam. We have helped license over 50,000 students with an exam pass rate of over 95%. The practice exam questions and answers were created by industry experts and are constantly updated to Michigan’s licensing requirements. We stand by our real estate practice exams and offer an exam pass guarantee.

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Michigan License Requirements

An applicant for a real estate salesperson license must be 18 years of age and have successfully completed education and examination requirements required by the Occupational Code, PA 299 of 1980.
40 clock hours of approved real estate fundamentals Examination.
A real estate salesperson license can only be issued if a complete application, with fee and broker’s signature, is received by the department.
Other requirements include: “good moral character”, a current letter of good standing from states in which the applicant currently holds, or has ever held, a real estate license.

Michigan Sample Practice Real Estate Exam Questions and Answers

Michigan State Section

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Question 1

How soon can a broker receive a commission check after a closing in Michigan?

A	Once the offer sheet is signed.
B	When the Buyer moves in.
C	Once the seller agrees to the price.
D	After the transaction is completed and funded.

Question 2

Mortgage "discount" points only apply if which of the following conditions are met?

A	The interest rate on the mortgage loan has been lowered by 1% for each point charged
B	The seller has agreed to pay 1% of the closing costs
C	The loan does not close and the buyer owes the lender for services rendered
D	The interest rate on the mortgage loan has been lowered by 2% for each point charged

Question 3

Standing trees would be considered:

A	Chattels
B	Real property
C	Personal Property
D	Emblements

Question 4

Which is not necessary for a valid contract?

A	offer
B	due date
C	acceptance
D	legal object

Question 5

Which of the following would not put a sales person in jeopardy of losing their license in Michigan?

A	Being authorized to accept and excessive commission.
B	Depositing his/her clients escrow money into a personal account
C	Placing an ad claiming to be a broker when they are not.
D	Convicted of a felony

Question 6

Who is responsible for maintaining a habitable property and for complying with local housing and building codes?

A	Agent
B	Buyer
C	Lessor
D	Lessee

Question 7

Does Michigan have dower laws?

A	Yes
B	No

Question 8

Does Michigan participate in reciprocity with other states?

A	No
B	Yes

Question 9

What tenancies does Michigan allow?

A	Both
B	Joint tenancy
C	Neither
D	Tenancy by the entirety

Question 10

What is a holographic will?

A	a will that displays in 3D
B	a will and testament that has been entirely handwritten and signed by the testator.
C	a standard boiler plate will.
D	a will that has been approved by each family member.

Question 11

In what circumstances, if any, can a broker in Michigan who is serving as an intermediary representing both parties collect compensation from both the buyer and the seller?

A	Only when both buyer and seller have legal representation
B	In most circumstances, except when the buyer and seller are related
C	None; the broker may only collect compensation from one party to a transaction
D	Only when both buyer and seller give informed consent to this arrangement

Question 12

The license law is administered by:

A	Michigan Department of Real Estate
B	Michigan State Board of Real Estate Brokers and Sales persons
C	Michigan Commission of Realtors
D	Commission of Michigan Real Estate

Question 13

Does Michigan have homestead laws?

A	No
B	Yes

Question 14

What term means "going to the state?"

A	police power
B	escheat
C	Taxation
D	Eminent Domain

Question 14 Explanation:

Escheat is if someone dies and there is no one to inherit or no will the property goes to the state.

Question 15

The Salesperson license fee costs how much?

A	$50
B	$88
C	$78
D	$100

Question 16

What is homestead protection?

A	Gradual subsidence of waters, leaving dry land
B	The estimated value that an asset will have at then end of it's useful life
C	The status provided to a home owner's principal residence that protects the home against judgement up to a specified amount.
D	Net cash remaining to investor after sale of investment property

Question 17

Which of the following isn't part of a deed?

A	novation
B	acknowledgement
C	Habendum
D	Premises

Question 18

Which of the following is required for an applicant to receive a Real Estate License?

A	Must have a Bachelors degree
B	Must sit and pass the required exam
C	Must be 25 or older
D	Must have lived in the state for more than a year

Question 19

After passing the real estate license exam, how often must you take Continuing Education classes?

A	every year
B	every 2 years
C	every 3 years
D	every 4 years

Question 20

Is Michigan a community property state?

A	Yes
B	No

Question 21

Does Michigan allow Holographic wills?

A	No
B	Yes

Question 22

Which of the following is a landlord's option for a tenant not paying the rent?

A	shut off the power
B	lock the tenant out of the apartment
C	shutoff the gas
D	unlawful detainer action in court

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