Michigan Real Estate Exam Questions and Answers 100% Pass

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Michigan Real Estate Exam Questions and Answers 100% Pass Accretion ✔✔The addition to real estate by accumulation of soil and land through nature. Accrued Depreciation ✔✔Loss in value of a ... property due to time. Difference of replacement cost and the presently appraised value. Acre ✔✔43,560 Sq Ft Actual Notice ✔✔Notifying person of an existing property by showing documents or other physical evidence. Ad Valorem ✔✔According to value. (Latin) Administrator ✔✔A Personal representative. A person appointed by court to settle the estate of a person who died without a will. Adverse Easement (Easement by prescription) ✔✔An easement acquired by means of a notorious and continous use of property. Adverse Possession ✔✔Gaining interest in real estate through actual, notorious, and notorious possession for the statutory period of time. Agent ✔✔One authorized to represnt another on his behalf. Air Rights ✔✔The right of the real estate owner to the space above the land. Air Space ✔✔Space that is solely owned by condo owners (they only own the condo, not the land below or air above. Allodial System ✔✔Current system employed in the US and other counts to own real estate. Americans with Disabilities Act (ADA) ✔✔Federal law that requires public facilities to make accommodations for the disabled. Appraisal ✔✔An opinion issued by a state licensed appraised estimating the value of property based on property features and market conditions. Appreciation ✔✔The increase of property value resulting from economic conditions Appurtenance ✔✔A privilege, right, or improvement that passes on with land upon transfer of title. Arms Length Transaction ✔✔Transaction that occurs in a competetive market rh leads to a fair sale involving a willing buyer and seller Assemblage ✔✔The merging of adjacent properties into one common ownership or use Assessed Value ✔✔Value allocated by the local govt for tax purposed Assessor ✔✔A person employed by the local govt to evaluate property for tac purposes Attorney in fact ✔✔A person authorized under a power of attorney to act on behalf of a principal in conducing business or persona activity Base Line ✔✔Imaginary line that runs in an east-west direction and interescet s with the meridian Benchmark ✔✔A fixed monument of a known location and elevation Block busting ✔✔To profit from inducing any person to sell or rent dwelings by repping entru of certain minority groups into a neighborhood Blue sky laws ✔✔laws that reulate the licensing and registration of securities and security dealers Board of Directors ✔✔An elected group of owners in a sub or condo associaition whose job is to meet to enforce the associations bylaws and to overlook the maintenance of the common elements Buffer zone ✔✔Zoning that sperates two diff use districts such as plnning a park bt an industrail and a residential district Bylaws ✔✔Rules enforced by subdivision and cond associations regulationg the use of properties and common elements. For example limiting the numer of pets a co owner may keep in a condo Capital Gain ✔✔Gains resulting from the sale of a capitl asset such as real estate Capital improvement ✔✔Improvements to property that add to its value extending the useful ilfe Capitalization ✔✔Determining the value of property by calculating its net operating income and divididng it by a capitalization rate Capitalization Rate ✔✔The rate of return that is expected to be obtained on capital invesested in income property Cash Flow ✔✔The income from an ivestment Cehck ✔✔An area of land, equal to 24 x 24 miles Civil Rights act of 1866 ✔✔Prohibits discrimination because of race without exceptions Common Elements ✔✔Portions of condominium complex owned jointly by tenants Community Property ✔✔A system of ownership adopted in some states between married couple that gives them both rights to certain things Concurrent estate ✔✔Ownership of a property by two or more persons at the same time Condemnation ✔✔The legal process of exercising the governments right of eminent domain Condominium ✔✔Ownership of a unit in a multiunit structure Condominium Conversion ✔✔The act of converting inits in a rental complex into individually owned inurs that may be bought or sold. Condominium Declaration ✔✔An instrument that is recorded with the govt to establish a condominium development Condominium Fee ✔✔An Expense assessed in proportion to the cost necessary to operate the condominium association such as maintenance and insurance of common elements Constructive Notice ✔✔Notice given to the public when legal documents are recorded at the register of deeds office. Contribution ✔✔Value added by one component of property in comparison to the whole. Cooperatives ✔✔A system of ownership reflected in leasing a unit by a stock holder of a corporation that owns the entire multi unit structure Corporation ✔✔A non-living entity that is treated as a person with rights and liabilities as well as income tax Covenant ✔✔A provision entered into an instrument promising certain action or inaction possibly limiting or allowing the use of property Curable Obsolescence ✔✔Outdated feature in property tht may be feasibly corrected to bring the property to current standards Curtesy ✔✔A lifetime granted to the husband in his wife's real estate granted to him upon her death. Debt servce ✔✔Loan payments including principle of interest Dedication ✔✔The donation of privately owned property to the public use. Deed Restrictions (Restrictive Covenant) ✔✔A requirement in a deed tht limits the future use of propety being conveyed. Defeasible Fee ✔✔Also called a qualifieid fee. Interest in real estate that may be canceled upon happening of a certain event Deferred Maintenance ✔✔Existing maintenance and repair requirements that are put off. Depreciation ✔✔Loss of property value Desireability ✔✔Economic charactersitic of a property affecting value which represents whether or not their are possible buyers Deterioration ✔✔The physical wear and tear that leads to depreciation Devise ✔✔A gift of real estate by will. Devisee ✔✔A person real estate title through will. Decisor ✔✔The person transfering the title of real estate through will Dominant Estate (Tenament) ✔✔The property that benefits from an appurtenent easement Dominant Tenant ✔✔The owner of the dominant estate that benefits from the appurtenant easement Dower Right ✔✔The right of a wife to her husbands real estate granted to her upon his death. Dual Agency ✔✔An Agency relationship that involves representing opposite parties in a transaction Durability ✔✔A physical characteristic that refers to the long lasting nature of real estate Easement ✔✔The right to use real property that belongs to another, for a certain purpose. Easement Appurtenant ✔✔A "right of way" given to a neighboring property which may be used usually for ingress and egress. It is said to "run with the land" Easement By Govt Condemnation ✔✔An easement that is obtained bu the govt on provate property for public use Easement by necessity ✔✔A court ordered easement for the benefit of a landlocked parcel over an adjacent property to provide access Easement by Prescription (Adverse Easement) ✔✔Obtained by a court order as a result as an open and notorious trespass over a statuatory period of time. Easement by Reservation ✔✔Created by a person who transfers ownership of property but withholds the right to use a portion of the property Economic Life ✔✔The length of time during which a property can be profitably utilized. Economic Obsolescence ✔✔... [Show More]

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