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It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional advice. If legal advice or other expert assistance is required, the services ofa competent professional should be sought.  \nMICHIGAN REAL ESTATE EXAM PREP WORKBOOK ©2022 Kaplan, Inc.  \nPublished by DF Institute, Inc., d/b/a Dearborn Real Estate Education  \n332 Front St. S., Suite 501 La Crosse, WI 54601  \nAll rights reserved. The text of this publication, or any part thereof, may not be reproduced in any manner whatsoever without written permission from the publisher.  \n10 9 8 7 6 5 4 3 2 1  \nISBN: 978-1-0788-1924-4  \nCONTENTS  \nPreface v  \nUNIT 1  \nDuties and Powers of the Department and the State Board of Real Estate 1 Learning Objective 1  \nI. General Powers 1  \nII. Investigations, Conferences, Hearings, and Exemptions 2  \nIII . Penalties 2  \nUnit 1 Review Questions 3  \nUNIT 2  \nLicensing Requirements 5 Learning Objective 5  \nI. Activities Requiring a License and Exemptions 5  \nII. Types of Licenses 6  \nIII . Eligibility for Licensing (All Applicants) 6  \nIV. License Renewal, Including Continuing Education 7  \nV. Transfer or Change in License 7 Unit 2 Review Questions 8  \nUNIT 3  \nStatutory Requirements Governing the Activities of Licensees 11 Learning Objective 11  \nI. Advertising 11  \nII. Commissions and Specific Services for Which Fees May Be Charged 11  \nIII . Disclosure/Conflict of Interest 12  \nIV. Handling of Contracts, Documents, Listings, and Recommendations 12  \nV. Handling of Monies and Trust Accounts 12  \nVI. Place of Business/Branch Office Requirements (Broker Only) 12  \nVII. Recordkeeping 12  \nVIII. Inducements 13  \nIX. Alternative Dispute Resolution vs. Arbitration (Broker Only) 13  \nX. No Disclosure Duty Attaches to Stigmatized Property 13  \nXI. Closing Responsibilities 14 Unit 3 Review Questions 15  \nUNIT 4  \nContractual Relationships 19 Learning Objective 19  \nI. Agency Relationships Available in Michigan 19  \nII. Broker/Salesperson Relationships 21  \nIII. Service Provision Agreements (Listings, Buyer Broker) 22 Unit 4 Review Questions 23  \niv Contents  \nUNIT 5  \nAdditional State Topics 25  \nLearning Objective 25  \nI. Land Division Act—Public Act 591 (Disclosure of Private Road) 25  \nII. Michigan Fair Housing 26  \nIII. Landlord Tenant Relationship Act and Truth in Renting Act 28  \nIV. Usury Laws (Broker Only) 29  \nV. State Transfer Tax 29  \nVI. Michigan Condominium Act 30  \nVII. Michigan State Housing Development Authority (MSHDA) 30  \nVIII. Uniform State Anti-Trust Act 31  \nIX. Michigan Right to Farm Act (Seller’s Disclosure Required) 31  \nX. Changes in the Land Contract Laws (Dodd-Frank Law—Federal) 31 Unit 5 Review Questions 32  \nAnswer Key 35  \nPREFACE  \nSTATE-SPECIFIC PORTION REVIEW  \nThe state-specific portion reflects the current Michigan real estate laws, rules, and regulations. Topics covered in the state-specific portion are listed below.  \nUnit 1: Duties and Powers of the Department and the State Board of Real Estate  \nTopics include general powers; investigations, conferences, hearings, and exemptions; and penalties.  \nUnit 2: Licensing Requirements  \nTopics include activities requiring a license and exemptions, types of licenses, eligibility of licensing, license renewal, continuing education, and transfer or change in license.  \nUnit 3: Statutory Requirements Governing the Activities of Licensees  \nTopics include advertising; commissions and specific services for which fees may be charged; disclosure/conflict of interest; handling of contracts, documents, listings, and recommendations; handling of monies and trust accounts; place of business/branch office requirements; recordkeeping; inducements; alternative dispute resolution versus arbitration; di","cbCaiv9qyIxD6Voj","https://ap.wps.com/l/cbCaiv9qyIxD6Voj","pdf",1621521,11,"English","# Preface\n# Unit 1 Duties and Powers of the Department and the State Board of Real Estate\n## I. General Powers\n## II. Investigations, Conferences, Hearings, and Exemptions\n## III. Penalties\n# Unit 2 Licensing Requirements\n## I. Activities Requiring a License and Exemptions\n## II. Types of Licenses\n## III. Eligibility for Licensing (All Applicants)\n## IV. License Renewal, Including Continuing Education\n## V. Transfer or Change in License\n# Unit 3 Statutory Requirements Governing the Activities of Licensees\n## I. Advertising\n## II. Commissions and Specific Services for Which Fees May Be Charged\n## III. Disclosure/Conflict of Interest\n## IV. Handling of Contracts, Documents, Listings, and Recommendations\n## V. Handling of Monies and Trust Accounts\n## VI. Place of Business/Branch Office Requirements (Broker Only)\n## VII. Recordkeeping\n## VIII. Inducements\n## IX. Alternative Dispute Resolution vs. Arbitration (Broker Only)\n## X. No Disclosure Duty Attaches to Stigmatized Property\n## XI. Closing Responsibilities\n# Unit 4 Contractual Relationships\n## I. Agency Relationships Available in Michigan\n## II. Broker/Salesperson Relationships\n## III. Service Provision Agreements (Listings, Buyer Broker)\n# Unit 5 Additional State Topics\n## I. Land Division Act—Public Act 591 (Disclosure of Private Road)\n## II. Michigan Fair Housing\n## III. Landlord Tenant Relationship Act and Truth in Renting Act\n## IV. Usury Laws (Broker Only)\n## V. State Transfer Tax\n## VI. Michigan Condominium Act\n## VII. Michigan State Housing Development Authority (MSHDA)\n## VIII. Uniform State Anti-Trust Act\n## IX. Michigan Right to Farm Act (Seller’s Disclosure Required)\n## X. Changes in the Land Contract Laws (Dodd-Frank Law—Federal)\n# Answer Key","[{\"question\":\"What topics are covered in Unit 1 of the workbook?\",\"answer\":\"Unit 1 reviews the duties and powers of the Department and the Michigan State Board of Real Estate, including general powers, investigations and related procedures, and penalties. It also includes unit review questions.\"},{\"question\":\"Which subjects are included in Unit 3 on statutory requirements for licensees?\",\"answer\":\"Unit 3 covers advertising, commissions and feeable services, disclosure and conflict of interest, handling contracts/documents/listings/recommendations, handling monies and trust accounts, recordkeeping, inducements, alternative dispute resolution vs. arbitration, disclosure for stigmatized property, and closing responsibilities.\"},{\"question\":\"What additional Michigan state topics appear in Unit 5?\",\"answer\":\"Unit 5 includes the Land Division Act (Public Act 591), Michigan fair housing, the Landlord Tenant Relationship Act and Truth in Renting Act, usury laws, state transfer tax, the Michigan Condominium Act, MSHDA, the Uniform State Anti-Trust Act, Michigan right to farm, and changes in land contract laws.\"}]","Michigan Real Estate Exam Prep Workbook | PDF",1790525626,28]