MI RE Broker case studies
MI RE Broker · Put your knowledge to work in context.
The Michigan real estate broker license is issued by the Michigan Department of Licensing and Regulatory Affairs (LARA) through its Bureau of Professional Licensing, under the authority of Article 25 of Public Act 299 of 1980, as amended - the statute that "was created, to license and regulate the practice of real estate brokers and salespersons in Michigan." Administrative Rules Articles 1-6 supplement the statute, and the Michigan Board of Real Estate Brokers/Salespersons serves as the regulatory board. The credential is aimed at licensed salespersons moving into broker-level responsibility and at individuals qualifying directly for an individual broker, associate broker, or broker company license; LARA publishes separate licensing guides and FAQs for each of those paths, along with forms such as Broker Verification of Experience and Consent to Service of Process. The MI RE Broker case studies are 5 cases and about 4,154 words.
1The Unlicensed Assistant, the Lapsed Salesperson, and the Unlicensed Branch
Dana is the qualifying broker at Lakeshore Realty in Traverse City, supervising 14 licensees from a main office plus a Petoskey branch that opened nine weeks ago. Dana never applied for a separate license for the branch, and the Petoskey sign and ads read 'Lakeshore Realty.' Priya, Dana's unlicensed marketing assistant, writes the classified ads, staffs open houses alone, and last Sunday told visitors the seller 'would seriously consider anything over $400,000.' Marcus, a salesperson, let his license lapse for nonrenewal; his renewal paperwork was submitted April 10 and is still pending.
841 words, about 4 min2The Open-House Buyer Who Asked for a Secret
Renee, an associate broker, lists the Halloran house at 439,000. The seller privately told Renee the lowest acceptable price is 405,000 and that the relocation company requires an August 30 closing.
851 words, about 4 min3The Survey That Changed the Deal
Buyers sign a purchase agreement for a wooded Upper Peninsula parcel. The deed describes it as 'the Northwest Quarter of the Northwest Quarter of Section 9, T4N, R12W, except the west 330 feet thereof,' plus a strip conveyed by a 1978 deed reading 'a 33-foot strip lying immediately west of the above-described parcel.' The lender orders a survey.
840 words, about 4 min4Late Disclosure, an Expired Contingency, and a Deposit in Limbo
On January 10, buyers sign a Michigan purchase agreement for 265,000 with 5,000 earnest money, deposited by the listing broker with a title company. The inspection contingency lets the buyers terminate for any reason by 5:00 p.m.
829 words, about 4 min5The Appraisal Gap and the Seller Concession
Buyers are preapproved for a 30-year conventional loan at 6.5% and have 34,000 in verified funds. They sign a purchase agreement for 286,000 and intend to put 10% down.
793 words, about 4 min