MI Real Estate case studies
MI Real Estate · Put your knowledge to work in context.
A Michigan real estate license is a state credential issued through the Michigan Department of Licensing and Regulatory Affairs (LARA) Bureau of Professional Licensing, which administers Article 25 of Public Act 299 of 1980, as amended, together with Administrative Rules Articles 1-6. Oversight sits with the Michigan State Board of Real Estate Brokers & Salespersons. The MI Real Estate case studies are 5 cases and about 3,343 words.
1The Sign-Caller Who Wants a Secret
Priya Shah is a licensed salesperson at Lakeshore Realty, where Hal Menendez is the broker of record. Priya holds an exclusive listing on 1428 Maple Street at 315,000; the listing agreement pays Lakeshore 3%, with 1.5% offered to a cooperating buyer's broker.
699 words, about 3 min2Three Contingencies and a Low Appraisal
Buyer Kenji signs a Michigan purchase agreement for 812 Halsey Avenue at 285,000, with 5,000 earnest money to be held by the listing broker. Two contingencies appear: (1) an inspection contingency allowing Buyer to terminate for any reason by written notice delivered within 10 days of acceptance, after which it is waived; and (2) a financing contingency stating the agreement is contingent on Buyer obtaining a first mortgage of 256,500 at the prevailing 30-year conventional rate, with a right to terminate by written notice within 21 days of acceptance and a refund of earnest money.
673 words, about 3 min3PMI Math After a Low Appraisal
Buyer Alana is under contract on a condominium at 340,000 and plans 10% down ( 34,000), financing 306,000 with a 30-year conventional fixed loan. The appraisal comes back at 328,000.
621 words, about 3 min4The Unrecorded Deed and a Transfer Tax Bill
In 2015 Agnes signed a warranty deed conveying Blackacre to her son Ben. Ben never recorded the deed and never occupied the property.
633 words, about 3 min5Water in the Basement and a Checked Box
Dan, a licensee at Cedar Point Realty, lists a 1962 ranch at 248,000. During the listing appointment the seller tells Dan, in confidence, that the basement took on about two inches of water in a 2019 storm (insurance paid 9,100) and that a foundation crack was sealed with epoxy in 2020.
717 words, about 4 min