MI Real Estate study guide
MI Real Estate · Work through your exam, one topic at a time.
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 study guide has 6 sections and about 4,314 words.
01Michigan Real Estate Law, Licensing and Regulation
Michigan real estate practice is governed primarily by Article 25 of the Occupational Code (MCL 339.2501 et seq.), administered by the Department of Licensing and Regulatory Affairs (LARA) through the Bureau of Professional Licensing. Article 25 defines who must hold a license, describes the duties licensees owe to the public, and authorizes sanctions: reprimand, fines, probation, suspension, revocation, and denial of renewal.
699 words, about 3 min02Property Ownership, Interests and Legal Descriptions
Land, improvements, and the bundle of rights are real property; movable items are personal property. A fixture is personal property that has become real property by annexation, adaptation to the use of the property, and the intention of the parties.
694 words, about 3 min03Contracts, Agency and Brokerage Relationships
A valid contract needs offer, acceptance, consideration, legal capacity, and a lawful purpose. Michigan's statute of frauds requires land sale contracts, deeds, and leases longer than one year to be in writing and signed by the party to be charged.
742 words, about 4 min04Financing, Valuation and Appraisal
Conventional, FHA, VA, and USDA loans differ in down payment, mortgage insurance, and underwriting. Key measures: loan-to-value (loan divided by value or price), points (prepaid interest, one point = 1% of the loan), and the APR , which is higher than the note rate because it folds in certain fees.
709 words, about 4 min05Transfer of Property, Titles, Deeds and Settlement
Voluntary transfer occurs by deed, land contract, or court order; involuntary transfer occurs by foreclosure, bankruptcy, or adverse possession. A valid deed requires a grantor with capacity, a grantee, words of conveyance, a sufficient legal description, and the grantor's signature - plus delivery and acceptance , which is where exam questions hide.
717 words, about 4 min06Real Estate Practice, Disclosures and Ethical Duties
A licensee's work runs from prospecting and listing presentations through negotiation, transaction management, and closing. Written listing agreements and buyer's agency agreements define the scope of service, the term, and compensation.
753 words, about 4 min