Test your basic knowledge |

MI Michigan Real Estate Test

Subject : certifications
Instructions:
  • Answer 50 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. Michigan Mortgage Brokers - Lenders - Servicers and Licensing Act






2. Certificate of title opinion


3. Sales Transactions






4. Universal agent






5. Caveat emptor






6. Testator/testatrix






7. Certificate of reasonable value (CRV)






8. Reversion






9. Soil test






10. Estoppel






11. Recordation


12. Closed mortgage






13. General agent






14. Alienation clause






15. Scarcity






16. Land use controls






17. Covenant of quiet enjoyment


18. Mortgage bankers






19. Estate for years






20. Commission Paid to Sales Associates


21. Straw Dog






22. Agency disclosure


23. Owner's policy






24. Discharge of contracts


25. Closing statement






26. Right of first refusal clause






27. Agent's Responsibilty to principals






28. Flat Fee






29. Cap






30. Merger






31. Ginnie Mae (GNMA)






32. Dual agency


33. Receiver






34. Open mortgage






35. Pur autre vie






36. Bona fide purchaser






37. Revenue stamps






38. Real estate






39. Lien foreclosure sale






40. Liquidated damages






41. Land contract






42. Interest






43. Association of Real Estate License Law Officials (ARELLO)






44. Client






45. Disclosure statement






46. Handicap


47. Strict foreclosure






48. Liquidity


49. Accord and satisfaction






50. Homogeneity