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. Vackage mortgage






2. Stipulation






3. Pur autre vie






4. Balloon payment






5. Budget mortgage






6. Voidable contract






7. Sub agent






8. Express agency






9. Term mortgage






10. Parol evidence rule






11. Condition concurrent






12. Commission Paid to Sales Associates


13. Reality of consent






14. Rescission






15. Fannie Mae (FNMA)






16. Valuable consideration






17. Multiple listing service (MLS)






18. Federal Housing Administration (FHA)






19. Arrears






20. Deed of trust






21. Customer






22. Convey






23. Settlement






24. Liquidated damages






25. Subrogation of rights






26. Contract remedies






27. impound account






28. Due on sales clause






29. Open listing






30. Credit






31. Right of first refusal






32. Disclosure statement






33. Savings Banks (S&L's)






34. Mortgage






35. Independent contractor


36. Sherriff's deed






37. Guaranteed Loan Program






38. Granting clause






39. Reverse annuity mortgage (RAM)






40. Nonfreehold estate






41. Negative amortization






42. Junior mortgage






43. Accord and satisfaction






44. Listing contract






45. Agent's Responsibility to Third Persons


46. Shelley v. Kraemer






47. Mortgage assumption






48. Client






49. Tenants by the entirety






50. Annual percentage rate (APR)