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Broker Exam - MI > Agency Relationship > Flashcards

Agency Relationship Flashcards

1
Q

Special Agent

A

Limited Authority

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2
Q

Broker/Agent Relationship

A

Through Broker Always

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3
Q

Fiduciary duty

A 
To Client:  COLA - N
Care
Obey
Loyalty
Accounting
Notice of Material Fact
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4
Q

Listing Agreements - Types

A

OARN

a. Open
b. Exclusive Agency Listing
c. Exclusive Right to Sell
d. Net Listing - Illegal in Michigan

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5
Q

Open Listing

A

Seller can contract with all Brokers, Reserve FSBO

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6
Q

Exclusive Agency

A

1 broker - Reserve FSBO, will only receive commission if agent brings buyer

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7
Q

Exclusive Right to Sell

A

Broker gets commission no matter who sells

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8
Q

Duty of Broker to Market Property

A
  1. Improve marketability
  2. Net proceeds
  3. MLS
  4. Keep seller informed
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9
Q

Protected Classes

A 
Race - 1866
Color
Sex
Religion
National Origin
Disability
Familial Status - 18 years younger - custodial
Age - Michigan only - Employment
Marital Status - Michigan Only
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10
Q

Disparate impact Doctrine

A

Allows to prosecute - based on impact not intent

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11
Q

Exemption to Fair Housing

A

POOR-N

a. Not more than 3 houses every 24 months
b. Owner occupied
c. Private Club
d. Religious
e. Older residents

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12
Q

Statute of Limitations

A

HUD - 1 year
Federal Court - 2 years
Michigan - 180 days

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13
Q

Blockbusting

A

Enducing to move for $

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14
Q

Steering

A

Steering in a certain direction

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15
Q

Elements of a Contract

A 
1 - O; 3 - Cs and 2 L's
Offer and acceptance
Consideration
Capacity
Consent*
Legal Object
Legal Form
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16
Q

Counter offer

A

Signed, Sealed and Delivered back

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17
Q

Parole Evidence Rule

A

No oral modifications -

Previous to or After Contract - Not enforceable

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18
Q

Option must contain what to be valid

A

VIFS

  1. In writing
  2. Valuable Consideration
  3. Fixed price
  4. Stated period of time
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19
Q

Characteristics that Comprise Value

A

DUST

Demand
Utility
Scarcity
Transferability

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20
Q

Sub-Agent Status (Buyer)

A
  1. No Buyer’s Contract - Represent Seller
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21
Q

Easement in Gross

A

Utilties

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22
Q

Easement Appurtenant

A

Attached to legal description; Runs with the land

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23
Q

Easement by necessity

A

Not to land lock, can’t divide

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24
Q

Easement by Prescription

A

Through Use

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25
Q

Easement by implied

A

Shared Driveway

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26
Q

Ad Valorem

A

According to Value

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27
Q

Assessed Value

A

50% of true cash value`

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28
Q

Mills

A

$1.00 per $1,000

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29
Q

Owner’s policy

A

Seller provides to Buyer

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30
Q

Mortgagees

A

For Lender - Amount owed on loan - paid by buyer

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31
Q

Clouds on Title

A

Fixed through Quit Claim Deed

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32
Q

Bankruptcy

A

Stops all sales

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33
Q

Lis Pendens

A

Lawsuit Pending

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34
Q

Warranty Deed

A

Most common, seller will defend

35
Q

Limited Warranty

A

Grant or Special

time seller owns property

36
Q

Quit Claim

A

All interest given, no warranty

37
Q

Closing Disclosure

A

Between Lender and Borrower

38
Q

Transfer tax

A

$8.60 per $1,000

39
Q

Constructive Notice

A

Tells the world you own property - taken to County

40
Q

Severalty

A

One person

41
Q

Co-Ownership - Joint Tenancy

A

2 or more
PITT (possession, interest, time and title)
Not inheritable

42
Q

Co-Ownership - Tenancy in Common

A

2 or more;
Does not meet time
Heritable
eg - Timeshares

43
Q

Co-Ownership - Tenancy by entirety

A

Saved for husband and wife

Considered one person

44
Q

Adverse possession

A

Without Permission

Can Claim after 15 years

45
Q

Characteristics of a Condos

A

Individual unit - own cube of air
common elements
HOA
Timeshares

46
Q

Eminent Domain

A

Police power
condemnation
just compensation - up to 125% of value
good of all

47
Q

Inverse condemnation

A

No buying, just taking (eg wetland)

48
Q

Assignment of Mortgage

A

assumption
novation
sale subject to mortgage

49
Q

FHA

A

Insures

50
Q

What do VA loans do for consumer?

A

guarantees loan

51
Q

Conventional

A

Loans money

52
Q

USDA

A

low income and rural areas

53
Q

Ginny Mae

A

Backs kids Freddie Mac and Fannie Mae

54
Q

Reverse mortgage

A

More than 62 years of age

55
Q

Open End Mortgage

A

HELOC

56
Q

Open Mortgage

A

No prepayment penalty

57
Q

Term loan

A

Interest only

58
Q

Points

A

1 pt = 1/8 %

8 pts to buy down 1 %

59
Q

Loan to Value

A

Appraised Value or Purchase Price, which ever is less

60
Q

Lien Theory

A

Gives lender right to purchase property

61
Q

Title Theory

A

Transfer title from borrower to mortgagor (person)

62
Q

Truth in Lending

A

Advertising

63
Q

RESPA

A

Residential loans

64
Q

Redlining

A

Discriminates on certain areas

65
Q

Strict Foreclosure

A

Goes to Lender

66
Q

Judicial foreclosure

A

Construction liens

Land Contracts

67
Q

Equitable Redemption

A

Late on Payment goes to Sheriff Sale

68
Q

Statutory redemption

A

Time mortgagor has to free property of foreclosure
6 months = more than 2/3
1 year = less than 1/3

69
Q

Deficiency Judgment

A

Short Sale

70
Q

IRS reporting

A

Cash of over $10,000

71
Q

Department - LARA

A

Protects the public
Issues/Renew Licenses
Enforce Occupational Code

72
Q

Board

A

Interprets law
Assist in investigations
Assess penalties

73
Q

Formal Complaints

A

Only AG or Dept

74
Q

Penalties

A 
Revocation - Indefinately
Civil Fine - up  to $10,000
Citations - $100
Censure - Slap on hand
Cease and desist - Stop
75
Q

Exemptions from Real Estate License

A 
Licensed Builder
Owner
Attorney in Fact
Court Appointed
Receiver
Trustee
Personal Rep
Clerical
Tenant/Landlord - 1/2 months rent or less)
76
Q

Transfer License

A

Broker - 5 days to return license

Salesperson can run 45 days until new pocket card signed

77
Q

Escrow

A

2 days to deposit after accepted by all parties

No more than $2,000 in account

78
Q

Inducements

A

No raffle or fishbowl

Cannot promote just one property

79
Q

Land Division

A

10 acres = 4 splits
additional 10 = 1 more split
Keep 60% or New Road = 2 Bonus splits

80
Q

Michigan Rights

A

Elliott Larsen

Michigan Persons with Disability Civil Rights Act

81
Q

Usury

A

Cannot charge more than 11% - Private

25% - regulated institution eg payday lending

82
Q

Right to Farm Act

A

Noise, Fumes, Care of Animals

83
Q

Uniform Sale Antitrust Act

A

Monopolies
Price fixing
Boycotts

Broker Exam - MI (10 decks)

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