License Law And Rules

Question 1

Michigan license law requires a broker to supervise agents allowing agents to sign escrow checks without the broker signature two is

Answer 1

Illegal

Question 2

Michigan license law prohibits real estate agents from

Answer 2

Appraising real estate

Question 3

A broker has 80 licensees in his office he decides to put all their licenses in the book and keep the book in the office so you can easily access their license numbers according to the license for the broker must

Answer 3

Conspicuously display all licenses

Question 4

If a person completes the 40 hour prelicensing course and successfully completes the exam but does not have a broker to work for yet the state will

Answer 4

Hold the results of the exam for one year and issue a license when it she finds and employing broker within that year

Question 5

Melissa Towelist is a sales person that sells over 20 million in real estate or he or she is concerned about her exposure to liability and how it can affect her income. After consulting with her attorney and accountant she decides to incorporate to reduce her risk of liability. She informs her broker that from now on she wants her commission checks made out to her corporation. Is this legal

Answer 5

No the broker may only issue a check to the sales person under the name that is on their license

Question 6

So Richard diamond obtains a listing in which the seller request that the broker not put the listing on the multi list in that offer cooperation and compensation from other agents. A sales person from another office notices the for sale sign and when he calls to make an appointment is informed by Mr. diamond that there is no cooperative relationship offered. The sales person files a complaint with the department is this illegal

Answer 6

Richard is not violated license law because he did not promise that he would cooperate with other brokers

Question 7

If your broker goes down on the fraud charge what happens to your license and everyone in the office

Answer 7

They are’s automatically spending

Question 8

Membership in MLS is

Answer 8

Optional

Question 9

An associate broker is a broker or not

Answer 9

Yes because associate broker is a broker because the requirements for the brokers license have been met

Question 10

Michigan license law requires a broker to deposit all third-party money coming into his possession in what timeframe

Answer 10

Within two banking days from the brokers knowledge of an excepted offer