Q2 - Licensing Flashcards

1
Q

In order to apply for a license in Michigan, an individual must?

A

Be at least 18 years old.
Be of good moral character.
Have successfully completed the appropriate education and exam requirements.

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2
Q

When applying for a broker’s license, the applicant must indicate?

A

Name of the applicant.
Location of the place for which the license is desired.
Period of time he has been engaged in the business.

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3
Q

Before performing any real estate activities, each principal must apply for and obtain an associate real estate broker’s license. What are the two types of brokers?

A

A principal associate broker is an owner, partner, officer or member of the real estate company and is responsible for the company’s activities.
A nonprincipal is not an owner, partner, office or member but can be primary signatory on broker’s trust account and can sign closing statements.

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4
Q

A broker applicant must have completed how many clock hours of course material?

A

Ninety clock hours of approved instruction, including nine hours of civil rights law and equal opportunity in housing.

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5
Q

The broker prelicense education must have been completed within how many months?

A

Not more than thirty-six months.

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6
Q

What degrees will earn continuing education credit hours for broker and how many hours can be earned?

A

Having a law degree will automatically earn 60 clock hours and six hours of civil rights law and equal opportunity in housing.
Having a Master’s Degree in Business Administration will automatically earn 60 clock hours of real estate education.

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7
Q

A broker applicant must have the equivalent of three years of full-time experience as a real estate salesperson.
Related experience could be as any of the following?

A
Licensed builder
Land developer
Investor
Loan or trust officer of a bank
Attorney
Appraiser
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8
Q

A salesperson applicant must have completed forty clock hours of approved instruction. What are the requirements for the courses?

A

The course must consist of instruction in fundamentals of real estate, including four clock hours of civil rights law and equal opportunity in housing.

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9
Q

Do Salespersons need previous experience?

A

NO

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10
Q

A candidate who fails the exam may retake the exam. What are the requirements?

A

A new registration form and fee to Promissor must be submitted. There is no limit to the number of times an applicant my take the exam.

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11
Q

What are the Exceptions to the written examination requirements that may be granted ?

A

An applicant under the Americans with Disabilities Act may request reasonable accommodations.
An applicant who, within the last 3 years, has held a license as a salesperson or broker.
An applicant who, after surrendering a broker license, has been continuously licensed as a salesperson.

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12
Q

License application fees are valid for how long?

A

One year.

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13
Q

A licensee cannot transfer on a temporary license. True of False?

A

True.

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14
Q

The Department reserves the right to deny a license under certain circumstances. Any person denied a license may petition the Department for a review. True or False?

A

True

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15
Q

Michigan law does not provide for an inactive license. True or False?

A

True

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16
Q

Nonresident salesperson or associate broker applicants must meet what requirements?

A

Meet the same education, exam and experience qualifications as any Michigan applicant.
File a Consent to Service of Process form along with their application which stipulates that suits may be brought against the nonresident in the state of Michigan.

17
Q

Nonresident salesperson or associate broker applicants must maintain what in reference to location?

A

Brokers must maintain a physical location in Michigan from which to transact their business and keep their books and records at the Michigan location.

18
Q

Can a post office box be used solely as a broker address?

A

A post office box cannot be used solely as a broker address.

19
Q

Michigan does not recognize out-of-state licenses. Persons wanting a Michigan real estate license who have been or are licensed in another state must meet what requirements?

A

Meet the same qualifications as any Michigan applicant.

Provide a current letter of good standing from that state’s licensing authority