Michigan Real Estate - Unit 25: Licensing Requirements - Multiple Choice Questions 2021/2022.

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Michigan Real Estate - Unit 25: Licensing Requirements - Multiple Choice Questions 2021/2022. "Which of the following activities requires a real estate license? A) Providing more than 10 mor... tgage loans in any six-month period B) Being paid by a landlord to maintain an apartment building C) Spending more than 15 hours per week during any six-month period in the sale of real estate D) Buying more than five houses in any 12-month period - ✔✔"C-Explanation: The answer is spending more than 15 hours per week during any six-month period in the sale of real estate. Real estate acts constituting a principal vocation require a license. Spending more than 15 hours per week, or more than 50% of one's time in the sale of real estate in any 12-month period is, by definition, a principal vocation " "Donna allowed her salesperson license to lapse 32 months ago. To become licensed again, Donna A) will need six hours of CE plus 40 hours of prelicense education. B) may apply for relicensure since her license has been expired less than three years. C) will need six hours of CE for each year of lapse plus eight additional hours of CE. D) may apply for reinstatement since her license has been expired less than three years - ✔✔"D-Explanation: The answer is may apply for relicensure since her license has been expired less than three years. A lapsed license may be renewed within three years of the expiration by taking six hours of CE for each year that the license was expired. This process is called relicensure " "A Michigan corporation that decides to open a real estate office must A) file a consent to service of process. B) submit a broker's license application, accompanied by a principal associate broker's license application. C) hold a principal associate broker's license. D) apply for an assumed-name certificate from the county - ✔✔"B-Explanation: The answer is submit a broker's license application, accompanied by a principal associate broker's license application. A corporation is a legal entity and, as such, must designate at least one individual to act as a principal associate broker. The principal associate broker has met all of the criteria required to obtain a broker's license, thereby allowing the corporation to qualify for the broker's license " "Which of the following activities requires a person to have a real estate license? A) Selling new construction built while licensed as a residential builder B) Holding a neighbor's for-sale-by-owner open house and receiving a referral fee from the sale C) Selling a deceased relative's house as the court-appointed personal representative D) Leasing office space in a personally owned building - ✔✔"B-Explanation: The answer is holding a neighbor's for-sale-by-owner open house and receiving a referral fee from the sale. Selling or offering to sell another person's real estate for a fee requires a license. Similarly, renting real estate for others, but not for oneself, requires a license. The law specifically excludes court-appointed individuals and licensed builders from the licensing requirements " "A licensed salesperson who has three years of full-time experience in the real estate business A) must complete the education and examination requirements in order to become a broker. B) can be licensed under more than one real estate broker. C) will automatically become a broker. D) may be able to transfer her real estate license to another state - ✔✔"A-Explanation: The answer is must complete the education and examination requirements in order to become a broker. To become a broker, an individual must have three years of real estate experience, but she must also complete the education and examination requirements [Show More]

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