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Michigan License Law
Terms and Questions from Ch. 3 - Michigan RE Test Book
Question | Answer |
---|---|
What are the purpose of License laws? | To govern the Real Estate business by use of police power for the protection of the public. |
What is the role of a Broker in a Real Estate transaction? | Person or organization authorized to perform certain transactions for consideration. |
What is the role of a salesperson in a Real Estate transaction? | a person who acts on behalf of the broker they are associated with to perform transactions. |
Who is responsible for enforcing license laws in Michigan? | Department of Labor and Economic Growth. |
In Michigan, what is the term a Real Estate license is good for before it must be renewed? | 3 years |
Who are the Board of Real Estate Brokers and Salespersons? | Real Estate governing board, promulgate(make) the rules. |
What is the definition of stipulation? | Agreed upon violations and fines between the Dept. of Labor and Econ. Growth and a licensee. |