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State Laws and Rules

TermDefinition
The department of licensing and Regulatory Affairs Headed by director who is appointed by Governor. Department can issue or renew license. Consumer Protection. Michigan Occupation code.
Real Estate Board 9 members appointed by governor. 6 are real estate license. 3 represents public. May promulgate rules and setting and adjustment min standards .
Complaints against Licensees Filed with department. Subpoena, formal complaint, formal hearing.
Violation Acting for more than one party without consent. Failure to account for money.
Commingling Funds The act of placing money received from buyers to purchase real estate with the brokers personal money, or vise versa.
Activities requiring Licensing A person who engages in one or more activities, real estate or business opportunity for another, with intent to collect a fee, compensation.
Non-Licensed person A person or entity is considered to be in the practice of real estate as a principal vocation. 5 real estate sale in 12 months. Engage in real estate.
Exemption A licensed builder, an attorney in fact, Trustee selling under deed of trust. A tenant receiving up to one half months rent for referral.
Real Estate Broker Must pass exam. 90 hrs of class room time.
Real Estate Associate Broker How has met brokers license requirements but is employed by a real estate broker under and associate broker license.
Real Estate Salesperson 40 hr pre licenseing course. Pass the licensing exam.
Non living Entity A brokers license may be granted to an entity such as a corporation, LLC, partnership,association, joint venture or trust.
License Issuance and Content Licensees name, address, permanent ID #, expiration date, and employing broker.
Non Resident License May become a real estate broker or sales agent by conforming to the requirements of the law.
Real Estate renewal Three yr renewal cycle, must attend 6 hrs of cont ed approved by department.
Relicensure Granting a license to a person who license has lapsed for failure to renew.
Transfer or change in license Giving oral or written notice. Employing broker shalll forward license within 5days. Get dated signature of new broker on pocket card.
Transfer Application Proper fees, department will consider pocket card requirements as evidence of licensing for 45 days.
Dual Agency Licensee becomes agent of opposite parties in the same transaction. Legal proper written consent from all parties.
Title Insurance Policy be submitted by the seller to the buyer.
Listing Agreement Definite expiration date. Must have anti-discrimination clause. Tenant listing is prohibited.
Closings Salesperson May have other persons conduct closing. Broker / associate broker .
Amendment Must be prepared and signed by alll parties. Final responsibilities lies with the listing broker/ associate broker.
Deposit All monies received from others must be deposited in brokers Trust Escrow Account. Two banking days.
Trust Account A broker may maintain more than one account, and may have up to $500 of his own money in each account.
Place of Operation Actual physical location, available to supervise, duplicate license in each branch, more than 25 miles away must be supervised by associate broker.
Lottery Games and Contest May not promote the sale of real estate using a plan involving lottery,contests, games, prize, or a drawing.
Land Division Act Land is properly laid out in order to make land suitable to build on or use for public improvement. Surveys, legal description, size.
Percolation Test Performed to measure how well land absorbs water in order to determine design of septic.
Splits in Creating Subdivision Property 10 acres or less can be divided into 4 parcels. Two bonus splits if new road is built to accommodate 60% of original parcel is maintained.
Created by: Jgjg
 

 



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