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Michigan License Law

Terms and Questions from Ch. 3 - Michigan RE Test Book

QuestionAnswer
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.
Created by: jenkij
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