Chapter 3 Review

The minimum number of hours of continuing education required per year is:

2

The period of time within which licensees may request relicensure without having to retest is:

Retesting is not required. It is one of three options under certain circumstances

Under a broker's duty to supervise her agents, she would be in violation of license law if:

She did not provide her agents with written policies

The broker must:

Submit all written offers to the seller

Act 299 requires a broker to deposit all third-party money coming into his possession :

Within two banking days after the broker has received notice that an offer to purchase is accepted by all parties

A non-principal associate broker who leaves her company:

can transfer her license to a new broker

The total number of continuing education hours a licensee must have to renew every three years is:

18

All of the following are specifically exempted from license law requirements except:

A person who sells more than five houses in one year.

Michigan real estate license law allows a licensee to do any of the following except:

Appraise real estate

An out of state broker who wants to conduct business in Michigan must do all the following except:

Be a resident of the state of Michigan

If a licensee fails to appear before the department after a subpoena has been issued, which of the following is true?

He must submit, within five days of the scheduled date, a doctors note.

A sales person successfully completes the licensing exam but does not have a broker to work for. In this situation the department will:

Hold the results of the exam for one year

The legal authority of a state to require that real estate brokers and sales people to be licensed is derived from:

Police power

The broker lies about the age of the home to sell it. Relying on the broker statement, the prospective buyer enters into a contract to purchase the property. All of the following statements are true except: ( broker violated license law, committed fraudulent misrepresentation, buyer can have contract set aside )

The seller of the property can successfully sue the buyer if the sale is not completed.

A seller is so happy with her salesperson, she decides to pay extra commission to the sales person. The sales person may accept the special commission provided:

The seller pays the extra commission to the broker, who in turn pays the sales person

Which of the following correctly states the purpose of life is law legislation?

To protect the general public by requiring the people entering the real estate profession to be adequately qualified