Michigan real estate license exam

You may take these classes in person at an approved real estate school or with a higher education provider, such as a local community college. In order to receive the certificate of completion for your coursework, you must pass with at least a 70 percent on your course exam. The examination will test your competence with real estate practice in the state of Michigan. I recommend that you take advantage of practice tests and other resources offered by your education provider to pass on your first try.

However, you will need to be sponsored by a licensed real estate broker before you can practice as a real estate professional. The state requires you to have a sponsoring broker because salespeople are not legally authorized to complete real estate transactions on their own.

A real estate broker, on the other hand, is licensed to oversee salespeople in real estate activities. Out of all the mistakes I made when I was starting out, not joining a team was definitely one of the biggest.

Do keep in mind that you should be choosing a broker based on how well they fit your needs instead of the other way around. But luckily, brokerages are always on the lookout for new real estate agents. Do they have a good reputation in Michigan and the rest of the U. What is their training approach and education like? Are you okay with how their real estate commission package works?

Will you have room to grow as a salesperson with this broker? These are all questions you need to be able to answer before you commit to broker sponsorship.

Being convicted of a crime does not automatically bar you from obtaining your real estate salesperson license. Aceable has partnered with Prep Agent to help you get the best education possible to jumpstart your new career in real estate! Through all of our online resources along with PrepAgents masterclasses in helping you prepare your pre-license real estate exam, you are sure to Ace or Don't Pay Guarantee. Through our efforts in maintaining the best possible education you need to be a successful real estate agent and beyond, Prepagent and Aceable is here for you!

Our practice tests and real estate exam assistance will surely have you become a real estate professional in no time! After you take the required real estate courses, you have to pass the Michigan real estate salesperson exam to receive a license. The exam is administered by PSI Services. There are a total of questions on the Michigan real estate licensing exam that are each worth one point. Thirty-five of the questions are state-specific.

The Michigan real estate exam covers 16 topics in total. Five of the exam topics are state-specific. The format of the Michigan real estate exam is multiple-choice.

Each individual question has four possible answers. If you passed the report will just say PASS. This will show you where you performed well and which concepts you may need to study more. You can go beyond the minimum education requirements with assistance from master course instructors, tips for questions that you miss on practice quizzes and real-world advice on how to make it in real estate from people who have done it.

And check out the real estate blog regularly for timely tips, the latest news and information on new regulations. Menu Sign-in. Find out with our free Michigan real estate practice test. Answer the questions, read the test report and use the feedback to make your exam prep more effective. Question 1: What is ownership in severalty? We have a Salesperson practice tests for all 50 states. Simply click on the button to see our full list of state specific Salesperson tests that are available.

You have to finish following quiz, to start this quiz:. Time has expired! You have reached 0 of 0 points, 0. However, do not slow down on studying your material and retake this practice test and all of our other tests until you get every answer right. Also, please make sure that you read every answer explanation completely. Go the extra mile to ensure that you pass the real estate licensing exam! We want you to pass! Unfortunately, you did not pass, but do not give up! Keep on studying your material and retake this practice test and all of our other tests until you get every answer right.

Lori is:. An agent is someone who transacts business or manages the tasks of another person e. A principal is the party that the agent represents and acts on behalf of, such as Alex. Lori is not necessarily a licensed salesperson. She can be an agent and hold another position, such as a broker, that requires an agency relationship. A freehold estate is ownership of real property for an undetermined length of time.

A nonfreehold or leasehold estate has a determinable end. An estate is simply an interest in property that provides the right to possess the land. The property receiving the benefit of the easement is the dominant estate, while the property that is providing the benefit or suffering is the servient estate. No easement provides an ownership or possessory interest in the property.

It is just a right to use or to restrict use. Lanie owns a home in the mountains. To compute the loan to value ratio, which is the ratio of the loan balance to the property value, you divide the loan balance by the market value.

In order to purchase a home, Darla needs to take out a mortgage. A mortgage is an example of a n :. An executory contract is a contract that has terms to be completed at a later date. It is not fully performed until all acts required are completed, such as a mortgage.

An executed contract is a fully performed contract. A unilateral contract involves a promise to induce the other party to do some act, such as an open listing contract, where the property owner can cancel the listing at any time prior to an agreed upon deal. An implied contract is formed based upon the actions of the parties that evidence an intent to enter into a contract, such as where a seller permits a broker to show a property before any formal agreement is entered into.

CO is an abbreviation for certificate of occupancy, which is the municipal document verifying that the premises and parts thereof are approved and safe for occupancy. Building additions usually require a CO. A building inspector performs an inspection before the CO is issued and also checks properties for violations. Halley owns 25 acres of land in a residential area and wants to develop a real estate complex containing 50 single family homes.

What type of mortgage can she obtain that will permit her to pay it off as she sells each home? The Michigan Real Estate License exam is a multiple choice question test with two portions, state and national requirements.

The real estate licensing exam will test you on the following topics:. You are now a real estate salesperson for the state of Michigan and have your own broker. The status will change only when LARA receives your employing broker notification. Michigan has a renewal licensing cycle of 3 years, in which you must complete your continuing education over the cycle.

Every license requires 18 hours of continuing education for renewal and a minimum of 2 credit hours every year. Becoming a real estate agent can take up to 4 -5 months, which includes taking the pre-licensing course, licensure application, and finding the right broker.

Pursuing a real estate career brings countless opportunities. Real Estate License by State. Michigan Real Estate License.

Share on facebook. Share on twitter. Share on linkedin. Share on pinterest. Share on email.