MIRES - Michigan Real Estate Salesperson Exam

Question 21: A licensee in Bay City takes an option to purchase from an owner who had asked him for help selling that same property. Which of the following describes the disclosure Michigan requires him to make about the option?

His licensure, when the option is exercised

Nothing, since an option differs

His licensure, before the option is signed

His expected profit on any resale

Question 22: A Michigan associate broker in Alpena buys an interest in a property and is also owed a commission from that same sale. On the department's request, which of the following must she be able to produce for review?

Written proof of disclosures and consents

Bank records showing the funds transferred

An affidavit from her employing broker

Her current pocket card

Question 23: A salesperson affiliated with a Livonia brokerage begins quietly taking listings for a competing firm on the side, without ever telling the broker who employs and supervises her. Which of the following describes her conduct under the Michigan licensing article?

Allowed if she discloses it at renewal

Allowed if the firms differ

Allowed, since listings are her own business

Prohibited without the employer's knowledge and consent

Question 24: A buyer in Kalamazoo asks a Michigan licensee whether the buyer agency relationship she is being offered can be created by a handshake and a firm understanding. Which of the following describes how agency is established in Michigan?

By conduct once showings begin

By the licensee's oral promise to represent

By a written service provision agreement

By notice to the local board

Question 25: A Michigan seller in Saginaw signs a listing that says it renews automatically each quarter unless she writes to the broker declaring her intent to cancel. Which of the following describes that listing arrangement under the current Michigan rules?

Proper, since the seller may still cancel

Improper, since listings run six months

Proper if the quarterly term is disclosed

Improper, since it lacks a definite expiration

Question 26: A Michigan broker in Jackson proposes a listing under which she keeps everything the property sells for above a figure the seller names, instead of taking a percentage of the price. Which of the following describes that compensation proposal under the current rules?

Allowed on commercial property only

Allowed with written seller consent

Prohibited as a net listing arrangement

Allowed if the seller sets the figure

Question 27: A Michigan buyer's agent in Ann Arbor tells her client that a state statute passed after the national brokerage settlement now requires written buyer agreements before touring any homes. Which of the following statements corrects the explanation she gave that client?

Michigan adopted the rule by administrative rule

The new statute applies only to sellers

Michigan abolished buyer agency agreements

Michigan already required a written agreement

Question 28: A Michigan salesperson in Kentwood working with a buyer wants to know which other licensee inside her firm must be identified in a designated agency agreement besides the designated agent. Which of the following does that agreement have to name?

All associate brokers authorized to supervise

Every affiliated licensee at the firm

The firm's office manager and staff

The cooperating broker on the other side

Question 29: A licensee in Petoskey is acting as a transaction coordinator on the sale of a lakefront cottage and asks his broker what condition Michigan attaches to that role. Which of the following states the condition the statute imposes?

Approval by the employing broker's supervisor

Proper notice to all parties

Registration of the role with the department

A written waiver of fiduciary duties

Question 30: A Michigan dual agent in Portage is asked by the buyer whether the arrangement gives her the same protections she would receive from a buyer's agent of her own. Which of the following accurately describes the dual agent's position under Michigan law?

Services without the full fiduciary duties

No duties owed to either side

Identical duties owed to each side

Full duties to whichever side pays

Question 31: A Michigan seller's agent in Marquette obtained confidential information about a previous client's finances during an earlier listing, and that information would help her current client win a negotiation. Which of the following describes her obligation to that current client?

Disclosure required if price is affected

She must withdraw from the representation

No duty to disclose it

Loyalty requires her to disclose

Question 32: A Michigan buyer's agent in Muskegon is preparing an offer on a condominium and wonders how long her statutory minimum service obligation to help negotiate actually runs. Which of the following describes the endpoint of that particular duty?

Until the buyer's earnest money is deposited

Until execution and satisfaction of contingencies

Until the seller accepts the first offer

Until the closing is funded and recorded

Question 33: A Michigan broker attends the closing of a home in Alpena, and that closing is being conducted by a title insurance company licensed to do business in this state. Which of the following describes her closing statement obligation?

Required, since she attended the closing

Required, unless the parties waive it

Excused, because a title company is closing

Excused, given the lender package

Question 34: A seller in Grand Haven is transferring a converted home containing three residential dwelling units and asks whether Michigan's Seller Disclosure Act applies to that transfer at all. Which of the following describes the statutory reach of that act?

One to four residential dwelling units

Any residential property of any size

Owner occupied property only

Single family homes only

Question 35: A Michigan buyer is purchasing shares of stock that carry with them the right to occupy a unit in a residential cooperative building in Detroit. Which of the following describes whether the Seller Disclosure Act reaches that particular transaction?

No, unless the cooperative agrees

Yes, cooperative interests are covered

No, because no real estate transfers

Yes, but only smaller buildings

Question 36: A Michigan seller in Marshall is transferring her home to her younger sister by deed, and both of them assume that the family exemption in the Seller Disclosure Act applies to it. Which of the following correctly describes that transfer?

Not exempt, because siblings are omitted

Exempt, since the parties are related

Exempt, because no money changes hands

Exempt, once a co-tenancy is created first

Question 37: A licensed Michigan residential builder in Rockford completes a new house that no one has ever lived in and lists it for sale that spring. Which of the following describes the seller disclosure statement requirement for that sale?

Required, since the builder knows it

Required, unless a warranty is provided

Exempt, for any newly built house

Exempt, as never inhabited new construction

Question 38: A seller in Chelsea is preparing to sign a purchase agreement with a buyer who toured her house twice last week. Which of the following describes when the seller disclosure statement must reach that buyer in an ordinary Michigan sale?

At the closing with the other documents

Before the seller executes a binding agreement

Within three days after acceptance

Before the buyer's inspection is scheduled

Question 39: A Michigan seller in Adrian delivers her completed disclosure statement in person to the buyer several days after both parties had already signed the binding purchase agreement. Which of the following describes the buyer's window to terminate under the act?

Seventy-two hours after personal delivery

One hundred twenty hours after delivery

Until the scheduled closing date

Three business days after delivery

Question 40: A Michigan seller in Monroe mails her disclosure statement by registered mail after the purchase agreement was signed, and the buyer wants to know his deadline to walk away from the deal. Which of the following states that statutory period?

Thirty days after delivery

Ten days after delivery