MIRES - Michigan Real Estate Salesperson Exam

Question 21: A resident in Kentwood is unhappy with a zoning administrator's decision affecting property near her home and wants to challenge it. Which of the following describes who may take an appeal to the zoning board of appeals in Michigan?

Only the local legislative body

Only the owner of the affected parcel

Any registered voter in the township

A person aggrieved, or a public officer

Question 22: A Michigan city wants to remove a nonconforming industrial use from a quiet residential neighborhood and is considering acquiring the property outright in order to accomplish that. Which of the following describes what Michigan authorizes for that purpose?

Immediate closure by ordinance

Revocation of the certificate of occupancy

Acquisition by purchase or condemnation

A tax penalty until the use ends

Question 23: Homeowners in a new subdivision built near a long-established dairy operation in Clinton County complain about the odors and drift, and they want the farm declared a nuisance. Which of the following describes that farm's protection under Michigan law?

Protection only for farms over forty acres

Protection where accepted farm practices are followed

No protection once neighbors object

Protection only until ownership changes

Question 24: A Michigan city adopts an ordinance limiting building height and requiring side yards throughout an older neighborhood, without paying any of the owners a dollar for the restriction. Which of the following governmental powers is the city exercising in adopting it?

Eminent domain

Taxation

Escheat

The police power

Question 25: An applicant in Novi wants to operate a day care center in a residential district where the ordinance lists that activity as permitted only with additional review and conditions attached. Which of the following approvals is she seeking?

A nonconforming use certificate

A rezoning of the parcel

A special use permit

A dimensional variance

Question 26: A Michigan salesperson in Portage prepares a written estimate of value for a seller who is deciding what to list her home for, and charges nothing extra for it. Which of the following describes that activity under Michigan law?

Licensed activity within the article

Permissible only for a licensed broker

Unregulated advice outside the article

Appraisal work requiring a separate credential

Question 27: A Michigan licensee prepares a market analysis for a client in Muskegon that does not satisfy the statutory carve-out separating such analyses from appraisals under the code. Which of the following describes her exposure under the licensing article?

She faces no consequence without harm

She is subject to disciplinary penalties

She must simply reissue the analysis

She commits a misdemeanor offense

Question 28: A Michigan property owner in Ann Arbor needs a formal appraisal for a federally related mortgage transaction and asks whether her real estate agent can prepare it. Which of the following describes the credential required for that work?

No credential, since the lender orders it

A broker license with three years experience

Her salesperson license is sufficient

A separate appraiser license or certification

Question 29: A Michigan buyer looking at a home in Jackson County sees the assessment notice on the counter and asks how that assessed figure relates to what the property is actually worth. Which of the following describes the Michigan assessment level?

Fifty percent of true cash value

The price the buyer agrees to pay

One hundred percent of true cash value

Thirty percent of true cash value

Question 30: A Michigan licensee tells a buyer that doubling the taxable value shown on a listing sheet will give a rough estimate of market value for a home in Berrien County. Which of the following corrects that statement for that buyer?

Both figures must be tripled instead

Taxable value already equals market value

Neither figure has any relation to value

Taxable value is capped, not doubled

Question 31: A Michigan buyer in Grand Traverse County is estimating her future monthly housing payment and plans to use the seller's current annual tax bill as her own figure. Which of the following explains why that estimate will fall short?

Taxable value uncaps after the transfer

The buyer loses the principal residence exemption

Millage rates rise every year automatically

Assessors reassess every property at sale price

Question 32: A Michigan homeowner in Midland repaints the house, replaces a worn roof with a comparable one, and keeps the furnace serviced each fall. Which of the following describes how that work affects the assessor's determination of true cash value?

Each improvement raises value immediately

Only exterior work affects the assessment

Normal repairs cannot increase it before sale

Value falls because the improvements depreciate

Question 33: An appraiser valuing a three-bedroom house in Kentwood studies recent sales of similar homes nearby and adjusts each one of them for differences in condition and lot size. Which of the following approaches to value is she using?

The cost approach

The gross rent multiplier method

The income approach

The sales comparison approach

Question 34: An appraiser in Marquette is valuing a newly built church that has no comparable sales and sits in a market with little rental activity. Which of the following approaches will she most likely rely on for that assignment?

The cost approach

The income approach

The gross income multiplier method

The sales comparison approach

Question 35: An investor in Southfield is deciding what to pay for a small apartment building and converts its net operating income into an indication of value using a market derived rate. Which of the following approaches is he applying?

The assessed value method

The cost approach

The income approach

The sales comparison approach

Question 36: A home in Dearborn has four bedrooms but only one bathroom, and buyers consistently discount their offers for that outdated layout even though the house itself is structurally sound. Which of the following identifies that loss in value?

Physical deterioration

Functional obsolescence

Economic appreciation

External obsolescence

Question 37: A well maintained house in Wyandotte loses a noticeable share of its market value after a large recycling facility opens directly across the road from the neighborhood. Which of the following identifies the depreciation an appraiser will record?

Physical deterioration

Functional obsolescence

Curable depreciation

External obsolescence

Question 38: An appraiser valuing a vacant corner parcel in Traverse City considers which legally permitted and physically possible use of that ground would produce the greatest return for an owner. Which of the following concepts is she analyzing in her analysis?

The principle of substitution

Highest and best use

The principle of anticipation

The principle of conformity

Question 39: A Michigan assessor is determining the usual selling price that a property would bring in an ordinary private sale, rather than at an auction or at a forced sale. Which of the following Michigan terms describes that figure under the tax code?

State equalized value

Assessed value after exemptions

True cash value

Taxable value

Question 40: A Michigan homeowner in Okemos has owned her house for many years and notices that her taxable value rises only slightly each year, even as the market around her keeps climbing. Which of the following explains that pattern?

Growth is capped by law

Improvements are excluded from the roll

Assessors reassess only every five years

Her exemption freezes the value entirely

MIRES Michigan Real Estate Salesperson Exam - Set 5 - Part 2

Question 21: A resident in Kentwood is unhappy with a zoning administrator's decision affecting property near her home and wants to challenge it. Which of the following describes who may take an appeal to the zoning board of appeals in Michigan?

Question 22: A Michigan city wants to remove a nonconforming industrial use from a quiet residential neighborhood and is considering acquiring the property outright in order to accomplish that. Which of the following describes what Michigan authorizes for that purpose?

Question 23: Homeowners in a new subdivision built near a long-established dairy operation in Clinton County complain about the odors and drift, and they want the farm declared a nuisance. Which of the following describes that farm's protection under Michigan law?

Question 24: A Michigan city adopts an ordinance limiting building height and requiring side yards throughout an older neighborhood, without paying any of the owners a dollar for the restriction. Which of the following governmental powers is the city exercising in adopting it?

Question 25: An applicant in Novi wants to operate a day care center in a residential district where the ordinance lists that activity as permitted only with additional review and conditions attached. Which of the following approvals is she seeking?

Question 26: A Michigan salesperson in Portage prepares a written estimate of value for a seller who is deciding what to list her home for, and charges nothing extra for it. Which of the following describes that activity under Michigan law?

Question 27: A Michigan licensee prepares a market analysis for a client in Muskegon that does not satisfy the statutory carve-out separating such analyses from appraisals under the code. Which of the following describes her exposure under the licensing article?

Question 28: A Michigan property owner in Ann Arbor needs a formal appraisal for a federally related mortgage transaction and asks whether her real estate agent can prepare it. Which of the following describes the credential required for that work?

Question 29: A Michigan buyer looking at a home in Jackson County sees the assessment notice on the counter and asks how that assessed figure relates to what the property is actually worth. Which of the following describes the Michigan assessment level?

Question 30: A Michigan licensee tells a buyer that doubling the taxable value shown on a listing sheet will give a rough estimate of market value for a home in Berrien County. Which of the following corrects that statement for that buyer?

Question 31: A Michigan buyer in Grand Traverse County is estimating her future monthly housing payment and plans to use the seller's current annual tax bill as her own figure. Which of the following explains why that estimate will fall short?

Question 32: A Michigan homeowner in Midland repaints the house, replaces a worn roof with a comparable one, and keeps the furnace serviced each fall. Which of the following describes how that work affects the assessor's determination of true cash value?

Question 33: An appraiser valuing a three-bedroom house in Kentwood studies recent sales of similar homes nearby and adjusts each one of them for differences in condition and lot size. Which of the following approaches to value is she using?

Question 34: An appraiser in Marquette is valuing a newly built church that has no comparable sales and sits in a market with little rental activity. Which of the following approaches will she most likely rely on for that assignment?

Question 35: An investor in Southfield is deciding what to pay for a small apartment building and converts its net operating income into an indication of value using a market derived rate. Which of the following approaches is he applying?

Question 36: A home in Dearborn has four bedrooms but only one bathroom, and buyers consistently discount their offers for that outdated layout even though the house itself is structurally sound. Which of the following identifies that loss in value?

Question 37: A well maintained house in Wyandotte loses a noticeable share of its market value after a large recycling facility opens directly across the road from the neighborhood. Which of the following identifies the depreciation an appraiser will record?

Question 38: An appraiser valuing a vacant corner parcel in Traverse City considers which legally permitted and physically possible use of that ground would produce the greatest return for an owner. Which of the following concepts is she analyzing in her analysis?

Question 39: A Michigan assessor is determining the usual selling price that a property would bring in an ordinary private sale, rather than at an auction or at a forced sale. Which of the following Michigan terms describes that figure under the tax code?

Question 40: A Michigan homeowner in Okemos has owned her house for many years and notices that her taxable value rises only slightly each year, even as the market around her keeps climbing. Which of the following explains that pattern?

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