MIRES Michigan Real Estate Salesperson Exam - Set 2 - Part 3

Test your knowledge of technical writing concepts with these practice questions. Each question includes detailed explanations to help you understand the correct answers.

Question 41: A buyer in Traverse City received a late seller disclosure statement and considered terminating the deal, but the closing went forward on schedule and the deed was delivered to him. Which of the following describes his termination right afterward?

It converts into a damages claim

It continues until he records the deed

It survives the remaining hours

It expired upon transfer of the property

Question 42: A Michigan seller in Owosso hands her completed disclosure statement to the licensee representing the buyer, who then does not pass it along for several days afterward. Which of the following describes whether that seller satisfied the delivery requirement?

Yes, but only with written buyer consent

No, until the buyer signs an acknowledgment

Yes, delivery to the buyer's agent counts

No, only the buyer may receive it

Question 43: A Michigan seller in Cadillac completes her disclosure statement honestly, describing the roof as she understands it, and a defect she never knew about surfaces later. Which of the following describes the standard the act applies to her?

Good faith, meaning honesty in fact

Reasonable investigation of the property

The care of a licensed home inspector

Strict liability for every inaccuracy

Question 44: A seller in Escanaba delivered an accurate disclosure statement to her buyer, and two weeks later a summer storm damaged the septic system before the closing. Which of the following describes the effect of that later change under the act?

The seller becomes liable for the repair

The seller must redeliver the entire form

The later inaccuracy is not a violation

The buyer may terminate under the act

Question 45: A Michigan licensee in Alma learns that a previous occupant of a listed home died there by suicide, and the buyer's agent asks whether that history must be volunteered to her client. Which of the following describes the Michigan rule?

Disclosure owed to owner occupants

It is a material fact

Disclosure owed if asked

No action lies for nondisclosure

Question 46: A buyer in Wyandotte asks his Michigan licensee to tell him whether anyone on the state sex offender registry lives near a house he is considering. Which of the following describes the licensee's exposure for not supplying that information?

He must obtain and deliver the compilation

No action lies against the licensee

He must ask the seller

It is a material fact

Question 47: A Michigan salesperson representing a seller in Ionia notices standing water in the basement that the seller never mentioned, and she worries that telling the buyer would violate her confidentiality duty. Which of the following describes the current rule?

Disclosing known condition facts is protected

She must notify the department

Confidentiality bars her from telling the buyer

She must first obtain the seller's consent

Question 48: An owner in Muskegon knows through a recorded instrument that part of her commercial parcel is a facility with a known hazardous substance release, and she is preparing to sell. Which of the following describes her obligation before transfer?

Immediate cleanup before any sale

Nothing, since the instrument is recorded

A completed seller disclosure statement

Written notice of the release and restrictions

Question 49: A Michigan investor buying a former industrial parcel in Saginaw plans to use a baseline environmental assessment to avoid liability for contamination that predates her purchase of the site. Which of the following describes the two deadlines she must meet?

Forty-five days, then six months

Before the closing only

Six months, then one year

Forty-five days for both steps

Question 50: A Michigan licensee is listing a house in Ludington that was built in 1962, and the seller asks which federal disclosure the transaction will require of her. Which of the following identifies the buyer's opportunity that accompanies that disclosure?

Seventy-two hours to inspect for hazards

No inspection opportunity for older homes

Thirty days to complete testing

Ten days to inspect for lead hazards

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