MIRES Michigan Real Estate Salesperson Exam - Set 4 - 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 Michigan closing agent is computing the transfer tax due on a sale price that does not divide evenly into five hundred dollar increments, leaving a remainder. Which of the following describes how that fractional amount is treated?

The number of increments rounds up

The fraction is prorated exactly

The count rounds to the nearest increment

The fractional amount is ignored

Question 42: A buyer and seller in Kalamazoo argue at the closing table about which of the two of them the statute makes responsible for the Michigan state real estate transfer tax. Which of the following states the statutory answer?

The closing agent is liable for remittance

The buyer or grantee is liable

The seller or grantor is liable

Liability is split evenly between them

Question 43: A Michigan seller in Muskegon conveys her home to her adult daughter for a nominal sum and wonders whether the state real estate transfer tax will apply to that deed. Which of the following describes its treatment under the act?

Exempt as a conveyance to a child

Exempt only if no money changes hands

Taxable at the ordinary state rate

Exempt only for a principal residence

Question 44: A Michigan buyer closes on a house in Saginaw County and is handed a form at the table to file with the local assessing office about the change of ownership. Which of the following states the filing deadline?

Before the deed may be recorded

Within thirty days of the transfer

Within forty-five days of the transfer

Within ninety days of the transfer

Question 45: A Michigan buyer of a principal residence in Ingham County forgets to file the property transfer affidavit on time and asks her agent what the delay is going to cost her. Which of the following describes the penalty?

Five dollars daily, capped at two hundred

Twenty dollars daily, capped at one thousand

Five dollars daily, capped at four thousand

A flat penalty of five hundred dollars

Question 46: A Michigan buyer wants protection against a forged deed that might sit in the chain of title years before her own purchase of a home in Berrien County. Which of the following products most directly addresses that risk?

A lender's title insurance policy

A homeowner's hazard insurance policy

A home warranty contract

An owner's title insurance policy

Question 47: A Michigan owner in Chippewa County dies without a will and without any locatable heirs, and no one ever comes forward to claim the vacant property she left behind. Which of the following describes what happens to the title?

It vests in the county treasurer

It escheats to the state

It reverts to the original grantor

It passes to the adjoining landowners

Question 48: A person has occupied a strip of a neighbor's land in Lenawee County openly and continuously for many years without anyone's permission, and he now claims outright ownership of it. Which of the following identifies the doctrine involved?

Constructive eviction

Accretion of the parcel

Prescriptive easement

Adverse possession

Question 49: A Michigan closing on a home in Grand Rapids is conducted at a title company, and the buyer asks the closer when she actually becomes the owner of the property. Which of the following describes when title passes?

When the purchase agreement is signed

When the deed is recorded

On delivery and acceptance of the deed

When the lender funds the loan

Question 50: A Michigan seller in Alpena is asked to convey title that is free of any reasonable doubt about its validity, so that a prudent buyer would accept it without hesitation or argument. Which of the following identifies that standard?

Marketable title

Perfect title of record

Equitable title in the buyer

Insurable title from a company

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