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Real Estate Salesperson Exam — National Portion

Agency (MI): practice questions

Our Real Estate (National) bank has 9 questions on this topic. Here are 5 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1 · Michigan

May a Michigan seller's agent advertise the home as "for sale by owner"?

  1. Yes
  2. No
  3. Only online
  4. Only with the seller's consent
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B. No — MCL 339.2512d(4).

Question 2 · Michigan

When may a Michigan licensee act for more than one party in a transaction?

  1. Never, under any circumstances
  2. Only with the knowledge of the parties
  3. Whenever the broker approves
  4. Only in commercial deals
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B. Only with the knowledge of the parties — MCL 339.2512(1)(a).

Question 3 · Michigan

Who furnishes the signed closing statement when a Michigan broker handles closing?

  1. The broker or associate broker
  2. The buyer
  3. The seller's lender
  4. The township clerk where the property is recorded
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A. The broker or associate broker — MCL 339.2512d(3)(e), unless a title insurer conducts the closing.

Question 4 · Michigan

May a Michigan licensee close on terms that differ from the signed purchase agreement?

  1. Yes, as long as the final sale price is lower
  2. Only with written approval of buyer and seller
  3. Yes, if the broker approves the change
  4. Never, under any circumstances
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B. Only with written approval of buyer and seller — MCL 339.2512d(3)(d).

Question 5 · Michigan

When must a Michigan licensee give the agency disclosure?

  1. At closing
  2. Before the buyer or seller shares confidential information
  3. After the offer is accepted
  4. Only if asked
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B. Before the buyer or seller shares confidential information — MCL 339.2517(1).

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