Michigan Real Estate Exam Study

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Non Freehold

Back 1

Leasehold, estate with a length determined by agreements or statue.

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Non Judical/Foreclosure by Advertisement

Back 2

A form of foreclosure that does not require court action to conduct a foreclosure sale (foreclosure under power sale)

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Net Lease

Back 3

1 in which the lessee pays a fixed amount of rent plus the cost of operation of the property.

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Nonconforming Use

Back 4

Utilization of land that does not confirm to the use permitted by a zoning ordinance for the area; be lawful or unlawful

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Net Listing

Back 5

A method of establishing the listing broker's commiss7 as all money above a specified net amount to the seller.

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License

Back 6

A personal privilege to do a particular act/acts on the land of another.

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Laches

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Loss of legal rights became of failure to assert them on a timely basis.

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Acceleration

Back 8

A provision in a mortgage/Deed of trust that permits the lender to declare the entire principal balance of the debt immediately if the borrower default.

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Alienation

Back 9

Transfer of title to real property.

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Bargain and sale deed

Back 10

A form of deed with or without covenants of title.

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Bill of Sale

Back 11

An instrument transferring ownership of personal property.

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Blanket Loan( Mortgage)

Back 12

Two or more parcel of real property are pledged to secure payment of the note.

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Blockbusting

Back 13

Induce someone for profit by targeting based on race, religion, sex or national origin.

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Brownfield

Back 14

Abandoned Property Due to enviromental contamination.

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Carryover Provision Protection Period

(Extender Clause)

Back 15

Statement in a listing contract protecting the broker's commission entitlement for a specified time after the contract expires.

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Caveat Emptor

Back 16

Latin meaning "Let the buyer beware" applies to sales talk and not statements of material facts.

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Chattel

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Personal Property

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Commingle

Back 18

An agent's mixing money or property of others with agents personal/business funds/ other property.

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Curtesy

Back 19

Husband's interest in the real property of his wife.

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Deed in Lieu

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Conveyance of title to the mortgage by a mortgagor in default to avoid a record of foreclosure (Friendly foreclosure)

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Designated Agency

Back 21

The client has an agency relationship with only those named in the listing contract/buyer agency contract.

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Emblement

Back 22

Personal property growing in the soil, planting & cultivation; annual crops.

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Escheat

Back 23

The power of government to take title to property left by a person who has died without leaving a valid will qualified heirs.

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Estate at sufferance

Back 24

Continuing to occupy property after lawful authorization has expired; a form of leasehold estate.

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Estate at will

Back 25

leasehold estate that may be terminated at the desire of either party.

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Estate for years

Back 26

A leasehold estate of definite duration.

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Exclusive Agency Listing

Back 27

A listing given to one Broker only.

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Exclusive right to sell

Back 28

One broker only who entitled to commission during the time of the listing contract.

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Executory Contract

Back 29

An agreement that has not been fully performed.

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Fiduciary

Back 30

Someone placed in a position of trust in relation to the person for whose benefit the relationship is created.

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Freehold

Back 31

A right of title to land.

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Fully Amortized Loan

Back 32

1 in which the scheduled uniform payments will pay off the loan completely over the mortgage term.

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General Agent

Back 33

One with full authority over one property of the principal such as a property manager.

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General Lien

Back 34

1 that attaches to all of the property of a person within the court's jurisdiction.

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Gross Lease

Back 35

1 in which the lessor pays all costs of operating and maintaining the property and real property.

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Ground lease

Back 36

A lease of unimproved land.

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Judicial Foreclosure

Back 37

A court proceeding to require that property be sold to satisfy a mortgage lien.

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Partially Amortized

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Uniform payment will not completely satisfy the debt over the mortgage term. A larger final payment is needed to satisfy the debt(balloon payment)

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Parlo Evidence Rule

Back 39

A concept allowing that oral explanations can support the written words of a contract but cannot contradict them.

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Perc Test

Back 40

A test of soil to determine if it is sufficiently porous for installation of a septic tank.

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Police Power

Back 41

The power of government to regulate the use of real property for the benefit of the public.

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Profit

Back 42

The right to participate in profits of another's land.

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Percentage Lease

Back 43

Rental amount a combination of a fixed amount plus percentage of the lessee's gross sales.

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Primary Market

Back 44

lender's making mortgage loans to individual borrowers.

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Promissory Note

Back 45

A written promise to pay a debt as set forth in the writing.

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Promulgate

Back 46

To put in effect by public announcement; to put into operation.

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Puffing

Back 47

An exaggeration of a property's benefits.

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Wraparound Mortgage

Back 48

A junior mortgage exceeding a first mortgage against the property.

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Usury

Back 49

Charging a rate of interest higher than the rate allowed by law.