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10 Cards in this Set
- Front
- Back
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What is the Michigan Occupational Code?
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The law that sets all the rights and obligations of licensees.
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How many members sit on the Real Estate Board?
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Nine members
Four year terms not more that two consecutive Six have real estate licenses Three represent the public |
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How long is a license good for?
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All licenses expire on October 31 of a three year term. 2006
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Latent Defect
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A defect that is hidden but known to the seller. Can not be revealed by ordinary inspection.
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Silent Fraud
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Not disclosing Latent Defect.
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Material Facts
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Have direct effect on value. Bad furnace.
Licensee required to disclose. |
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Non-Material Facts
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Have no effect on value. Seller lost job.
No Duty to disclose. |
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Seller's Disclosure Statement
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Sellers of residential properties(1-4 families) must complete.
Real Estate offices must make available even if not client. If purchaser signs offer without disclosure may back out and get deposit back. |
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Agent's Duty
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Disclose defects KNOWN to agent or should have been known.
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State Position RE: Disclosure
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Disclosure of Material Facts shall not be considered grounds for disciplinary action.
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