Michigan

Michigan Real Estate Study Guides

The Michigan License Professor is Michigan's number one provider of high quality real estate knowledge designed to help YOU pass your Michigan real estate exam the first time. Explanations and feedback given by the Michigan License Professor is provided by real estate license instructors and professional realtors from across the United States. Many students have already aced their Michigan real estate exam by preparing with the Michigan License Professor.

Contents


Michigan state specific topics include:

  • Board regulations
  • Licensing requirements
  • Agent responsibilities and disclosures
  • Accounting
  • Advertising requirements

The Michigan License Professor covers all of the PSI necessary fundamentals of real estate including; 1) Property Ownership, 2) Land Use Controls and Regulations, 3) Valuation and Market Analysis, 4) Financing, Laws of Agency, 5) Mandated Disclosures, 6) Contracts, Transfer of Property, 7) Practice of Real Estate, 8) Mathematics, 9)Specialty Areas, as well as, 10) state specific content.

The Michigan License Professor Features:

  • 3 interactive study methods (Learning, Exam, and Flash Card)
  • 14 practice real estate license exams containing over 2100 questions
  • Both state and national real estate exam questions
  • Specific math and definition exams
  • Real estate specific online dictionary with hundreds of terms phrases

Studying with the Michigan License Professor will:

  • Increase your understanding of course material
  • Improve your exam comfort, familiarity, and completion speed
  • Start preparing immediately as there is no software to be delivered
  • Work from home comfortably (slippers allowed): Study wherever and whenever you desire
  • Have no need to attend expensive exam prep classes or real estate license school

The content for each MI real estate exam has been extensively planned out by the Michigan License Professor's editorial staff; professionals who teach real estate license courses all over Michigan. Through their valuable years of instructional experience they have created a series of practice tests that help future realtors prepare for their real estate exam. Don't set up to fail. Pass the real estate exam using the excellent practice exams and informative feedback that the Michigan License Professor's system provides.

The Michigan License Professor covers:

  1. Introduction to the Real Estate Business
  2. Real Property and the Law
  3. Concepts of Home Ownership
  4. Agency
  5. Real Estate Brokerage
  6. Listing Agreements and Buyer Representation
  7. Interests in Real Estate
  8. Forms of Real Estate Ownership
  9. Legal Descriptions
  10. Real Estate Taxes and Other Liens
  11. Real Estate Contracts
  12. Transfer of Title
  13. Title Records
  14. Real Estate Financing: Principles
  15. Real Estate Financing: Practice
  16. Leases
  17. Property Management
  18. Real Estate Appraisal
  19. Land-Use Controls and Property Development
  20. Fair Housing and Ethical Practices
  21. Environmental Issues and Real Estate Transactions
  22. Closing the Real Estate Transaction
  23. Real Estate Math
  24. Michigan Law and Practice

Michigan Real Estate License Requirements

In Michigan, exams, licensing, and continuing education for real estate agents are governed by the Michigan Department of Consumer Industry Services.

There are two basic real estate licenses in Michigan, a salesperson's license and a broker's license. Generally, a salesperson's license allows the holder to sell real estate only under the auspices of a licensed broker. (Salesperson's licenses are generally what people refer to when they say they have a real estate license.)

Real Estate Salesperson's License

Qualifying Education: 40 clock hours of approved real estate fundamentals Examination.

Exams: Administered by Applied Measurement Professionals

Experience needed: None

Continuing Education: 6 clock hours every renewal cycle

An applicant for a real estate salesperson license must be 18 years of age and have successfully completed education and examination requirements required by the Occupational Code, PA 299 of 1980, as amended.

A real estate salesperson license can only be issued if a complete application, with fee and broker's signature, is received by the department. Other requirements include: good moral character, a current letter of good standing from states in which the applicant currently holds, or has ever held, a real estate license.

Sample Salesperson Exam

Real Estate Broker's License

Qualifying Education: 90 clock hours of approved coursework required within 36 months of application, unless licensed continuously.

Exams: Examination administered by Applied Measurement Professionals

Experience: at least 3 years full time experience as a real estate salesperson, or equivalent experience(Rule 205).

Continuing Education: 6 clock hours every renewal cycle

An applicant for a broker license must meet all requirements for licensure before submitting an application to the Department. License application forms are mailed to successful exam candidates with their passing score notification. An application must verify required real estate experience and successful completion of all required education. Some applicants will be required to provide other documentation depending upon their background, e. g. all applicants must possess good moral character; applicants who currently hold, or have ever held a real estate license in another state or jurisdiction must submit a current letter of good standing from each regulatory entity.

An individual may be licensed as either an Individual Broker, which denotes operation as a sole proprietorship, or as an Associate Broker, an individual who qualifies as a broker but is licensed to a Broker or another broker entity type, LLC, partnership, corporation broker. If Individual Brokers are using a business name (e.g., John Doe d.b.a. Doe Realty), an assumed name certificate must be obtained from the county clerk's office and filed with the application. An Associate Broker cannot operate with an assumed name. If the broker's license will be held by an entity, at least one owner or principal must apply for an Associate Broker's license to that broker. The Department has a brochure entitled Your Real Estate Broker License Application -- An Applicant's Guide (BCS/LRE-035) to assist applicants through this process.