About This Chapter
Michigan Licensing & Statutory Requirements - Chapter Summary
While studying these lessons, you can improve your knowledge of Michigan licensing and statutory requirements with a greater level of efficiency. Our educators review the role of the Michigan Board of Real Estate Brokers and Salespersons, such as how they handle investigations. This chapter can also help you better understand licensing renewal for brokers. After reviewing the lessons, you should be ready to do the following:
- Recall the powers of the Michigan Board of Real Estate Brokers and Salespersons
- List Michigan licensing requirements for brokers and salespeople in real estate
- Recount statutory requirements in Michigan for real estate licensees
- Provide an overview of real estate agency relationships
- Explain how Clancy REALTORS® and Charles Clancy v Michael Rubick impacted dual agency
- Outline service provision agreements pertaining to listings, brokers, and buyers
These convenient lessons can help you grasp concepts related to Michigan licensing and statutory requirements with ease. Vocabulary words are highlighted in bold so that you can review them quickly. There's also a brief quiz that's available to test your knowledge of each lesson, and the quizzes can be printed to study offline.
1. Michigan Board of Real Estate Brokers & Salespersons: Role & Powers
The Michigan Board of Real Estate Brokers and Salespersons will be important in your career. They are here to help you and hold you accountable, should there be a problem. Learn what some of their roles include.
2. Michigan Real Estate Licensing Requirements
If you are ready to jump into the amazing world of real estate sales and need to know how to get your license in Michigan, follow these steps to get licensed and be ready to go.
3. Michigan Real Estate Statutory Requirements
Being an agent is exciting and offers great potential. It also requires following laws and regulations. Learn some of the basic rules you must follow as a real estate agent.
4. Michigan Real Estate Statutory Requirements for Brokers
There are requirements beyond education, testing, and licensing that brokers must follow. Where will you work? What will you do if there is a legal battle with a client, agent, or other party? Learn about these questions in this lesson.
5. Real Estate Agency Relationships in Michigan
What are your responsibilities to your client? There are several types of agency relationships that you can consider when deciding how to best work with your client. Learn about the different relationships available in Michigan.
6. Dual Agency Restrictions in Michigan
Can a client refuse to pay you a commission if you are a dual agent? A court case shows what it takes to be protected as a dual agent and how to ensure you get paid for your work.
7. Service Provision Agreements in Michigan
Contracts and agreements are a big part of your work as a real estate agent. This lesson will go over what a service provision agreement outlines between you and the buyer, the seller, or a brokerage agency.
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Other chapters within the Michigan Real Estate Broker Exam: Study Guide & Practice course
- Property & Land Characteristics
- Air, Mineral & Water Rights in Real Estate
- Liens & Encumbrances in Real Estate
- Types of Property Ownership
- Real Estate Land Use Controls & Regulations
- Property Valuation & Appraisal
- Basic Real Estate Financing Terms & Concepts
- Types of Real Estate Loans
- Lending & Underwriting Processes
- Agency Relationships & Agreements
- Disclosures of Property Conditions
- Real Estate Sales Contracts
- Leasing & Property Management
- Real Estate Title Transfers
- Real Estate Practices
- Common Real Estate Calculations
- Michigan Real Estate Laws
- Michigan Real Estate Broker Exam Flashcards