About This Chapter
Michigan Real Estate Laws - Chapter Summary
In this chapter on Michigan real estate laws, brief lessons cover topics like similarities between the Michigan Antitrust Report Act and the Uniform State Anti-Trust Act. Instructors discuss the purpose of the Michigan State Housing Development Authority (MSHDA) and how they affect real estate sales. Upon completion of the chapter, you should be able to do the following:
- Apply Michigan's Land Division Act - Public Act 591 to real estate sales
- Discuss the Elliott-Larsen Civil Rights Act
- Provide an overview of the Michigan Legislature Act 348 of 1972
- Explain how Michigan usury laws protect borrowers
- Calculate the Michigan real estate transfer tax
- Outline how the Michigan Condominium Act applies to real estate sales
- Explain what the riparian rights and the Michigan Right to Farm Act relate to
- Discuss how the Dodd-Frank Act and the SAFE Act impacted land contracts
Subject-matter experts present information on Michigan real estate laws in a way that ensures the material is easy to comprehend. If you find yourself struggling with a particular topic, you can use the Help feature to send questions to experts. A short quiz is available to test your knowledge of each lesson, and the quizzes can be printed as worksheets to study offline.
1. Land Division Act - Public Act 591: Definition & Overview
The Land Division Act - Public Act 591 was enacted to control how land in Michigan is divided and used. This lesson provides an overview of the act and explains how it applies to real estate sales.
2. Understanding Michigan Fair Housing Laws
Michigan's fair housing laws provide protection for real estate clients. Learn how the laws shield buyers or renters from being discriminated against and what change requests are feasible.
3. Understanding Michigan Landlord-Tenant Laws
Although there is a Federal Fair Housing Law, each state has its own specific laws on fair housing and landlord/tenant relationships. This lesson will provide an overview for Michigan's housing and landlord/tenant laws, including the Michigan Legislature Act 348 of 1972, Act 454 of 1978 and Act 236 of 1961.
4. Understanding Michigan Usury Law
Usury laws are an important safeguard that protects borrowers and investors from being charged excessive interest rates and finance charges. In this lesson, we'll discuss the laws as it pertains to Real Estate in the State of Michigan.
5. Michigan Real Estate Transfer Tax: Definition & Calculation
One of the taxes charged when a home or property is sold is the transfer tax. This tax is assessed by Michigan state and the appropriate county where the property is located. Learn what the transfer tax is and how it is calculated in this lesson.
6. Michigan Condominium Act: Definition & Overview
The Michigan Condominium Act makes an impact on how condo rules are upheld and the regulations of condo owners paying association fees. Learn how this act may affect you in your real estate career.
7. Michigan State Housing Development Authority: Definition & Role
The Michigan State Housing Development Authority provides struggling consumers with resources to purchase their own home. Learn about the services available and the benefits of using the authority's help.
8. Michigan Antitrust Reform Act: Definition & Overview
In Michigan, there are laws put in place that protect consumers' rights and encourage fair competition. Learn how these laws affect your real estate business and which laws apply to you.
9. Michigan Right to Farm Act: Definition & Overview
The rights of citizens to grow crops for a profit in an agriculturally zoned area in Michigan is protected by the law. Learn how the law applies to farms, residential areas, and disputes in this lesson.
10. Riparian Rights in Michigan: Definition & Overview
Learn about riparian rights for Michigan landowners whose property borders water. We will discuss Glass v Goeckel, 473 Mich 667 of 2005, and learn what the law says in relation to Great Lakes riparian ownership.
11. Land Contracts in Michigan & Dodd-Frank
This lesson will explain the requirements invoked by the Michigan Department of Financial and Insurance Services in relation to land contracts after the passage of the Dodd-Frank Act and SAFE Act.
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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 Licensing & Statutory Requirements
- Michigan Real Estate Broker Exam Flashcards