Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
10 Cards in this Set
- Front
- Back
What is the Michigan Occupational Code?
|
The law that sets all the rights and obligations of licensees.
|
|
How many members sit on the Real Estate Board?
|
Nine members
Four year terms not more that two consecutive Six have real estate licenses Three represent the public |
|
How long is a license good for?
|
All licenses expire on October 31 of a three year term. 2006
|
|
Latent Defect
|
A defect that is hidden but known to the seller. Can not be revealed by ordinary inspection.
|
|
Silent Fraud
|
Not disclosing Latent Defect.
|
|
Material Facts
|
Have direct effect on value. Bad furnace.
Licensee required to disclose. |
|
Non-Material Facts
|
Have no effect on value. Seller lost job.
No Duty to disclose. |
|
Seller's Disclosure Statement
|
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. |
|
Agent's Duty
|
Disclose defects KNOWN to agent or should have been known.
|
|
State Position RE: Disclosure
|
Disclosure of Material Facts shall not be considered grounds for disciplinary action.
|