It is designed to: make it easy for students to learn the material; prepare students for numerous career applications; stress practical rather than theoretical, skills and knowledge. Grand Rapids, 3115 Orchard Vista Dr SE, Grand Rapids, MI 49546, USA. PSIs Michigan testing centers are located in the following cities: Grand Rapids, Michigan Holt Marquette Southfield. Choose from hundreds of real estate brokers. We provide you with over 800 practice questions and 15 practice quizzes, and also include a simulated state-specific and national exam, so you know what to expect come exam time. Our Pass Guarantee is your assurance that if you do not pass your real estate licensing exam on your first attempt after completing our Exam Prep Bonus Material, you will be reimbursed for the cost of your exam. Find Your Courses Get Your License; Exam Prep; Post-Licensing; Continuing Education . You can choose the broker with whom you will work through the online application. Show moreShow less. Michigan real estate pre-licensing course costs vary depending on which school you choose and the particular course package you choose. Other Related Arizona Practices and Laws, XXVI. The course prepares you for the Michigan state licensing exam and provides the practical business . Georgia Licensing Regulation & Enforcement, XXVI. #default-btn-3e67513de8fb792b15bd48ebed490764:hover { padding: 12px 18px 12px 18px; Required fields are marked *. I was able to work it around my busy schedule. Pennsylvania Regulation of Conduct Part 2, XXVIII. Interpret a rectangular survey description, Describe the use of elevation reference points. Describe the complaint and investigation process. Distinguish between actions by the MREC and the AHC, and when cases are sent to each, Prepare closing documents and calculate costs, Describe function of major professional organizations, Distinguish freehold from leasehold estates, Identify the principal types of leasehold estate, Identify the activities, scope, and organization of brokerage, Recall the powers and duties of the Nevada Real Estate Division, List the primary powers and duties of the Real Estate Commission, Explain the options the Division Administrator has once findings of an investigation has been reported, Discuss sanctions and fines the Commission could impose on a licensee or property manager, Describe what a petitioner must show in a petition to the Fund, List the types of real estate licenses issued by Nevada, Identify activities that require a Nevada real estate license, State the requirements to obtain a salesperson license, Describe the terms and conditions of individual license renewal, Discuss reasons that would require an individual or licensee to notify the Division, Explain the provisions and penalties related to cooperative certificates, List recognized types of agency relationships, Describe the duties a licensee owes to all parties in a real estate transaction, Explain what must be included in the Consent to Act written consent form, Name each criterion the client agrees to in the Agreement to Waiver, Discuss the limits of communication authorized by the Nevada Law and Reference Guide, State all responsibilities between licensees associated with a broker, Discuss, according to law, what a broker must review and manage while supervising licensees, Identify different options for when payment of compensation is due, Review the laws regulating advertising for both real property and real estate services, Explain what is covered in the Nevada Real Estate Divisions Broker Price Opinion (BPO) bulletin, Identify governing bodies that determine disclosures, Recite the Residential Disclosures Guides list of required disclosures, State the residential sales that are exempt from the disclosure requirement, Explain what is in the public offering statement, Discuss events or facts that a licensee is not required to disclose, Review requirements for brokerage agreements, Name creators of forms and contracts for real estate transactions, List acceptable forms of payment for same day disbursement (Nevada Good Funds Law), Discuss what must be included in every advance fee agreement in Nevada, Discuss requirements of purchase agreements, Discuss requirements for written statement to obtain a Division permit, List environmental issues that the seller is required to disclose, Review inclusions for property tax calculation, List protected classes, including the Nevada additions, List the various various tasks involved in brokerage and the various areas of specialization available to practitioners, Characterize the key skills and proficiencies required for brokers to be competent professionals, Describe essential phases involved in real estate development and construction, Explain the key areas of real estate regulation and the critical focus areas of Florida regulatory bodies, Name the key trade associations and professional organizations comprising the real estate market, Encapsulate the origins and recent evolutions of real estate legislation and brokerage oversight, Summarize the key distinctions between Floridas authorized license types: sales associate, broker associate, and broker, Describe the regulatory requirements for license acquisition, Summarize the license application process and the key requirements for licensure in terms of education, background checks, and the application itself, Identify and distinguish between the licensing requirements for brokers and sales associates, Describe Floridas regulations and requirements governing nonresident brokerage practice within the state, Summarize Floridas continuing and post license education requirements and the related processes for renewing the license, Identify parties who are exempt from Florida licensure, Characterize the structure, organization, and primary departmental functions of Floridas real estate regulatory environment, Describe the structure and operating authorities granted to the Division of Real Estate and how the Division interfaces with other regulatory entities, Characterize the structural makeup and key authorities, purposes of the Florida Real Estate Commission (FREC), Define the distinctions between the key forms of license status, their respective operational authorizations, and how to change between active and inactive status, Define and distinguish between group licenses and multiple licenses, Describe the types of agency and the respective authorities agents are conferred within each type, Summarize the key concepts associated with agency in terms of agency agreements, how agency is created, and the general roles of the parties, List the key fiduciary duties imposed on agents within the agency relationship as they relate to the principal, or client, and the customer, Describe the disclosure duties imposed on agents in an agency relationship, Summarize Floridas regulations impacting the officing of brokerages, permitted signage, and critical restrictions imposed on practitioners, Describe how to comply with advertising regulations in terms of the agents identity, identifying the broker/firm, internet restrictions, and solicitation requirements, Detail the regulatory restrictions imposed on licensees in handling, depositing, and accounting for transactional trust funds, Describe the process of resolving disputes in escrow disbursements according the regulatory guidelines, Summarize the key restrictions imposed in dealing with rental lists, Summarize the various jeopardies involved in representing a licensees areas of competence and permitted practices, Describe the essential regulations impacting the structuring and disclosure of the licensees commissions or other compensation, Identify the key procedures required for effecting changes in ones license or business location, Identify what entities are allowed to be licensed in Florida and the key requirements for effecting licensure by entity, Explain the key compliance conditions for using trade names in Florida brokerage practice, Summarize the nature and consequences for misrepresentation and other fraudulent practices in Florida brokerage, Summarize several key ethical foundations undergirding professional practices in Florida brokerage in terms of disclosures, competition, agency relationships, conformance with standards, Highlight the key benchmarks and milestones involved in adjudicating complaints occurring within the jurisdiction of Florida real estate license regulation, Summarize the steps leading up to investigations, hearings rulings and appeals, Identify the adjudicative limitations and alternative punitive measures available to FREC and the Division, Explain how complainants can obtain relief using the Real Estate Recovery Fund, Summarize the impact on the licensee of a Recovery Fund reimbursement to a complainant, Summarize the overall thrust and purpose of federal and state fair housing laws as it relates to residential brokerage practice, List the salient laws that have formed the foundations of anti-discrimination in American housing practice, List and characterize the key discriminatory practices outlawed by fair housing and fair financing legislation, Describe the essential disclosures licensees must make to comply with fair housing practices, e.g., display of the Equal Housing Opportunity poster, List the protected classes cited by both federal and Florida fair housing law, Describe the central tenets of the Americans with Disabilities Act (ADA), Enumerate the essential types of discrimination outlawed by fair housing laws, Summarize the key provisions of Florida Fair Housing Law, Summarize the key elements of the Florida Residential Landlord and Tenant Act, Define and distinguish the key terms of land, real estate, and real property, Identify the key differentiations between real property and personal property, List and characterize the rights included in the bundle of rights; distinguish between surface, air and subsurface rights, Define and differentiate riparian and littoral water rights, Differentiate between possessory and non-possessory interests in real estate, Differentiate between freehold and leasehold estates, Describe the principal forms of freehold and leasehold estates, Characterize and differentiate tenancy in common, joint tenancy, severalty, and tenancy by the entireties, Describe the four principal forms of leasehold estates, Define and differentiate ownership implications between condominiums and cooperatives, Describe the principal regulations impacting time shares development, marketing and contracting, Define a homeowners association and list what disclosures must be made in selling properties in HOA subdivisions, Characterize the essential elements and mechanics of Community Development Districts (CDDs), List the forms of voluntary and involuntary title transfers, List the key requirements underlying deed validity; deed completion and deed delivery, Differentiate between witnessed, holographic, approved and nuncupative wills, Summarize the key forms and processes of probating an estate, Define the key forms of involuntary title transfer, Identify the purpose and the two key forms of notice; actual and constructive, Summarize the essential forms of identifying ownership of real estate title, List, define the essential type of deeds and salient deed clauses, Define and cite the distinctions between police power, eminent domain, and taxation, Characterize the essential forms of private encumbrances, including easements, encroachments, licenses, deed restrictions and liens, Describe the central function and purpose of deed restrictions and conditions, Summarize the salient forms of easements, how they operate and how they are terminated, Summarize the essential purposes of legal descriptions and how they are used, Describe the essential characteristics and methodology of the metes and bounds method of legal descriptions, Describe the essential characteristics and methodology of the Rectangular Survey System method of legal descriptions, Define the key terms of parallels, ranges, tiers, meridians, townships, sections, Define the lot and block, or recorded plat map, method of descriptions, Define and describe the usage of datums, assessors parcel number, and assessment rolls, Define and characterize the applications of real estate surveys, Define the essence of a contract and its validity requirements, Differentiate between valid, unenforceable, void and voidable contracts, Differentiate between oral vs. written; unilateral vs. bilateral; and executory vs. executed contracts, Summarize the contracting, offering and counter-offering process, Summarize contract creation and forms of contract termination, Characterize contract breaches and the types of legal remedies available to damaged parties, Define and describe the essential types of listings: exclusives, exclusive agency; opens; net listings, Summarize key provisions and requirements of listings, Describe the salient legal characteristics of the sale contract and how created, List the key provisions of sale contracts and the remedies for buyer or seller default, Summarize the purpose, essential provisions, and operating mechanics of the Sellers Real Property Disclosure Form, Summarize the essential disclosures required in completing a transaction, including radon, lead, energy efficiency, HOAs, flood zone, Transfer Disclosure Statement, environmental hazards, Explain the key mechanics, purposes and validity requirements of real estate options, Describe the key facets, mechanics and risks of installment sales contracts, Describe the key characteristics of, and provisions contained in, the note and mortgage instruments, Highlight the steps involved in the initiation and fulfillment of a mortgage transaction, Explain mortgage lien priority and its importance, List the key mechanical components of the mortgage loan, Characterize essential provisions of mortgages including origination fees, take-out commitments, payments, and assignment, Summarize ways to purchase mortgaged property, Explain and differentiate alternative foreclosure methods used to enforce mortgage lien defaults, Describe the nature and key characteristics of a short sale and how it differs from conventional conveyances, Describe common mortgage features including down payments, LTVs, PMI, amortization and negative amortization, Characterize the unique facets of amortized loans, adjustable v fixed rate loans, and bi-weekly loans, Describe the distinguishing characteristics of purchase money mortgages; wraparounds, reverse annuity loans, interest-only loans, blanket loans and buydowns, Explain the unique characteristics of FHA loans, their benefits, and qualifying requirements, Describe the essential attributes of VA loans and how to qualify for them, Describe the defining aspects of the Equal Credit Opportunity Act and its underwriting prohibitions, Summarize the mortgage loan application process including the information required, underwriting qualifications, and the loan commitment, Describe the essential aspects of the primary mortgage market, Summarize the secondary mortgage market and how it provides liquidity to the primary market, Summarize the defining aspects and roles of the principal secondary market players including Fannie Mae, Freddie Mac, and Ginnie Mae, Summarize the central thrusts of fair financing laws including TILA, Reg Z, ECOA, and RESPA, Describe the preliminary steps leading up to closing and the licensees role in assisting the principal parties, Summarize the key events that occur at closing including funds transfer, settlement, and title transfer, Describe how TILA and RESPA impact the closing process and disclosures, Summarize the financial aspects of the settlement statement in the closing, Explain the purpose and mechanics of prorations and what items are prorated, Define the various closing costs and taxes imposed by government jurisdictions at closing, Identify the unique physical characteristics of land and real estate, Summarize the unique economic facets of real estate in terms of supply and demand and price, Detail the unique underlying determinants of demand for real estate by type of real estate (retail, office, industrial), Describe the relationship between real estate demand and the base employment in a market, Summarize the specific supply/demand interrelationships driving increases or decreases in prices, Describe the four stages of the supply-demand cycle, Summarize how real estate appraisal practice is regulated in Florida and nationally via licensure and adherence to USPAP standards, Describe the role of FIRREA and the Appraisal Qualification Board in regulating appraisal practice in federally-related transactions, Define the various types of value that affect real estate practice, Explain the mechanics and key characteristics of the economic principles of highest and best use, contribution, progression, substitution and anticipation, List the basic steps in the appraisal process, Explain the essential steps in the sales comparison approach, the cost approach, and the income approach, Summarize the strengths and weaknesses of the three approaches to value, Explain the formulas for deriving the gross rent and gross income multipliers, Describe how to prepare a CMA and highlight the keys to making a more accurate CMA, Summarize the basic considerations underlying the relative attractiveness and risk of a given investment, including risk, return, management, and liquidity, Highlight the essential types of investment risk that affect real estate investments, Describe the differences between income and non-income producing real estate investments, Summarize how income property investments work from a financial or investment perspective, Cite the investment benefits of a residential real estate investments in terms of appreciation, gain, and tax shelter, Summarize the key steps in deriving cash flow of an income-producing real estate investment, Describe how to derive the investments taxable income, Describe and differentiate the two types of business brokerage (asset vs. stock sale), Identify the fundamental steps involved in the business brokerage transaction, Identify the governmental entities/districts authorized to levy real estate taxes in Florida and which taxes they levy, Summarize the essential facets of ad valorem taxation in Florida in terms of tax schedule, due dates, tax rates, and deriving the tax bill for taxpayers, Describe and define immune property, exempted property, and the homestead exemption; how the homestead exemption works, Summarize how tax liens are enforced upon the non-payment of taxes by the homeowner, Describe the mechanics of federal capital gain taxation and how it works, including the exclusion for ones principal residence, Explain how federal income taxation works for income-producing properties, Summarize the effects of installment sales and 1031 sales on federal capital gain taxation, List the various goals of public and private land use control, Describe the general purposes and process of public planning from master planning to zones, codes, and permits, Identify the general considerations underlying how a municipality handles community growth and infrastructure support, Describe the purpose of the Florida Growth Policy Act and Florida Community Planning Act, Describe what areas the master plan attempts to regulate and optimize, e.g., land use, traffic, neighborhoods, List the tools at the disposal of public planners enabling enforcement of the land use plan 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