Property Management
A property manager in Michigan who collects rents and manages properties for a fee without a real estate license is:
APermitted if managing fewer than 6 properties
BAllowed if working directly for the property owner
CViolating the Occupational Code and practicing without a license✓ Correct
DExempt if the management fee is less than $500/month
Explanation
Michigan requires a real estate broker's or salesperson's license to manage properties for others for compensation. Managing without a license violates the Occupational Code and can result in fines and penalties.
Related Michigan Property Management Questions
- Under Michigan law, a security deposit for a residential tenant cannot exceed:
- In Michigan, the 'operating expense ratio' (OER) is calculated as:
- In Michigan, a landlord must return a tenant's security deposit within how many days after the tenancy ends?
- In Michigan, a gross lease requires the:
- In Michigan property management, 'deferred maintenance' refers to:
- A Michigan landlord who fails to properly return a security deposit within the statutory period may owe the tenant:
- Under Michigan law, which of the following may a landlord deduct from a security deposit?
- In Michigan, a 'net operating income' (NOI) for a rental property is defined as:
Practice More Michigan Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Michigan Quiz →