Property Management
In Michigan, an 'occupancy permit' for a rental unit may be required by:
ALARA for all rental properties
BLocal municipalities as part of a rental registration or inspection program✓ Correct
CThe Michigan Department of Health only
DThe federal government for all rental housing
Explanation
Some Michigan municipalities (Detroit, Lansing, and others) require rental properties to be registered and inspected, with occupancy permits or certificates of compliance issued before units may be rented. Landlords must comply with local rental registration requirements.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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