Michigan License Law
The Michigan Occupational Code defines 'real estate broker' as a person who:
AOnly lists properties for sale
BFor compensation, buys, sells, or negotiates real estate transactions on behalf of another✓ Correct
CManages a real estate office
DPasses the broker exam but has not activated their license
Explanation
Under the Michigan Occupational Code, a real estate broker is anyone who for compensation or valuable consideration buys, sells, exchanges, or negotiates real estate transactions on behalf of another person.
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Key Terms to Know
Easement
A non-possessory right to use another person's land for a specific purpose.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Adverse PossessionA doctrine by which a person can gain legal title to another's land by openly, continuously, and adversely occupying it for a statutory period.
State-Specific Concepts
License Law
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