Free Practice Questions for MI Real Estate
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Key Facts: MI Real Estate Exam
115 Q
Exam Length
PSI MI salesperson candidate bulletin
80 + 35
National + State Split
PSI MI
70%
Passing Score
MI LARA
40 hrs
Pre-License Education
LARA licensing requirements
$79
Exam Fee
PSI MI fee schedule
$8.60/K
Combined Transfer Tax
MI Revenue
Michigan requires 40 hours of pre-license education and passage of the PSI exam (80 national + 35 state questions, 70% to pass). Proposal A (1994) caps annual assessment increases at the lesser of 5% or inflation; taxable value uncaps to SEV (50% market value) upon sale. Sellers must complete a comprehensive Seller Disclosure Statement.
Sample MI Real Estate Practice Questions
Try these sample questions to review concepts for the MI Real Estate exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 301+ question experience with AI tutoring.
1What is the minimum age requirement to obtain a Michigan real estate salesperson license?
2How many hours of pre-license education are required for a Michigan real estate salesperson license?
3Which Michigan state agency regulates real estate licensees?
4What is the passing score required on the Michigan real estate salesperson examination?
5How many questions are on the Michigan real estate salesperson exam?
6What testing company administers the Michigan real estate salesperson exam?
7What is the continuing education requirement for Michigan real estate license renewal?
8Which of the following is NOT required to obtain a Michigan real estate salesperson license?
9What is the license period for Michigan real estate salespersons?
10What must a Michigan real estate salesperson have before they can practice?
About the MI Real Estate Exam
The Michigan real estate salesperson exam covers national real estate fundamentals plus Michigan-specific topics including LARA (Licensing and Regulatory Affairs) duties and powers, the Occupational Code, agency relationships and disclosure rules, trust accounts, seller disclosure obligations, the Land Division Act, Michigan civil rights laws, the state transfer tax, and Michigan-specific landlord-tenant law.
Exam sponsor: MI LARA / PSI. The requirements and fees below concern the certification or admission exam, separate from our free practice resources.
Questions
115 questions
Time Limit
3 hours (180 minutes)
Passing Score
70%
Reported exam pass rate: 55%. estimated first-time pass rate (MI LARA/PSI 2024) This describes exam candidates, not OpenExamPrep users or results from using our resources. Exam sponsor website
Fees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.
Official sources
Our practice resources: topics covered
We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.
National Real Estate Principles and Practices
Property ownership (10%), land use controls (5%), valuation (8%), financing (10%), contracts (19%), agency (13%), property disclosures (7%), property management (3%), transfer of title (6%), practice of real estate (12%), and real estate calculations (7%)
Duties and Powers of the Department and State Board
General powers; investigations, conferences, hearings and exemptions; penalties
Licensing Requirements
Activities requiring a license and exemptions, types of licenses, eligibility, renewal including continuing education, and license transfers or changes
Statutory Requirements Governing Licensee Activities
Advertising, commissions and fees, disclosure and conflicts of interest, handling contracts and documents, monies and trust accounts, record keeping, inducements, stigmatized property, and closing responsibilities
Contractual Relationships
Agency relationships available in Michigan (transaction coordinator, designated agency, dual agency, agency disclosures), broker-salesperson relationships, and service provision agreements such as listings and buyer broker agreements
Additional State Topics
Land Division Act private-road disclosure, Elliott-Larsen and Persons with Disabilities Civil Rights Acts, landlord-tenant and Truth in Renting Acts, state transfer tax, Condominium Act, MSHDA, Uniform State Antitrust Act, Right to Farm Act, and land contract changes under Dodd-Frank
Preparing for the MI Real Estate Exam
What You Need to Know
- Passing score: 70%
- Exam length: 115 questions
- Time limit: 3 hours (180 minutes)
- Exam / certification fees: $79 Official sources
Using Our Practice Resources
- Work through all 301 available questions
- Review every answer and explanation
- Track weak areas and revisit them
- Use our AI tutor for tough concepts
MI Real Estate: Suggested Study Strategy
Frequently Asked Questions
How many questions are on the Michigan real estate salesperson exam?
The MI salesperson exam has 115 scored questions: 80 national and 35 Michigan-specific. PSI's bulletin sets the pass mark at 70%, a raw score of 80 out of 115, with 180 minutes allowed. Five to 10 unscored experimental questions may be added, and their time does not count.
What is Proposal A and how does it affect Michigan real estate?
Proposal A (1994) caps annual property assessment increases at the lesser of 5% or the rate of inflation. When a property sells, the taxable value 'uncaps' and resets to 50% of market value (SEV). This creates significant tax differences between long-held and recently sold properties.
What education is required for a Michigan real estate license?
Michigan requires 40 hours of pre-license education covering real estate fundamentals and Michigan law. After licensing, 18 hours of CE are required every 3 years, including at least 2 hours on real estate laws, rules and court cases and at least 1 hour on fair housing law in each year of the cycle.
How does Michigan's transfer tax work?
Michigan charges two transfer taxes at closing: a county transfer tax of $0.55 per $500 and a state transfer tax of $3.75 per $500 of the sale price. Combined, this equals $8.60 per $1,000 of value.