18 Questions
What is the purpose of Michigan Security Deposit Law (Act 348 of 1972)?
To outline guidelines for returning a tenant's security deposit
What entity oversees licensing and sets standards for real estate agents in Michigan?
Real Estate Licensing Commission
What is the key benefit of understanding the property tax system in Michigan for property owners?
Planning finances to anticipate property tax obligations
What legal consequences may landlords face for not adhering to the Michigan Security Deposit Law?
$200 fine per day for each day the deposit is not returned
What aspect of a rental agreement is critical for ensuring its validity and enforceability?
The minimum age required to enter into the agreement
How can property owners best plan for their tax obligations under Michigan's property tax system?
By anticipating their tax obligations through financial planning
What is the purpose of a property manager in an investment property?
To handle all day-to-day problems in the building
What is the difference between an operating budget and a capital budget?
An operating budget estimates costs to operate a building while a capital budget estimates costs for major renovations
What is the purpose of a prepayment penalty in a mortgage?
To charge a fee if the mortgage is paid off early
What is the difference between principal and interest, and principal, interest, and taxes due on a mortgage?
Principal and interest is the amount you actually borrowed, while principal, interest, and taxes is the full monthly payment
What is the purpose of a leaseback agreement?
You know what this agency does
What is the purpose of the 'Put-In-Use' concept?
To account for all costs capitalized when a building is constructed and ready for occupancy
Which of the following entities is responsible for licensing and regulating real estate agents in Michigan?
Michigan Real Estate Commission
In Michigan, what is the maximum time period within which a landlord must return a tenant's security deposit after the lease ends?
45 days
What is the legal minimum age for an individual to enter into a rental agreement in Michigan?
18 years old
Which Michigan city is known for its vibrant real estate market, particularly in downtown areas, and is often referred to as 'The Motor City'?
Detroit
What type of property tax system does Michigan utilize, where property taxes are calculated based on a property's assessed value multiplied by the local tax rate?
Ad valorem taxation
In Michigan, what is the legal limit for late fees that landlords can charge tenants who fail to pay rent on time?
There is no legal limit on late fees
Test your knowledge of the Michigan Security Deposit Law (Act 348 of 1972) regarding the return of security deposits to tenants. Learn about the specific guidelines and timeframe required for landlords to return security deposits in Michigan.
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