Michigan Real Estate Salesperson

Joint tenancy carries the right of survivorship with equal interests (a deceased tenant's share passes automatically to the survivors without probate), while tenants in common may hold unequal shares and each owner's interest passes to their heirs.

An easement appurtenant benefits a specific parcel (the dominant estate) and transfers automatically with that land, while an easement in gross benefits a person or entity (such as a utility company) and has no dominant tenement.

A condominium unit owner holds fee simple title to the unit (in severalty) plus an undivided interest in common elements as a tenant in common, while a cooperative purchaser owns corporate shares (personal property) and receives a proprietary lease for occupancy.

Under an exclusive agency listing the seller may sell the property themselves without owing a commission, whereas under an exclusive right-to-sell the broker earns a commission regardless of who sells it.

Clients receive fiduciary duties such as loyalty, obedience, and confidentiality (loyalty requires putting the client's interests above the agent's own financial interests), while customers receive only fair and honest dealing.

Fannie Mae and Freddie Mac are GSEs that purchase (conventional) mortgages from lenders in the secondary market, while Ginnie Mae neither buys nor sells loans but guarantees securities issued by private offerors and backed by FHA-insured, VA-guaranteed, and USDA loans.

With a purchase money mortgage the buyer receives legal title immediately and gives the seller a security interest, while under a land contract the seller keeps legal title until all payments are made and the buyer holds only equitable title.

A buyer taking title 'subject to' is not personally liable for a foreclosure deficiency (the original seller/borrower may remain liable), while a buyer who assumes the mortgage becomes personally obligated on the debt.

Constructive eviction occurs when the landlord's failure to maintain the property makes it substantially unusable, forcing the tenant to vacate; retaliatory eviction is adverse landlord action taken because the tenant exercised a legal right.

Negligent misrepresentation is a false statement of material fact the licensee should have known was false without intent to deceive, fraud requires intentional misrepresentation, and puffing involves opinions rather than facts.

Commingling is mixing client money with personal or general business funds (always illegal), while conversion is the illegal use of entrusted money.

In eminent domain the government initiates a taking of private property for public use with just compensation, while inverse condemnation is an action the owner brings for compensation when a nearby public project diminishes the property's use and value without a direct taking.

Title automatically reverts under a fee simple determinable, while under a condition subsequent the estate does not automatically end and the holder of the right of reentry must bring a legal action in court.

Under 26 U.S.C. 3508 a sales associate is a statutory nonemployee only if all three requirements are met (current real estate license, written contract stating nonemployee treatment for federal tax purposes, and income substantially based on sales output rather than hours); hourly wages plus broker control over hours, dress, and meetings indicate an employer-employee relationship.