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Chapter 3 Michigan License Laws and Rules 2010©Cengage Learning. All Rights Reserved.
IN THIS CHAPTER All states require real estate agents to be licensed. The state’s authority to require licenses falls under its police power. Police power enables the state to fulfill its obligations to protect the health, safety, welfare, and property of citizens of the state. 2010©Cengage Learning. All Rights Reserved.
MICHIGAN REAL ESTATE LICENSE LAW Laws protect the general public. Requires a licensee to possess knowledge, skill, and reputation for honest and fair dealing, and ethical conduct. Governs the conduct of licensees in their real estate business activities. 2010©Cengage Learning. All Rights Reserved.
MICHIGAN’S OCCUPATIONAL CODE, ACT 299 The code incorporates the laws that pertain to all licensees in the state of Michigan. The first six articles of the code apply to all state license categories. Article 24 is the Contractors/Builders law. Article 26 is the Appraisal Law. The Real Estate License Law is Article 25. 2010©Cengage Learning. All Rights Reserved.
Michigan Real Estate Governing Board Board of Real Estate Brokers and Salespersons Authorized to promulgate rules for the real estate profession in Michigan Designed to give practitioners a guide on how to follow the law and a set of minimum standards of acceptable practice. The police power of the state to regulate for the purpose of promoting the health, safety, and welfare of the general public. 2010©Cengage Learning. All Rights Reserved.
Educational requirements for a Broker’s License Include successful completion of not fewer than 90 clock hours of classroom courses; the subject of at least nine of the hours must be civil rights and fair housing. These hours are in addition to the 40 clock hours required for a salesperson’s license. 2010©Cengage Learning. All Rights Reserved.
Educational requirements for a Salesperson’s License Applicants must prove that they have successfully completed not fewer than 40 clock hours of classroom study in real estate principles; the subject of at least four of these must be civil rights and fair housing. 2010©Cengage Learning. All Rights Reserved.
Salesperson License An applicant for a real estate salesperson license must be 18 years of age and have successfully completed education and examination requirements required by the Occupational Code. 40 clock hours of qualifying education in approved real estate fundamentals. 2010©Cengage Learning. All Rights Reserved.
Continuing Education 2 clock hours every year 18 total per 3 year cycle 2010©Cengage Learning. All Rights Reserved.
The department will require all applicants to pass an examination. Broker applicants must show proof of three years’ full-time experience in real estate or in a field determined by the department to be relevant and related. A licensee shall complete not less than 18 hours of continuing education per three-year license cycle. There is a minimum of two hours per year and those two hours must involve law, rules, and court cases regarding real estate. 2010©Cengage Learning. All Rights Reserved.
License laws are an exercise of the police power of a state; the purpose of these laws is to protect the public. Michigan requires a license to engage in the real estate profession; exemptions are allowed. A broker is a person or an organization who, for consideration or a promise of consideration, performs or offers to perform aspects of real estate transactions for others. A salesperson is one who performs acts that a broker is authorized to perform, but the salesperson does so on behalf of the broker. 2010©Cengage Learning. All Rights Reserved.
The Department of Labor and Economic Growth is responsible for enforcing license laws in Michigan. License laws establish standards of conduct for licensees. The Department of Labor and Economic Growth is empowered to issue and revoke, suspend, deny, limit, or renew licenses. License applicants must be knowledgeable of all the provisions of the license law, administrative rules, and other regulations in Michigan. 2010©Cengage Learning. All Rights Reserved.
Board of Real Estate Brokers and Salespersons broker employ independent contractor promulgate salesperson stipulation CHAPTER TERMINOLOGY REVIEW 2010©Cengage Learning. All Rights Reserved.
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