Michigan Laws > Chapter 339 > Act 299 of 1980 > Article 25
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Terms Used In Michigan Laws > Chapter 339 > Act 299 of 1980 > Article 25
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Appraiser: means that term as defined in section 2601. See Michigan Laws 339.2661
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- associate real estate broker: means an individual who meets the requirements for licensure as a real estate broker under this article and who is licensed as an associate real estate broker under section 2505 to provide real estate brokerage services as an employee or independent contractor of a real estate broker. See Michigan Laws 339.2501
- Attorney-at-law: A person who is legally qualified and licensed to practice law, and to represent and act for clients in legal proceedings.
- Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Business entity: means a person described in section 105(5)(b) or (c), except a sole proprietorship. See Michigan Laws 339.2501
- Classroom course: means an educational course of instruction that is provided at either of the following:
(i) A physical location where instruction is offered and students and an instructor are present. See Michigan Laws 339.2501Client: means a person that contracts with, or otherwise enters into an agreement with, an appraisal management company for the performance of real estate appraisal services. See Michigan Laws 339.2661 Clock hour: means either of the following:
(i) For a classroom course at a location described in subdivision (c)(i), a period of 50 to 60 minutes of actual classroom instruction, not including outside assignments and reading. See Michigan Laws 339.2501Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action. Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant. Contract: A legal written agreement that becomes binding when signed. Control person: means an individual who is a sole proprietor, is a partner in a partnership or limited partnership, is an officer, director, or shareholder in a corporation, is a member or manager in a limited liability company, or holds a responsible position in any other form of business entity authorized under the laws of this state or the state in which the entity is organized or formed. See Michigan Laws 339.2501 Controlling interest: means more than 80% of the total value of all classes of stock of a corporation; more than 80% of the total interest in capital and profits of a partnership, association, limited liability company, or other unincorporated form of doing business; or more than 80% of the beneficial interest in a trust. See Michigan Laws 207.522 Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name. Deed: The legal instrument used to transfer title in real property from one person to another. Distance learning: means the technology and educational process used to provide instruction to a student when the student and the instructor are not necessarily physically present at the same time or place. See Michigan Laws 339.2501 Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC employment: means the relationship between a real estate broker and an associate real estate broker or a real estate salesperson which may include an independent contractor relationship. See Michigan Laws 339.2501 Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts Escrow: Money given to a third party to be held for payment until certain conditions are met. Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other. Executor: A male person named in a will to carry out the decedent Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller. Fiduciary: A trustee, executor, or administrator. Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC Fund: means the airport parking fund created in section 6. See Michigan Laws 207.372 grantee: may be construed as including every person to whom any such interest or estate passes in like manner. See Michigan Laws 8.3e Grantor: The person who establishes a trust and places property into it. grantor: may be construed as including every person from or by whom any estate in lands passes in or by any deed. See Michigan Laws 8.3e in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q Independent contractor relationship: means a relationship between a real estate broker and an associate real estate broker or real estate salesperson that satisfies both of the following conditions:
(i) A written agreement exists in which the real estate broker does not consider the associate real estate broker or real estate salesperson as an employee for federal and state income tax purposes. See Michigan Laws 339.2501Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants. Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases. Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC License cycle: means the term of a license issued under this article. See Michigan Laws 339.2501 Lien: A claim against real or personal property in satisfaction of a debt. Limited service agreement: means a written service provision agreement by which a real estate broker and client establish an agency relationship in which certain enumerated services, as set forth in section 2512d(3)(b), (c), and (d), are knowingly waived in whole or part by the client. See Michigan Laws 339.2501 month: means a calendar month; the word "year" a calendar year; and the word "year" alone shall be equivalent to the words "year of our Lord". See Michigan Laws 8.3j Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC Negotiate the mortgage of real estate: means engaging in activity in connection with a mortgage that is not regulated under the mortgage brokers, lenders, and servicers licensing act, 1987 PA 173, MCL 445. See Michigan Laws 339.2501 Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses. Person: means every natural person, association or corporation. See Michigan Laws 207.501 Person: means an individual, partnership, corporation, limited liability company, association, governmental entity, or other legal entity. See Michigan Laws 207.522 person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Personal property: All property that is not real property. Place of business: means a physical location that a real estate broker, by advertisement, signage, or otherwise, represents to the public is a place where clients and customers may consult or do business with a licensee. See Michigan Laws 339.2501 Plaintiff: The person who files the complaint in a civil lawsuit. Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer. Pocket card: means the pocket card that contains information about the license that the department provides under section 2506 when it issues a license under this article. See Michigan Laws 339.2501 Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way. Prelicensure course: means a course that is represented to the public as fulfilling, in whole or in part, the requirements of section 2504. See Michigan Laws 339.2501 Professional designation: means a certification from a real estate professional association that demonstrates that an individual has attained proven skills or education in a real estate occupational area and may include the right to use a title or letters after the licensee's name that represent the designation awarded by the certifying entity. See Michigan Laws 339.2501 Property: includes land, tenements, real estate, and real property and all rights to and interests in land, tenements, real estate, or real property. See Michigan Laws 207.522 Property management: means leasing or renting, or offering to lease or rent, real property of others for a fee, commission, compensation, or other valuable consideration pursuant to a property management employment contract. See Michigan Laws 339.2501 Property management account: means an interest-bearing or noninterest-bearing account or instrument used in the operation of property management. See Michigan Laws 339.2501 Property management employment contract: means a written agreement that is entered into between a real estate broker and client concerning the real estate broker's employment as a property manager for the client; that describes the real estate broker's duties, responsibilities, and activities as a property manager; and that describes the handling, management, safekeeping, investment, disbursement, and use of property management money, funds, and accounts. See Michigan Laws 339.2501 Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide. Qualified county: means a county that provides public services to a regional airport facility. See Michigan Laws 207.372 Real estate broker: means an individual or business entity that, with intent to collect or receive a fee, compensation, or valuable consideration, sells or offers for sale, buys or offers to buy, provides or offers to provide market analyses of, lists or offers or attempts to list, or negotiates the purchase, sale, or exchange of real estate; that negotiates the mortgage of real estate; that negotiates for the construction of a building on real estate; that leases or offers or rents or offers for rent real estate or the improvements on the real estate for others, as a whole or partial vocation; that engages in property management as a whole or partial vocation; that sells or offers for sale, buys or offers to buy, leases or offers to lease, or negotiates the purchase or sale or exchange of a business, business opportunity, or the goodwill of an existing business for others; or that, as owner or otherwise, engages in the sale of real estate as a principal vocation. See Michigan Laws 339.2501 Real estate salesperson: means an individual who for compensation or valuable consideration is employed either directly or indirectly by a licensed real estate broker to sell or offer to sell, buy or offer to buy, provide or offer to provide market analyses of, list or offer or attempt to list, or negotiate the purchase, sale, or exchange of real estate; to negotiate the mortgage of real estate; to negotiate for the construction of a building on real estate, or to lease or offer to lease, or rent or offer for rent, real estate; who is employed by a real estate broker to engage in property management; or who sells or offers for sale, buys or offers to buy, leases or offers to lease, or negotiates the purchase or sale or exchange of a business, business opportunity, or the goodwill of an existing business for others, as a whole or partial vocation. See Michigan Laws 339.2501 Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. seal: shall be construed to include any of the following:
(a) The impression of the seal on the paper alone. See Michigan Laws 8.3nService of process: The service of writs or summonses to the appropriate party. Service provision agreement: means a buyer agency agreement or listing agreement that is executed by a real estate broker and a client and establishes an agency relationship. See Michigan Laws 339.2501 shall not apply: means that the pertinent provision is not operative as to certain persons or things or in conjunction with a particular date or dates. See Michigan Laws 8.4c Sponsor: means a person that represents to the public that the courses it conducts for purposes of this article fulfill the requirements of section 2504a for continuing education. See Michigan Laws 339.2501 state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o Statute of limitations: A law that sets the time within which parties must take action to enforce their rights. Tax: means the state real estate transfer tax imposed under this act. See Michigan Laws 207.522 Treasurer: means the county treasurer. See Michigan Laws 207.501 Treasurer: means the state treasurer. See Michigan Laws 207.522 Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC Trustee: A person or institution holding and administering property in trust. United States: shall be construed to include the district and territories. See Michigan Laws 8.3o Value: means the current or fair market worth in terms of legal monetary exchange at the time of the transfer. See Michigan Laws 207.501 Value: means the current or fair market worth in terms of legal monetary exchange at the time of the transfer. See Michigan Laws 207.522