Great Lakes Realty Systems, Inc. - Course 900 Series Resource Center

Course 900 Series Michigan
Real Estate Continuing Education

MODULE 1: MICHIGAN LAWS AND RULES UPDATE

•	1.01: Advertising
•	1.02: Airport Zoning Regulations
•	1.03: Auctioneer Registration
•	1.04: Corporate Brokerages
•	1.05: Foreclosure Redemption Period
•	1.06: License Examinations
•	1.07: Property Tax Assessment Guidelines
•	1.08: State License Fee Act Amendment

Back to the Course 900 Series Resource Center

1.01: Advertising
	•	Real Estate "Redbook" (454k)
	•	Truth-in-Lending Act (TLA) (59k)
UPDATE! The text states that print ads and sign riders stating "$0 Down" trigger the required disclosure of additional financial information.

It's been brought to our attention that the Federal Trade Commission (FTC) makes the following statement on its website (as it pertains to the TLA): "Some statements about credit terms are too general to trigger additional disclosures. Examples of terms that do not trigger the required disclosures are: No downpayment…." In other words, it appears that "$0 Down" is fine, but "Only $1,000 Down" requires the additional disclosures.

1.02: Airport Zoning Regulations
	•	Michigan Zoning Enabling Act (71k)
	•	Tall Structure Act (20k)
	•	Airport Zoning Act (34k)
	•	Michigan Dept of Transportation (MDOT) - Aeronautics

1.03: Auctioneer Registration
	•	Michigan State Auctioneers Assn (MSAA)
	•	PA 489 of 2006 (39k)
	•	Article 29 (15k)

1.04: Corporate Brokerages
	•	Real Estate "Redbook" (454k)
	•	Business Corporation Act (316k)
	•	Professional Service Corporation Act (20k)
	•	Miller v Allstate Ins Co (100k)

UPDATE! In a decision (137k) dated July 2, 2008, the Michigan Supreme Court essentially set aside the reasoning used by the Michigan Court of Appeals and ruled that the Business Corporation Act (BCA) grants the power to challenge corporate status solely to the Michigan Attorney General. Consequently, Allstate Insurance Company lacked legal standing to challenge Plaintiff's corporate status in the case referenced above.

Without an opinion by the Michigan Attorney General, this decision by itself obviously fails to determine once and for all whether real estate brokerages are "properly incorporated" when formed under the BCA. Regardless, the Department after a one-year hiatus is once again accepting and approving corporate brokerage license applications by corporations formed under the BCA.

1.05: Foreclosure Redemption Period
	•	PA 579 of 2006 (34k)

1.06: License Examinations
	•	PSI
	•	iCOLA
	•	Sample Real Estate Photo ID Pocket Card (103k)

1.07: Property Tax Assessment Guidelines
	•	Bulletin - Foreclosure Sales (48k)
	•	Bulletin - Single Year Sales Studies (42k)

1.08: State License Fee Act Amendment
	•	PA 77 of 2007 (103k)