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Michigan · State License Law — free study notes for the real estate licensing exam.
🏛️ State License Law 📍 MichiganClient and escrow money in Michigan must be kept in a separate broker trust account and never commingled with the broker's own funds. Salesperson and broker licenses are issued on a three-year cycle and must be renewed before expiration, with continuing education completed during each renewal period to stay current on law and practice. Because Michigan is not a community property state, marital property is divided under equitable distribution rules, which affects how title and ownership are handled in transactions.
Yes. State License Law is a scored domain on the Michigan real estate licensing exam, and this topic appears in the state license-law portion.
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Michigan applies its own license law on top of the national portion. This page covers the Michigan rules specifically, which is what the state section of your exam tests.