A Michigan real estate brokerage wants to advertise using a trade name that is different from the broker's personal name. For example, the broker's name is John Kowalski, but he wants to advertise as 'Great Lakes Properties.' Under Michigan's Occupational Code, what must John do before legally using this trade name in advertising?
Correct Answer
B) Register the trade name with LARA-BPL and ensure it appears on his broker license
Under Michigan's Occupational Code and LARA-BPL rules, a broker who wishes to conduct business and advertise under a trade name (also called a fictitious name or assumed name) must register that name with LARA-BPL so that it is reflected on the broker's license. Advertising under a trade name that is not registered with LARA-BPL is a violation of Michigan licensing law.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
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