A buyer's agent in Michigan is helping her client purchase a home. The agent wants to ensure her client receives the Principal Residence Exemption as soon as possible after closing. What should the agent advise the client to do?
Correct Answer
B) File a PRE affidavit with the local assessor by June 1 or November 1 of the tax year
To receive the Principal Residence Exemption, the buyer must file a PRE affidavit with the local assessor by June 1 or November 1 of the tax year. The PRE is not automatic and cannot be transferred from the seller. The agent should advise the buyer to file the affidavit promptly after closing to ensure the exemption is received for the current or next applicable tax year. This is one of the most important post-closing advisories a Michigan buyer's agent can provide.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Broker supervision is the legal obligation of a designated or managing broker to oversee and be accountable for the real estate activities of all salespersons and associate brokers operating under their license.
Commingling is the illegal act of mixing client funds with a broker's personal or business operating funds, while conversion is the unauthorized use of client funds for the broker's own benefit. Both are serious violations that can result in license revocation.
Commingling is the illegal act of mixing client trust funds with a broker's personal or business operating funds; conversion is the misappropriation of those funds.
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