Disclosures
Federal law requires sellers of homes built before 1978 to disclose the presence of this aesthetic, hazardous material and provide a pamphlet about it to buyers.
What is lead-based paint?
Name the movie:
"Nobody's walking out on this fun, old-fashioned family Christmas. No, no! We're all in this together."
What is National Lampoon's Christmas Vacation?
The percent of all homes that are selling as FSBO in 2024.
Over or under: 8% ?
Under.
The percent of all homes selling as FSBO decreased to 6% in 2024, a historical low.
This Christmas plant, often associated with kissing, was considered a symbol of fertility and vitality in Norse mythology.
What is mistletoe?
In Michigan, a broker must deposit the earnest money into this type of account to comply with legal requirements.
What is a non-interest-bearing trust account?
If a seller has knowledge of a property being located in a FEMA-designated SFHA area, they are typically required to disclose this to buyers. This type of insurance may also be required by lenders in such areas.
What is flood insurance?
Name the movie:
"I love syrup. Ohhhhh I love it."
Elf
In the state of Michigan, according to the Zillow Home Value Index, the percent of home sales that were over list price in 2024, as of October 31st.
Over or under: 32%
Over.
36.3% of sales were above list price.
And, 47.0% of sales were below list price.
Before being associated with Christmas, this jolly gift-giver was based on a 4th-century bishop known for his generosity, especially toward children.
Who is Saint Nicholas?
If a dispute arises regarding the earnest money deposit after the buyer and seller fail to reach an agreement, the broker holding the deposit may do this to resolve the dispute.
What is interplead the funds in court?
In many states, sellers must disclose this type of past event if it psychologically impacts the property’s value, such as a crime or death on the premises.
What is a stigmatized property event?
Name the movie:
"Is your house on fire, Clark?"
What is National Lampoon's Christmas Vacation?
The amount of equity the average homeowner has as of 2024.
Over or under: $316,000
Over.
The average homeowner now has $319K of equity in their home, of which $270K could be borrowed against while still maintaining a 20% equity cushion.
In Germany, this terrifying Christmas figure is said to punish naughty children by putting them in a sack and carrying them away.
Who is Krampus?
Under Michigan law, a real estate broker must deposit earnest money into a trust account within this number of banking days after receiving the deposit, unless stated otherwise in the purchase agreement.
What is 2 banking days?
This type of disclosure is required if a seller is aware that their property is subject to unrecorded easements, covenants, or encumbrances that affect the buyer’s future use of the property. Failure to disclose this information can result in legal action.
What are unrecorded encumbrances or easements?
Name the movie:
"Yippee Ki‐Yay, motherf*****."
Diehard
The current total amount of active inventory in the quad-county area (Livingston, Genesee, Oakland, Washtenaw) compared to this time last year.
Over or under Dec 2023's total of: 4,789 ?
Under.
Dec 4, 2023 = 4,789 total active listings.
Dec 4, 2024 = 4,207 total active listings.
This is in contrast to the national total, which increased by almost a third from Oct 2023 to Oct 2024 (local data also decreased Oct-Oct).
In this country, a mischievous Christmas figure known as the "Yule Cat" is said to eat people who have not received new clothes before Christmas Eve.
What is Iceland?
If a dispute arises over the earnest money deposit and both the buyer and the seller claim the funds, what is the broker legally required to do with the deposit under Michigan Rule 313(6)?
Once a dispute occurs, Rule 313(6) requires the broker to keep the earnest money deposit in the trust account until the buyer and seller reach an agreement in writing or a court issues an order directing the release of the funds.
Under Michigan's Seller Disclosure Act, which of the following transactions is not exempt from providing a Seller's Disclosure Statement?
A) Transfer pursuant to a court order.
B) Transfer between spouses resulting from a judgment of divorce.
C) Transfer of newly constructed residential property that has not been inhabited.
D) Transfer of a single-family home by the owner.
What is D) Transfer of a single-family home by the owner? Under Michigan's Seller Disclosure Act, most transfers of residential property, including the sale of a single-family home by its owner, require a Seller's Disclosure Statement. Exceptions include transfers pursuant to court orders, transfers between spouses due to divorce, and transfers of newly constructed homes that have not been inhabited.
Name the movie:
"I never thought it was such a bad little tree. It’s not bad at all, really. Maybe it just needs a little love."
What is A Charlie Brown Christmas?
The factor by which Total Homeowner Equity in the US is greater than Total Mortgage Debt.
Over or under: Equity is twice as high as Mortgage Debt.
Over.
As of Q2 2024, Home Mortgage Debt was $13.17 Trillion, while Total Homeowner Equity sat at $35.08 Trillion - 2.66x as much as the debt.
In this country, families often eat KFC for Christmas dinner due to a wildly successful 1970s advertising campaign.
What is Japan?
A group of visitors during the holiday season in the 1970s discovered that finding turkey in Japan was extremely difficult. Instead, they opted for a fried chicken Christmas dinner. KFC capitalized on this opportunity and began serving chicken dinners at Christmas in 1974 under the promotion 'Kentucky for Christmas.
In Michigan, if a broker is holding an earnest money deposit from a failed transaction, and three years have passed without any contact from the buyer or seller, what is the broker legally required to do with the unclaimed funds?
Remit the funds to the State of Michigan as unclaimed property.
Under Michigan's escheats law, if an escrow agent has a contract with one party but a release cannot be secured from the other party, the funds must be reported and remitted to the Michigan Department of Treasury as unclaimed property after three years of no contact with the parties.