Michigan Real Estate Exam Practice Question
The statutory seller disclosure requirement does NOT apply to:
Correct Answer: D
Rationale: The statutory seller disclosure requirement does not apply to the sale or exchange of vacant land, as this type of transaction typically involves fewer complexities and risks than residential properties.
Option A is incorrect because the sale or transfer of a longtime rental unit often involves residential property disclosures to protect tenants and buyers.
Option B is also incorrect; even when a residence is sold on a land contract, disclosure requirements still apply to ensure transparency about the property's condition.
Option C is wrong because an option to purchase inventory, particularly in a business context, does not fall under residential disclosure laws, but it does not pertain to real estate disclosures.
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