37.2501 Definitions.
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37.2501 Definitions.
Sec. 501.
As used in this article:
(a)"Real property" includes a building, structure, mobile home, real estate, land, mobile home park, trailer park, tenement, leasehold, or an interest in a real estate cooperative or condominium.
(b)"Real estate transaction" means the sale, exchange, rental, or lease of real property, or an interest in real property.
(c)"Housing accommodation" includes improved or unimproved real property, or a part of improved or unimproved real property, that is used or occupied, or is intended, arranged, or designed to be used or occupied, as the home or residence of 1 or more individuals.
(d)"Real estate broker or salesperson" means a person, whether licensed or not, who, for or with the expectation of receiving a consideration, lists, sells, purchases, exchanges, rents, or leases real property; who negotiates or attempts to negotiate any of those activities; who holds oneself out as engaged in those activities; who negotiates or attempts to negotiate a loan secured or to be secured by a mortgage or other encumbrance upon real property; who is engaged in the business of listing real property in a publication; or a person employed by or acting on behalf of a real estate broker or salesperson.
(e)"Source of income" means that term as defined in section 1 of 1972 PA 348, MCL 554.601.
History: 1976, Act 453, Eff. Mar. 31, 1977 ;-- Am. 2023, Act 6 , Eff. Feb. 13, 2024 ;-- Am. 2024, Act 200 , Eff. Apr. 2, 2025