Michigan Laws > Chapter 207 > Act 248 of 1987 – Airport Parking Tax Act
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Terms Used In Michigan Laws > Chapter 207 > Act 248 of 1987 - Airport Parking Tax Act
- Airport parking facility: means an area, space, garage, parking structure, or other facility upon or in which motor vehicles are parked, stored, or housed for a consideration and that is located within the boundaries or within 5 miles of the boundaries of a regional airport facility. See Michigan Laws 207.372
- associate real estate broker: means an individual who meets the requirements for licensure as a real estate broker under this article and who is licensed as an associate real estate broker under section 2505 to provide real estate brokerage services as an employee or independent contractor of a real estate broker. See Michigan Laws 339.2501
- Attorney-at-law: A person who is legally qualified and licensed to practice law, and to represent and act for clients in legal proceedings.
- Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Business entity: means a person described in section 105(5)(b) or (c), except a sole proprietorship. See Michigan Laws 339.2501
- Classroom course: means an educational course of instruction that is provided at either of the following:
(i) A physical location where instruction is offered and students and an instructor are present. See Michigan Laws 339.2501Client: means a person that contracts with, or otherwise enters into an agreement with, an appraisal management company for the performance of real estate appraisal services. See Michigan Laws 339.2661 Clock hour: means either of the following:
(i) For a classroom course at a location described in subdivision (c)(i), a period of 50 to 60 minutes of actual classroom instruction, not including outside assignments and reading. See Michigan Laws 339.2501Commissioner: means the state commissioner of revenue. See Michigan Laws 207.372 Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action. Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant. Contract: A legal written agreement that becomes binding when signed. Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name. Deed: The legal instrument used to transfer title in real property from one person to another. employment: means the relationship between a real estate broker and an associate real estate broker or a real estate salesperson which may include an independent contractor relationship. See Michigan Laws 339.2501 Escrow: Money given to a third party to be held for payment until certain conditions are met. Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other. Executor: A male person named in a will to carry out the decedent Fiduciary: A trustee, executor, or administrator. Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006. Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC Fund: means the airport parking fund created in section 6. See Michigan Laws 207.372 in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q License cycle: means the term of a license issued under this article. See Michigan Laws 339.2501 Lien: A claim against real or personal property in satisfaction of a debt. month: means a calendar month; the word "year" a calendar year; and the word "year" alone shall be equivalent to the words "year of our Lord". See Michigan Laws 8.3j Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Motor vehicle: means that term as defined in section 33 of the Michigan vehicle code, Act No. See Michigan Laws 207.372 Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. Operator: means a person engaged in the business of controlling or operating an airport parking facility. See Michigan Laws 207.372 Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses. Person: means a natural person, partnership, fiduciary, association, corporation, or other legal entity. See Michigan Laws 207.372 person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Pocket card: means the pocket card that contains information about the license that the department provides under section 2506 when it issues a license under this article. See Michigan Laws 339.2501 Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC Prelicensure course: means a course that is represented to the public as fulfilling, in whole or in part, the requirements of section 2504. See Michigan Laws 339.2501 Professional designation: means a certification from a real estate professional association that demonstrates that an individual has attained proven skills or education in a real estate occupational area and may include the right to use a title or letters after the licensee's name that represent the designation awarded by the certifying entity. See Michigan Laws 339.2501 Property management: means leasing or renting, or offering to lease or rent, real property of others for a fee, commission, compensation, or other valuable consideration pursuant to a property management employment contract. See Michigan Laws 339.2501 Property management account: means an interest-bearing or noninterest-bearing account or instrument used in the operation of property management. See Michigan Laws 339.2501 Qualified county: means a county that provides public services to a regional airport facility. See Michigan Laws 207.372 Real estate broker: means an individual or business entity that, with intent to collect or receive a fee, compensation, or valuable consideration, sells or offers for sale, buys or offers to buy, provides or offers to provide market analyses of, lists or offers or attempts to list, or negotiates the purchase, sale, or exchange of real estate; that negotiates the mortgage of real estate; that negotiates for the construction of a building on real estate; that leases or offers or rents or offers for rent real estate or the improvements on the real estate for others, as a whole or partial vocation; that engages in property management as a whole or partial vocation; that sells or offers for sale, buys or offers to buy, leases or offers to lease, or negotiates the purchase or sale or exchange of a business, business opportunity, or the goodwill of an existing business for others; or that, as owner or otherwise, engages in the sale of real estate as a principal vocation. See Michigan Laws 339.2501 Real estate salesperson: means an individual who for compensation or valuable consideration is employed either directly or indirectly by a licensed real estate broker to sell or offer to sell, buy or offer to buy, provide or offer to provide market analyses of, list or offer or attempt to list, or negotiate the purchase, sale, or exchange of real estate; to negotiate the mortgage of real estate; to negotiate for the construction of a building on real estate, or to lease or offer to lease, or rent or offer for rent, real estate; who is employed by a real estate broker to engage in property management; or who sells or offers for sale, buys or offers to buy, leases or offers to lease, or negotiates the purchase or sale or exchange of a business, business opportunity, or the goodwill of an existing business for others, as a whole or partial vocation. See Michigan Laws 339.2501 Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. Regional airport facility: means an airport that services 4,000,000 or more enplanements annually. See Michigan Laws 207.372 Service provision agreement: means a buyer agency agreement or listing agreement that is executed by a real estate broker and a client and establishes an agency relationship. See Michigan Laws 339.2501 shall not apply: means that the pertinent provision is not operative as to certain persons or things or in conjunction with a particular date or dates. See Michigan Laws 8.4c Sponsor: means a person that represents to the public that the courses it conducts for purposes of this article fulfill the requirements of section 2504a for continuing education. See Michigan Laws 339.2501 state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident. Transaction: means the parking, storing, housing, or keeping of a motor vehicle for consideration. See Michigan Laws 207.372 Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC Trustee: A person or institution holding and administering property in trust.