EVERY TIME YOU SEE TENNANTS IN COMMON OR

Hondros- Ohio Real Estate Principles and Practices Study Questions Flashcards What is a disadvantage of a career in real estate sales?Not a steady income Pat is buying a house from terry, subject to an existing mortgage. What will happen if Pat cannot make the payments?Pat will lose the equity in the home, but will not be liable to repay any other money for the debt.

EVERY TIME YOU SEE TENNANTS IN COMMON OR

TENNANCY IN COMMON AS AN ANSWER ON THE

EXAM.....

ALWAYS CHOOSE IT. IT WILL APPEAR 4 OR 5 TIMES

ON THE EXAM . THE ONLY TIME YOU DO NOT PICK

TENNANTS IN COMMON IS IF THE QUESTIONS

MENTIONS 4 UNITIES OR THE RIGHT OF

SURVIVORSHIP, THEN THE ANSWER IS JOINT

TENNANCY.

When must an additional affiliate with a principal broker?Before he submits his test application When must a buyer's agent give an Agency Disclosure Statement to a seller?Before the buyers offer is presented When a seller makes a counteroffer, the buyer Does not have any responsibility to accept it Which is Not a License status?A. license activeB. license in escrowC. license inactiveD.

license on depositAnswer: B

Which statement regarding an agency relationship is false?A. An agency relationship may be created between a licensee and a buyerB. it is illegal for a salesperson to represent a client directly, without a brokerC. the seller has a fiduciary responsibility toward the buyerD. sub- agency is

when a licensee is an agent of an agentAnswer: C

What is a post licensing requirement for those licensed after April 6th, 2017?Licensees must complete a 20- hour post licensing course within the first year of being licensed Jerry operates a farm in a suburb of Urbana, Ohio. Later, the city expands and Jerry's farm is right in the middle of an R-1 residential zoned neighborhood. Jerry.....can continue to operate the farm as a non conforming use A novation is anew contract Annual property taxes are $1,776. If closing is on May 1, what is the sellers portion?

$ 588.76

In deciding who will be paid in a foreclosure sale, which is first in lien priority?Mortgagee or original lender Which statement regarding the Ohio Real Estate Commission is true?

• It consists of 5 members appointed by the governorB. It

investigates written complaints against licenseesC. It is run by the superintendent who is appointed by the governorD.

It promotes a code of ethicsAnswer: A

Betty owner real property with her daughters, Bonnie and Beatrice. When Betty died suddenly, her husband did not get the property even though her will said that all her worldly possessions would go to him. Instead, it went to her daughters. How did Betty, Bonnie and Beatrice own the

property?Joint tenancy with the right of survivorship A counteroffer represents aChange Jim made an earnest money deposit of $ 8,000.00 when entering into a contract to buy Allen's house. The contract indicated that he injured party would get he earnest money

in the event of a breach. Before closing, Jim backs out of the contract, citing health issues and Allen gets a check for $ 8,000.00. This is an example of Liquidated damages Which type of evidence of title gives a homeowner or lender recourse if title defects are later discovered?Title insurance

A deed isevidence of title, if any JJ gets a personal easement in gross to hunt on CC's land.Later, CC changes her mind. How can CC terminate the easement?Record a release from JJ that he will not hunt on her land anymore What is the license expiration/ renewal procedure?Licenses expire on the licensee's birthday and are renewed by the licensee filing a certificate of continuation (notice of renewal) with the division of real estate and professional licensing Listing agreements are NOT required tocontain the Ohio Division of Real Estates address and telephone number Under an assignment, the original partyremains secondarily liable Which is not a benefit from the secondary mortgage market?

• Banks have funds they can lend again to other potential

home buyersB. it moderated real estate cycles by providing local banks and others with stable investmentsC. it standardizes loan criteriaD. primary mortgage lenders can

change higher interest ratesAnswer: D

A fee simple absolute estate is NOT?A. conditionalB. inheritableC. perpetualD.

transferableAnswer: A

The Division of Real Estate and Professional Licensing does NOT issue ?

• citations for certain agency law violationsB. fines to

licensees found guilty of a fair housing violationC. real

estate licensesD. subpoenasAnswer: B

Which is not one of the ways the Federal Reserve Board influences interest rates?

• buying notesB. discount ratesC. open market

operationsD. reserve requirementsAnswer: A

Which rights are not transferred with real property?Encroachments In Ohio, a deed is required to haveConsideration Chris owns land next to a lake and near a mountain and needs to quickly come up with some money for a stock investment. Which would not be an appropriate option for chris?

• Sell air rightsB. sell appropriative rightsC. sell an

easementD. sell mineral rightsAnswer: B

Mike later learns that Wendy was only 17 years old when she signed the listing agreement, but had a birthday last week and is now 18. This listing agreement is....Voidable by Wendy. Given the circumstances, mike should have wendy sign a new listing agreement Agency coupled with an interest should be terminated bymutual agreement A real estate property managermust be licensed Stacy contacted with Biff (a big, bearly guy) to coerce her neighbor into signing an easement release she has been after for the past 5 years. Which statement is true?

• Stacy and Biff's contract is void due to unlawful

purposeB. Stacy and her neighbor's contract is voidable

due to duressC. Both A and BD. Neither A or BAnswer: C

The professional organization new licensees must join if their sponsoring broker is a member is the......National Association of Realtors Which is an area of specialization within real estate sales?Commercial and Industrial Most sales persons are hired as?independent contractors Which is not an encumbrance on real property? A. appurtenant easementB. judgement lienC. personal

licenseD. restrictive covenantAnswer: Personal license

A seller's agent must give a Consumer Guide to Agency Relationships to a seller when?prior to showing a buyer the property