examiner.C. a board of arbitrators appointed by the Ohio

Ohio real estate (state-specific crammer) Flashcards Informal hearing is to be beld with regard to a complaint filed against real estate agent, the initial hearing shall be beard bya. an investigator from the Hearing and Audit Section of the Division of Real Estate.b. a hearing examiner.C. a board of arbitrators appointed by the Ohio Real Estate Commission.d. the Ohio Real Estate Commission.

• a hearing examiner.

Upon the death of a licensed broker, or the revocation or suspension of his license, and with no other licensed broker within the entity, upon proper application, an ancillary trustee shall be appointed to conclude the business transactions of the deceased, revoked or suspended broker by thea. Superintendent of Real Estate (in the event of death with approval of the probate court).b.Ohio Real Estate Commission.C. Director of Commerce.d.attorney for the estate.

• Superintendent of Real Estate (in the event of death with

approval of the probate court).Mearle moved out of his apartment. 20 days later, be gets a notice that his security deposit was kept to pay the cleaners who wasbed the walls and shampooed the carpet.How much needed to be returned to Mearle?a. all of itb.half of itc. three quartersd. none of it

• all of it

An Ohio real estate salesperson can receive compensatiom from which of the following parties with regard to real estate sales?a. from any broker as long as the salesperson receives it from a cooperating brokerb. it is up to the listing brokerC. from any broker who has the same franchise name as his brokerd. only from his broker

• only from his broker

How much is in the recovery fund?500,000-2 million A hearing will result with regard to a complaint at the discretion of thea. Superintendent of Real Estate.b.complainant only.C. licensee only.d. Ohio Real Estate Commission.

• Superintendent of Real Estate.

In stating the expiration of a listing contract, the proper

language would be:a. "This listing contract shall expire in

90 days."b. "This listing contract shall expire in 90 days from the signing hereof."C. "This listing contract shall expire 90 days from the signing hereof, that day being

December 31, 2001 at 12:00 p.m."d. none of the above

• "This listing contract shall expire 90 days from the

signing hereof, that day being December 31, 2001 at 12:00

p.m." In ohio how much interest does the owner give the tenant when the security deposit exceeds the amount of rent?a.10%b. 6%c. 5%d. 7%

• 5%

Under Ohio Real Estate License Law, a real estate sales agent who is drafted into the armed services may do which of the following?a. put his license on deposit until the next renewal date after his discharge.b. request the Ohio real estate commission to Suspend his license until discharged from the armed servicesc. take no action since he is completely protected under the veteran's administration actd. retake the Ohio Real Estate Law class after discharge from the armed services

• put his license on deposit until the next renewal date

after his discharge.To take the Ohio real estate sales license examination, you musta. be honest, truthful, and of good reputation.b. be at least 18 years of age.C. not have committed a felony or crime of moral turpitude, or have violated any civil rights law (felony is "OK" on a case-by-case basis).d. all of the above

• all of the above

When a judgment is satisfied out of the Ohio Real Estate Recovery Fund against a licensee, which of the following will bappen to the licensee?a. The licensee can never practice real estate in the state of Ohio.b. The licensee's license is automatically. suspended for a period of three years.c. The licensee's license is automatically suspended until such monies are paid back into the Real Estate Recovery Fund, plus interest.d. none of the above

• The licensee's license is automatically suspended until

such monies are paid back into the Real Estate Recovery Fund, plus interest.Under Ohio real estate law, there are what types of bearings available to a complainant and a licensee?a.informal mediation hearing onlyb. formal hearing onlyC.informal and formal mediation hearings, but informal only if both parties agreed. formal and informal mediation hearing if the complainant agrees

• informal and formal mediation hearings, but informal

only if both parties agree After the purchaser signs the sales contract, the salesperson must do which of the following?a. keep the original contract for his files and give the purchaser a copy the following dayb. give the purchaser a copy immediatelyC. mail the purchaser a copy of the contract after the statutory 3-day cooling off period has expiredd.none of the above

• give the purchaser a copy immediately

earnest money When a real estate sales agent receives an deposit, that money must bea. deposited in the agent's own trust account until the agent has time to deposit the money into the broker's trust account.b. deposited according to the terms of the contract.C. held in the broker's safe until after the transaction is consummated.d. none of the above

• deposited according to the terms of the contract.

Which is the correct appeal process regarding complaint hearings under Ohio law?a. Superintendent, Ohio Civil Rights Commission, Common Pleas Courtb.Hearing

Examiner, Ohio Real Estate Commission, Common Pleas Courtc.Hearing Examiner, Superintendent of Real Estate, Ohio Real Estate Commission, Common Pleas Courtd.Hearing Examiner, Superintendent of Real Estate, Ohio Real Estate Commission

• Hearing Examiner, Superintendent of Real Estate, Ohio

Real Estate Commission, Common Pleas Court

Real Estate Salesperson may be licensed with and have her license held bya. A limited real estate brokerb. A real estate brokerc. Other real estate salespersonsd. All the above

• A real estate broker

Wbenever an application fee or transfer fee is paid to the state of Ohio with regard to real estate agents or brokers, the amount that shall be paid to the research and education fund isa. dependent on the current balance in the fund.b.dependent on the size of the brokerage company.C. $ 1.00.d. none of the above

C. $ 1.00.

How much is in an acre?43.560 Under Ohio license law, the broker's name and advertising must be displayed in which of the following ways?a. larger than that of the salespersonb. at least in equal prominence with that of the salespersonC. the broker's name only must appeard. size in advertising is discretionary by the broker and negotiated with the salesperson

• at least in equal prominence with that of the salesperson

A prospective tenant writes a check for a security deposit but says that it isn't good for 5 more days. The property manager shoulda. not accept the checkb. accept the check and wait to deposit it.C. ask for additional asset to hold until the check is goodd. call the police because the tenant is trying to pass a bad check

• not accept the check

The Ohio Real Estate Commission musta. include five licensed brokers, all of whom are appointed by the Governor.b. include five commissioners, four of whom must be licensed brokers, with one member representing the public, all of whom are appointed by the Governor.C. the number of commissioners changes each year with the election of the Governor.d. none of the above

• include five commissioners, four of whom must be

licensed brokers, with one member representing the public, all of whom are appointed by the Governor.The Superintendent of Real Estate is appointed by thea.Director of Commerce.b. Ohio Real Estate Commission.C.Governor.d. Superintendent Election Committee.

• Director of Commerce.

How do you show ownership of a co-op?Lease/stock Three items joint tenants hold1. Specify2.Equal3. Survivorship The definition of a real estate broker includes any person, partnersbip, association, or corporation whoa. offers, attempts, or agrees to negotiate the sale, exchange, purchase, rental, or leasing of any real estate.b. brings the buyer and seller together for a fee, commission, or other valuable consideration.C. directs or assists in the procuring of prospects for the negotiation of any transaction, other than mortgage financing, which is calculated to result in a sale, exchange, leasing, or rental of real estate.d. all of the above

• all of the above