License Law and Rules of the Ohio Real Estate Commission

License Law and Rules of the Ohio Real Estate Commission**** Flashcards SuperintendentThe administrator of the Real Estate License Law and the Division of Real Estate.InactiveLicense status of any salesperson who returns his or her license to Division of Real Estate to pursue non-real estate activities. License may remain inactive indefinitely if it is renewed each year and continuing education requirements are met.Post-License EducationEducation required of all salespersons and brokers within the first year of licensure Real Estate Education and Research FundA fund created to advance real estate education and research and to provide educational loans to salesperson applicants.SuspendedWhen a real estate agent's license is temporarily withdrawn. Usually reactivation is automatic the day after the suspension is lifted.Ohio Civil Rights LawState law that prohibits housing discrimination on the basis of race, color, religion, sex, ancestry, national origin, disability, familial status or handicap.Ancillary TrusteeA trustee appointed by the Ohio Real Estate Commission to wrap up the brokerage business of a broker who dies.Pre-License EducationAn educational requirement needed to obtain a real estate license Real Estate Recovery FundProvides funds to compensate injured parties who have obtained a court judgment against an insolvent licensed salesperson or broker.License RenewalAll licensees must renew their own license each year on or before their own birthday Continuing EducationEducation required of all salespersons and brokers every three years CommissionA five member committee that can adopt, amend, or rescind regulations concerning real estate licensing.LienA nonpossessory interest in property, giving a lienholder the right to foreclose if the owner does not pay a debt owed the lienholder; a financial encumbrance on the owner's title.