OH Real Estate Law Course - Practice Exam Flashcards

OH Real Estate Law Course - Practice Exam Flashcards Which Ohio real estate license requires that applicants have previous real estate experience?a. Brokerb.Managing brokerc. Managing licenseed. Salesperson

• Broker

Vixen and Blitzen Donner have decided it's time to make their home in the North Pole. They simply can't get enough of the snow! In the listing agreement they sign with broker Elsa to sell their Ohio home, which of the following elements must be included?A pre-approval letter from the Donners' lenderThe commission they've agreed to pay ElsaThe Donners' signatures and the buyer's signaturesThe final purchase price of the Donners' home The commission they've agreed to pay Elsa If a buyer makes an offer that the seller finds lacking, which of the following actions is the seller most likely to take?a.Ask the seller's agent to talk with the buyer's agent.b. Call the buyer to negotiate better terms.c. Increase the asking price.d. Respond with a written counter-offer.

• Respond with a written counter-offer.

Danielle is an Ohio broker who just received $500 in earnest money from a buyer client. What must she do with the funds?Deposit them into an interest-bearing account.Deposit them into the brokerage checking account.Deposit them into the brokerage trust account.Hold onto them until the transaction closes.Deposit them into the brokerage trust account.Which of the following statements about federal fair housing guidelines is true?a. Because tweets are so short in length, they are exempt from fair housing guidelines.b.Federal fair housing guidelines don't apply to ads on social media.c. You can apply for electronic advertising exemptions from HUD.d. You must still adhere to federal fair housing guidelines when using social media.

• You must still adhere to federal fair housing guidelines

when using social media.Maureen removed several properties from her search for homes to show her new clients, the Kapoors. Even though the prices were right, and the Kapoors had asked for a certain part of town, she knew they wouldn't be comfortable in those neighborhoods. Maureen is performing an illegal action called ______.BlockbustingGerrymanderingRedliningSteering Steering Kelly is an Ohio broker. Jeff, an affiliated licensee, has just returned from a meeting with a buyer client and has handed her a check for earnest money. Which of the following is a true statement?Kelly is a fiduciary of the funds, but doesn't own them.Kelly is the beneficiary of the

earnest money.Kelly may deposit the funds into the brokerage checking account.The buyer is the fiduciary of the earnest money funds.Kelly is a fiduciary of the funds, but doesn't own them.Ricky is working for Matt, a buyer client, who is interested in a property at which the listing agent offers compensation to cooperating agents. The listing agent has offered Ricky or any cooperating agent additional compensation if the

transaction closes within 40 days. Is this ethical?a. No, it's never ethical for a licensee to accept compensation from more than one party.b. Yes, but only if all of the involved parties have full knowledge and provide consent.c. Yes, but only if the Matt has full knowledge of the compensation arrangement and provides consent.d. Yes, licensees can receive compensation from multiple parties in the transaction.

• Yes, but only if all of the involved parties have full

knowledge and provide consent.A landlord refuses to show available units to certain applicants based on their race. What makes this type of

housing discrimination a problem that extends beyond the damage to the individual applicants?People who might have been friends and neighbors never get to meet each other.Property values in the area will fall and will take a long time to rebound.Society must spend time and resources to try to fix the damage.The applicants may choose to buy instead of rent, making rental properties a poor investment.Society must spend time and resources to try to fix the damage.