Ohio Real Estate Flashcards

Ohio Real Estate Flashcards Home inspectorsNot currently regulated in Ohio;however legislation has been proposed to regulate and to require a license State legislator adopted statutory law of agency Crates uniform standards in enforcement mechanism is to regulate the relationship duties and responsibilities of Agents. Establishes disclosure requirements for permitted types of agencies ClientPerson who has entered into an agency relationship as a principal with a licensee Permanently located manufactured homesA license is needed to sell ORC section 4735.01 exemptionsIndividuals and requirements of being licensed; bona fide fiduciary obligation in bankruptcy, public officer performing official duties, attorney at law performing duties, person engaging in the brokering of the sales of business assets not interest in real estate, sale on manufactured homes or of mobile homes provided the sale does not include any interest in real estate, The sale of commercial real estate pursuant to requirements of 4735. 022 Management level licenseeLicensee who is employed by or affiliated with a real estate broker and who has supervisory responsibility over other licensee employee by or affiliated with that real estate broker No independent license statusA sales person must act at all times through their broker; Even though considered an independent contractor by the IRS a real estate. Sales person has Confidential informationAll information the client direct to be kept confidential or that if disclose will have an adverse effect on the clients position in the real estate transaction except to the extent the agent is required by law to disclose such information and all information that is required by law to be kept confidential Waiver of duties formMust be signed by the client and agent when the client and keep agrees to waive certain the fiduciary duties under a listing agreement Chapter 4735 of the Ohio revised codecovers auctioneers to offer real estate for sale at auction; provided for licensing prerequisites, post licensing educational requirements and complaint procedures governing the real estate profession. ORELL Foreign real estateReal estate or an interest in real estate situated outside of Ohio Commercial broker Lien law conditionsBroker named in the contract, must be in writing and signed by broker and owner, amount of the lien is limited to the

amount due to the broker pursuant to the contract, lien is affective only against the interest in real estate that is subject of contract

New or used movable manufactured homesConsidered personal property and is not necessary to have a real estate license to sell Ohio attorney generals Federal Communications Commission and federal trade commission Complaints regarding unwanted calls maybe filed with Other compensationTangible gifts such as new television other premiums such as vacation; not to be confused with referral fee Ancillary trusteesA qualified individual to oversee the conclusion of the business transaction of the brokerage in the event of death or revocation or suspension of a licensed broker in such cases appointment would have to have appropriate probate court Responsibility of the Ohio division of real estateForeign real estate license require separate and different applications in examination. the regulation of or real estate dealers and sales person is the In company transactionA real estate transaction in which the purchaser and seller are both represented by the same brokerage AssistantMay perform duties ranging from clerical and secretarial function to office management telemarketing market strategy development direct contact with clients and customers Ohio department of commerce real estate and professional licensing division website Provides direct access to the Ohio real estate license law in the Ohio administrative code describing Ohio's administrative rules and regulations as well as newsletters publications bulletin and other valuable real estate related information Affiliated licenseeLicensed real estate broker or real estate sales person affiliated with the brokerage Superintendent of real estate commission Investigation of complaints of licensing or regulatory violations may apply for court in the junctions to stop violations in subpoena witnesses is one of the primary duties of the Licensed assistantCan set up and host open houses and assist in all aspects of real estate transaction Real estate sales personPerson associated with the license real estate broker to do or to deal in any of the acts or transaction permitted for or not for compensation Personal assistantsBecoming popular as high producers require administrative and professional support Real estate brokers and agents, licensed or certified appraisers and other professions Ohio mandates continuing professional education Commission may impose following five sanctions on a license for violations of section 4735.18 ORC

• revoke under Chapter 47352. suspend for term3.impose

a fine not exceeding $2,500 per violation4. issue a public reprimand 5. require completion of additional continuing education courses and education courses shall not count towards requirements set forth

Agency agreementContract between a licensee in a client in which the client promises to pay the broker valuable consideration or agrees the licensee may receive a valuable consideration for performing an act that requires a real estate license under law Referral fees including interstate referrals Legal to give as long as both individuals are licensed Express agency relationshipIs created by a buyer agency agreement between a buyer in a broker AppraisersMust be licensed or certified to engage in activities for any federal related transactions or in conjunction with any real estate mortgage loans in many commercial finance packages Real estate ORC 4735.01Includes leaseholds as well as any and every interest or estate in land situated in Ohio whether Corporeal or incorporeal weather freehold or non-freehold and the improvements on land but does not include cemetery interment rights Most common form of commission in OhioBroker agreeing to pay a fixed salary or share of the commission from transactions originated by a sales person Unlicensed person for service or anyone other than sales person license with the broker It is illegal for a broker to pay commission to ORC sections 4735. 03, .04, .05Real estate commission consist of five members who are appointed five-year terms by the governor with the advice and consent of the Senate. Four members must have been engaged as licensed real estate brokers in Ohio for 10 years immediately preceding their appointment and one represents the public no more than three members may belong to any one political party.

ORC section 4735.051Complaint procedure: informal meeting to try to reach a

resolution of the complaintif failed to resolve Ohio division of real estate investigates.within five business days after a person files a signed written complaint against a licensee with the division superintendent shall acknowledge receipt of the complaint and send a notice to the license describing the act.Informal mediation meeting will be heldcomplaint and licensing must both file a request for such meetings within 10 business days there after on a form by the superintendent.Meeting will be within 20 business days there after except there any party may request an extension of up to 15 business days if good cause shown.Fail to agree to an informal mediation superintendant shall within five business days of determination notify the complaint it and license and investigate the conduct.Investigators written report must be filed within 60 days of either the date of the complaint or