Ohio Real Estate Law Exam Flashcards

Ohio Real Estate Law Exam Flashcards A prospective buyer signs a contract to buy property Z and makes a generous earnest money deposit with his real estate agent. The contract states that the seller has, "six days from the date of the contract to accept the offer" On day five, the seller has not yet accepted the offer, but the buyer withdraws the contract.The earnest money deposit must be(a) divided between the buyer and seller.(b) divided between the seller and his broker.(c) given to the seller only.(d) returned to the prospective buyer only (d) returned to the prospective buyer only A person who has absolute control of a parcel of real estate is said to own a(a) fee determinable estate.(b) fee simple absolute estate.(c) leasehold estate(d) life estate.(b) fee simple absolute estate For which could a broker/sales agent lose his real estate license?(a) failure to pay commissions(b) income tax evasion(c) a second civil rights law violation (d) all of the above (d) all of the above Two parcels of land wherein one parcel has the use of another for a specific, limited purpose is called(a) easement appurtenant.(b) easement in gross.(c) fee simple determinable.(d) license.(a) easement appurtenant.Which is a broker's favorite type of listing agreement?(a) exclusive agency agreement(b) exclusive right to sell agreement(c) notarized listing agreement(d) open listing (b) exclusive right to sell agreement With whom can a licensed real estate broker, working for the seller, legally share her commission?(a) the attorney-at-law who represents the seller(b) the bank that makes the loan on the property in question, if it is HUD property(c) the buyer's broker(d) the seller (c) the buyer's broker Channeling prospective buyers to a particular neighborhood based on their race is called(a) blockbusting.(b) panic buying.(c) redlining(d) steering (d) steering A broker obtained a 120-day exclusive right to sell listing agreement, but did absolutely nothing to market the property for 60 days. Which statement is FALSE?(a) The broker has breached the listing agreement and his fiduciary duty.(b) The broker has earned a commission even though no work has been done because the listing agreement is valid.(c) The seller can cancel the listing prior to the 120th day for lack of performance.(d) The seller can withdraw the property from the market without consequence.(b) The broker has earned a commission even though no work has been done

• Which is legal under Ohio Civil Rights Law?(a) The

landlord/occupant of a four-plex housing unit refuses to rent to an Asian couple.(b) The owner of vacant land refuses to lease to a woman(c) The owner refuses to show his only single-family owner-occupied home (which is up for sale) to a person over 70 years of age.(d) The owner/occupant of only one single-family home refuses to sell the home to a Roman Catholic couple.(c) The owner refuses to show his only single-family owner-occupied home (which is up for sale) to a person over 70 years of age.A trade fixture is(a) always constructively annexed.(b) an item the lessee is allowed to remove.(c) an item the lessee traded something for to acquire(d) a natural attachment.(b) an item the lessee is allowed to remove A guarantee by a sales agent that he can get property rezoned(a) is against the rules and laws of the Ohio Real Estate Commission.(b) must be accomplished at the agent's expense.(c) must be completed within six months after the transaction closes.(d) must be in writing to be valid because it deals with real property.(a) is against the rules and laws of the Ohio Real Estate Commission The deed says, "I grant this land to B for life, and then to C.Before the death of B, which future interest does C have?(a) dower(b) life estate pur autre vie(c) reversion(d) none of the above (d) none of the above Under Ohio law, it is mandatory that every listing agreement have a(n)(a) extension clause.(b) referral date.(c) sale date.(d) termination date.(d) termination date Which item would NOT ordinarily be included in the sale of real estate?(a) barn(b) farm equipment(c) farm house(d) fences (b) farm equipment A "due on sale" clause, if present, is normally found in the(a) mechanic's lien.(b) mortgage(c) real estate purchase agreement.(d) resolution (b) mortgage In Ohio, for property to escheat to the state, which must be TRUE?(a) The testator must have tried to cheat the state.(b) There must be no net estate.(c) There must be no will and no living heirs.(d) There must be no will or no living heirs.(c) There must be no will and no living heirs.Suspension of a real estate license is for(a) one-half the time of a revocation.(b) a set period of time, with reactivation by application after the suspension is lifted.(c) an unspecified period of time.(d) an unspecified period of time, with reactivation by application (b) a set period of time, with reactivation by application after the suspension is lifted In terms of conveying real estate, which pair of words best matches "deed/will?'(a) delivery/acceptance(b) grantor/grantee(c) life/death(d) written/oral (c) life/death A sales associate presented a contract for the listing price to a seller from a financially qualified black prospect. Later,

the broker presented a lower contract to the same seller from a white prospect. The seller accepts neither of these contracts, but sells the property to a neighbor (through the same sales associate) who has decided to buy the house to prevent the black prospect from purchasing it. Who is NOT liable under the 1968 Federal Fair Housing Act?(a) neighbor(b) sales associate(c) seller(d) white prospect (d) white prospect

A one-third (1/3) life estate in a deceased spouse's property transferred without consent is(a) dower.(b) a homestead.(c) a life estate pur autre vie.(d) reversion.(a) dower Which action would be permitted under the Federal Fair Housing Act?(a) advertising property for sale only to a special group(b) changing the terms of a loan for a member of a minority group(c) refusing to rent a home to someone because of a poor credit history(d) telling someone that a place has been rented when it has not (c) refusing to rent a home to someone because of a poor credit history All real estate advertising must include the name of the (a) agent.(b) broker or brokerage(c) seller.(d) street (b) broker or brokerage Who are the parties to the sales contract?(a) agent and broker(b) agent and seller(c) buyer and seller(d) seller and broker (c) buyer and seller Which statement in regard to an option on real property is TRUE?(a) An option is binding only on the optionee(b) An option is usually given by the owner of the real property to be optioned.(c) An option is voidable by the optioner.(d) An option must be enforced by a suit filed by the optionor.(b) An option is usually given by the owner of the real property to be optioned The rule of common law that allows a tenant to re enter land and harvest crops even after tenancy ends is called the(a) doctrine of emblements(b) doctrine of trade fixtures(c) rule of capture. (d) rule of fructus industriales.(a) doctrine of emblements For which violation of Ohio Civil Rights law must the Real Estate Commission suspend a real estate license for a minimum of two months, or revoke it?(a) first(b) second(c) third(d) fourth (b) second In Ohio, riparian or littoral property is increased by the process of(a) accretion.(b) alluvium.(c) erosion(d) reliction (a) accretion A broker's license is suspended for one year. What happens to the sales agents under that broker?(a) Their licenses will be revoked(b) They may continue to operate the broker's business(c) They may make an application to transfer to another broker. (d) They must remain on inactive status until the broker's license is reinstated.(c) They may make an application to transfer to another broker Sales agent X does not sell client Y's property during a 90-day listing agreement. X immediately thereafter buys the property, makes a few (very obvious) repairs, and sells it for a nice profit. This transaction is probably(a) illegala" an agent may never buy a former client's property.(b) legala" it does not matter why X bought the property as long as X paid the listed price(c) legala"the listing agreement had ended so X was not an undisclosed principal.(d) unethical it is a breach of loyalty, especially if the repairs were very minor.(d) unethical it is a breach of loyalty, especially if the repairs were very minor