Ohio Real Estate Practice Exam Flashcards

Ohio Real Estate Practice Exam Flashcards subject to both a $200 fine per violation by the Superintendent, and a fine of $2,500 per violation by the Ohio Real Estate Commission.If any Real Estate Commission judgements are appealed which court are they first sent to?Ohio Real Estate CommissionIf the Ohio Real Estate Commission revokes a broker's license, what happens to the licenses of all their agents?In Ohio, a non-licensed individual working for a property manager may NOT Prepare a lease The entity or person in charge of determining whether or not the agent is guilty in the case of violating Ohio real estate code.An agent found guilty of violating Ohio real estate advertising laws, may be $250,000Ashley, a real estate broker, failed to meet the deadline for submitting proof of completion of her required continuing education. Her license is suspended. What happens to any salespersons or agents working under her?If an auditor visits a real estate broker's office and demands to see its records, how many years of records are required to be shown?Three In Ohio net leases are leases typically that consist of which

factors:

All expenses related to the property PermanentlyThe Williams family entered into a purchase agreement with the seller of a single family residence. Ten days into the transaction the family is given a copy of the Ohio Residential Property disclosure statement. On the disclosure the seller notes that the loft has a leak. What rights if any does The Williams family have?Their real estate application will be denied The commission may ask for additional funds for the recovery fund if it is below Which event will NOT trigger the licensee's obligation to provide the "Guide to Agency Relationships?" Discussing the property to someone during an open house A real estate agent is found guilty of a fair housing law violation, the agent's broker is liable only if the broker knew of the actions of the agent, and did nothing to correct it.Jessica Smalls is a real estate agent working under Hannah Biggs. Hannah has had her brokers license suspended and it will be unsuspended next week. Jessica took a listing on Hannah and put the listing up on her website. Which of the following best describes the situation?Hannah will be punished and suspended

• monthsWhich would cause a real estate agent to lose their Ohio

state real estate license?Real Estate Agent Vanessa Hamilton advertised a property being in the Boardman school district, while it was actually

in the Brookfield school district, and she posted the information on the MLS. What is this a violation of ?License Law

Nothing will happen to Jimmy. He is actually following Ohio law After a 3rd Fair Housing violation offense the commission may suspend or revoke a license for any broker or sales agent (found guilty) TransparencyA "Consumer Guide to Agency Relationships" form must be provided for all of the following except IIAny interest earned on a property management trust account belongs to who?BrokerIf the listing agent represents both buyer and seller in the same transaction, this is known as dual agency. Is dual agency legal in Ohio?Yes, representing both parties in a transaction is legal under Ohio law, as long as both parties agree in writing.What part of an Agency Disclosure Statement would a transaction involving two brokers fill out?If a seller is aware of a termite infestation from twenty years ago and informs the agent, what must an agent do?Disclose the information to the Buyer A violation of the Canon of EthicsThe Ohio Real Estate Commission notes in its quarterly newsletter if an agent has had his or her license suspended and has been fined. This is known as a 1,000The purpose of the Recovery Fund is to enable The property ownerWhat items must be clearly displayed in any Ohio real estate brokers office?In Ohio, which are the following fiduciary duties of a real

estate agent:

accountability, confidentiality, loyalty, and disclosure.The copy of a real estate purchase contract must be given

to all involved parties:

Upon Signing The brokers license and an equal opportunity housing poster After a 2nd Fair Housing violation offense the commission may suspend or revoke a license for any broker or sales agent (found guilty) for a minimum of IThe entity or person who holds hearings to determine the punishment for a real estate agent who has violated the Ohio real estate codes is the They are suspendedOhio real estate law promotes They have a 3 day right of rescission from the day they receive the form.In Ohio, what is the most important aspect of a real estate agency advertisement?If a buyer requests a property disclosure form and the seller refuses to provide it, while the buyer already signed an agreement to purchase a home. What rights are available to the buyer?The buyer can rescind the contract.While discussing a future listing, you are asked by the seller to not disclose a minor leak in the seller's penthouse.Knowing this, you should Explain to the seller your obligation under law that the defect must be disclosed to potential buyers.people to get recourse of uncollected judgement against licensees.A licensed real estate agent is selling his own property.What must the agent do to comply with Ohio law?Public ReprimandWhat will happen if a real estate applicant is charged with applicant misconduct after the examination but before they officially receive their license?

Which of the following sellers is NOT required to fill out the Ohio Residential Property Disclosure Statement?Estates Susie was approached by a real estate agent who offered to put her house on the MLS for a flat fee of $595. In addition to the Listing Agreement, the Lead Disclosure, and the Consumer Guide to Agency, what other form does Susie need to sign?The waiver of duties statement Disclose in any advertisement that the property is being sold FSBO by an owner/agent.Real Estate Agent Jimmy John took out a large page ad in the local newspaper. In the ad, Jimmy's name was the same size as his broker's. What punishment will Jimmy receive if any?Commercial PropertyWhat part of an Agency Disclosure Statement would an in-company transaction fill out?Court of Commons PleaseJason receives a Cease and Desist order from the Ohio Real Estate Commission. If ignored, how much per day can Jason be fined by the Commission?A person selling detachable mobile homes in Ohio is required to be licensed as what?Not real estate license required