Ohio Real Estate Principles and Practices Vocabulary Flashcards

Ohio Real Estate Principles and Practices Vocabulary Flashcards Suspension1. The temporary withdraw of a real estate agents license for a certain and specific period of time. Usually reactivation is automatic the day after suspension is lifted and is often conditioned on the fulfillment of certain requirements by the person whose license has been suspended.2. The automatic event that occurs when a licensee fails to renew a license on time, or turn in proof of post, or continuing education.Foreign Real Estate Broker/SalespersonAny real estate broker/salesperson licensed to engage exclusively in real estate sales for land situated outside the state of Ohio.Acceleration ClauseA contract clause that gives the lender the right to declare the entire loan amount due immediately because of the borrower's default, or other reasons as stated in the contract.Ohio Real Estate CommissionConsists of five members appointed by the Governor. Each serves a five year term; four are practicing brokers; one is a non broker, and no more than three can concurrently belong to the same political party.License InactiveThe license status of any sales person who returns his license to the Division of Real Estate, or whose broker does not sent to maintain sponsorship of the licensee. A license may remain inactive indefinitely, as long as it is timely renewed and continuing education requirements ate met.MisrepresentationPassing along false information Multiple Listing Service (MLS)A listing service whereby local member brokers agree to share listings and commissions on properties sold jointly.Members of the public may have access to the Multiple Listing Service but not all of the features and content that a local member of the Board of REALTORS is able to access.AccessionThe acquisition of title to land by its addition to real estate already owned, through human actions or natural processes.ResignedThe license status in which a licensee had been voluntarily and permanently surrendered to, or is otherwise in the possession of, the Division of Real Estate and Professional Licensing, is not renewed, and is not associated with a real estate broker.

ReciprocityThe ability of a state department to give a real estate license to an applicant who received a real estate license in another state. Under certain arrangements, license testing, course study, or other requirements may be waived or modified.InactiveThe term used for the license status of any salesperson whose license is returned to the Division of Real Estate by a broker who does not want to maintain sponsorship of a licensee or by the sales person who, temporarily, does not wish to practice real estate.RealistAny real estate licensee who is a member if the national association of Real Estate Brokers.Real Estate LicenseeA person licensed to practice real estate in Ohio. Ohio law requires that any person, partnership, limited liability company, or corporation who, for a fee, sells, lists, leases, exchanges, negotiates, or otherwise deals I. The real estate of others, or represents publicly that he it she does so, must be licensed.AuctioneerA person with an auctioneers license as well as a real estate license who can well real estate through an auction.AcknowledgementWhen a party signing a document formally declares to an authorized official (usually a notary public) Abstract of TitleA brief, chronological summary of the recorded documents affecting title to real property.AbandonmentThe failure to occupy and use property, which may result in a loss of rights.License on Deposit1. A special license status they I available only to brokers who wish to return their brokers license to the Division of Real Estate in order to reactivate their license as a salesperson.2. A special license status available to any license who enters the military or whose reserve military status is activated. The license remains inactive until the next renewal date following honorable discharge from the military.AccretionA gradual addition to dry land by the forces of nature, as when the tide deposits waterborne sediment on shoreline property.Independent ContractorA self-employed salesperson paid on jobs completed rather than hours worked and responsible for setting their own hours and paying their own taxes. An independent contractor is hired to perform a specific assignment or complete a specific project but is free to accept or reject that particular assignment.BrokerAny person, partnership, association, limited liability partnership, limited liability company, or corporation who,

for a fee, sells, lists, leases, exchanges, negotiates, or otherwise deals in the real estate of others, or represents publicly that he does.

Real Estate Recovery FundUsed to satisfy unpaid judgements against real estate licensees for activities violating the license law that caused financial loss to the claimant.Acceptance1. Agreeing to the terms of an offer to enter into a contract, thereby creating a binding contract. 2. Taking delivery of a deed.Accord and SatisfactionAn agreement to accept something different (usually less) than what the original contract required.Revocation1. When the Real Estate Commission permanently withdraws a real estates agents license.2. The automatic event that occurs when a licensee allows their license to remain in a state of suspension for more than 12 months.Education and Research FundA fund designed to offer scholarships and loans to students who are taking real estate-specific classes.Ohio Division of Real EstateRun by the superintendent who is appointed by the Director of Commerce.