Ohio Real Estate - Principles Practices Hondros College

Ohio Real Estate - Principles & Practices | Hondros College Flashcards Real Estate LicenseeA person licensed to practice real estate in Ohio. Ohio law requires that any person, partnership, association, LLC, LLP or corporation who, for a fee, sells, lists leases, exchanges, negotiate, or otherwise deals in the real estate of others, or represents publicly that he or she does, must be licensed.BrokerAny person, partnership, LLC, LLP, 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.Independent ContractorA self-employed sales person paid on jobs completed rather than ours work in responsible for setting their own hours and paying their own taxes. Independent contractors hired to perform a specific assignment or complete a specific project that is free to except or reject a particular assignment.REALTORAny real estate licensee who is a member of the national Association of REALTORS and is affiliated state and local boards. only members may use the term real tour as it is a registered trademark of NAR. In Ohio, if a broker is a NAR member, than any sales person employed by the broker must also become members. typically a licensee is a member of the National Association o, the Ohio association, and the local board of choice.SalespersonAny licensed agent who is associated with a broker and, as such, may perform most of the acts of a broker, on the behalf of the broker. A salesperson has the same fiduciary duty to a broker's client that a broker does.Foreign real estate broker/salespersonAny real estate broker/salesperson license to engage exclusively and real estate sales for land situated outside the state of Ohio.Ohio real estate commissionConsist of by 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.ReciprocityThe belly of a state department to get a real estate license to an applicant he received a real estate license in another state. Under certain arrangements, license testing, course study, or other requirements maybe wait or modified.

Ohio Division of Real EstateRun by the superintendent who was appointed by the director of commerce.10 areas of Real Estate Careers1.) Sales2.) Finance3.) appraisal4.) property Management5.)development6.) construction7.) title work8.) trade association9.) education10.) government AuctioneerA person with an auctioneers license as well as a real estate license who can sell real estate through an auction.Education and Research fundA fun designed to offer scholarships and loans to students who are taking real estate-specific classes.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 the multiple listing service but not all the features and content of the Board of REALTORS is able to access.RealtistAny real estate licensee who is a member of the national Association real estate brokers.

• exceptions to Ohio Real estate license requirements1.) A person who sells their own real estate including

corporations dealing with property through a regular salaried employee.2.) A fiduciary who is duly appointed and acting any fiduciary capacity (court appointed, not POA).3.) A public official who acts in an official capacity (Sheriff sale official)4.) An attorney at law who performs duties on behalf of his or her clients.5.) A person selling manufactured homes or mobile homes, provided the sale does not include the real estate on which the home sits.6.)A person Who engages in the programming of the sale of business assets, not including the negotiation of the sale, lease, exchange, or assignment of any interest in real estate.7.) and out-of-state broker or agent who engages in the sale of commercial real estate pursuant to the requirements of the Ohio revised code.8.) an individual who works with the residential rental property under the supervision of a broker and who's compensation for services primarily on a salary or hourly basis.