Ohio Real Estate State-Specific Questions Flashcards

Ohio Real Estate State-Specific Questions Flashcards The broker is duly licensedA salesperson may operate from any office that the

salesperson's broker designates, provided:

In any month that shes chooses to do soA real estate sales license may transfer her license in what time period?Ohio LawA definite expiration time and date in a listing agreement is

required by:

The salesperson's license belongs to the agent, yet must be on file, available upon request, in the broker's office What applies to the real estate salesperson's license?

• 40b. 20c. 20d. 40e. 20f. 30How many hours are needed for the following:a. Principles

and practicesb. real estate appraisalc. real estate financed.real estate lawe. post licensing course within 1 year of passing examf. continuing education $1.00Whenever an application fee or transfer fee is paid to the state of Ohio with regard to real estate agents or brokers, the amount that shall be paid to the research and education

fund is:

Informal and formal mediation hearings, but informal only if both parties agree Under Ohio real estate law, there are what types of hearings available to a complainant and a licensee?A hearing examinerIf a formal hearing is to be held with regard to a complaint filed against a real estate agent, the initial hearing shall be

heard by:

Security deposit and/or list of items that deducted from the security deposit What must be provided to a tenant within 30 days of terminating tenancy?

Director of CommerceThe Superintendent of Real Estate is appointed by the:

TrueThe is one Agency Disclosure Statement form for all disclosure situations Someone from the Ohio Civil Rights Commission Wherever feasible, classroom instruction given in real estate law with regard to fair housing and civil rights law in preparation for taking the Ohio Sales or Broker's

examinations should be taught by:

The real estate licenseeThe license of each real estate salesperson issued belongs

to:

Renew their license by filing a Certificate of Renewal on a form prescribed by the Superintendent of Real Estate, otherwise, their license shall be suspended All real estate licensees shall, on or before their third

birthday following the year of issuance:

At least in equal prominence with that of the salespersonUnder Ohio license law, the broker's name and advertising must be displayed in which of the following ways?Automatically suspendedIf a real estate licensee fails to take all the required courses

for continuing education, his license is:

Carla gets it backCarla signs a two-year lease for a luxury apartment. In the lease, it states that the security deposit is non-refundable.

When the lease ends, what will happen to the security deposit?

noneSharon rents an apartment for $550 a month and makes a $700 security deposit. A family problem arises and she moves hoe to take care of it after only living in her apartment for 4 months. How much interest does the landlord have to give her for the amount above the monthly rent?May, upon proper application, transfer to another brokerA broker's license is revoked for one year. His two

salespersons:

Deposited according to the terms of the contract When a real estate sales agent receives an earnest money

deposit, that money must be:

False; dual agencyA licensee may not represent both the buyer and seller in the same transaction.The licensee's license is automatically suspended until such monies are paid back into the Real Estate Recovery Fund, plus interest When a judgement is satisfied out of the Ohio Real Estate Recovery Fund against a licensee, what will happen to the licensee?TrueThe definition of a real estate broker includes any person, partnership, association, or corporation who offers, attempts, or agrees to negotiate the sale, exchange, purchase, rental, or leading of any real estate; brings the buyer and seller together for a fee, commission, or other valuable consideration; and directs or assists in the procuring of prospects for the negotiation of any transaction, other than mortgage financing, which is calculated to result in a sale, exchange, leasing, or rental of real estate They cannot form the partnership; two of the parties are not licensed as brokers A broker and two of his more experienced salespersons desire to form a partnership to engage in the business of real estate. The broker is to have a 40% interest, with each salesperson owning 30%. What is correct?Hearing Examiner, Superintendent of Real Estate, Ohio Real Estate Commission, Common Please Court What is the correct appeal process regarding complaint hearings under Ohio law?TrueWhen involved in a dual agency, a licensee must disclose if the buyer is his mother TrueAll companies must have a written agency policy TrueThe Ohio agency Disclosure Statement must include Fair Housing language yesCan a broker's listing fee be included in the brokers newspaper advertisement?Notify, in writing, the Ohio Division of Real Estate and pay the appropriate fee When a salesperson wishes to change brokers, because the broker's license is suspended or revoked, she must TrueOhio law does not require an agency disclosure to made to all guests at an open house Notify the Division of Real EstateSince violations of the license law are detrimental to the

public and licensees generally, it is your duty to:

His license will not be suspended or revoked until the Ohio Real Estate Commission also conducts a hearing Upon initial hearing of a complaint, a real estate licensee is subject to what?Immediately upon their signingA real estate agent may subject himself to disciplinary action if he fails to give a party to a transaction a copy of

any signed documents:

Escalator ClauseDuring periods of rising interest rates, which clause in a mortgage is most beneficial to the mortgagor if the loan is one with an adjustable rate?Split agencyMaude takes a listing on a property. If Maude and her broker represent the seller but the other agents in the company do not, what type of agency does Maude's company practice?FalseOhio Agency law assumes all licensees represent the seller Include five commissioners, four of whom must be licensed brokers, with one member representing the public, all of whom are appointed by the Governor

The Ohio Real Estate Commission must:

Superintendent of Real Estate (in the event of death with approval of the probate court) Upon the death of a licensed broker, or the revocation or suspension of his license, and with no other licensed broker within the entity, upon proper application, an ancillary trustee shall be appointed to conclude the business transactions of the deceased, revoked or

suspended broker by the:

Yes as long as it is recited in the purchase contract because it is an inducement under Ohio License Law.Can I give an incentive to BUYERS to purchase property through my company?the Real Estate Recovery FundWhen a party has been damaged through the negligence of a real estate agent or broker, and there are no funds available from which to seek compensation, the party may

turn to the state of Ohio and ask that money be paid from:

False; licensee selling must verbally disclose, prior to auction, he represents the seller. Can be given to bidder prior to signing of purchase agreement Everyone who plans to bid at a real estate auction must be given a written disclosure False; prior to showing or marketing property Agency disclosure must be made to the seller at the time a listing is signed There will be a formal hearing of a compliant and there will be no hearing of a complaint

The superintendent of Real Estate decides whether:

Ohio Real Estate CommissionUnder Ohio Complaint Procedures, when a complaint is filed by the Ohio Civil Rights Commission, upon request, a complaint hearing may be heard by who?TrueAgency law is the same in Ohio for residential and commercial real estate He has diligently pursued his remedies against all judgement debtors and all other persons liable to him A party who has been damaged by the negligence of a real estate agent or broker may receive compensation from the

Real Estate Recovery Fund if:

All of itMearle moved out of his apartment. 20 days later, he gets a notice that his security deposit was kept to pay the