Real Estate Law- Licensing Requirements in Ohio Flashcards

Real Estate Law- Licensing Requirements in Ohio Flashcards License is deposited with the real estate division, with no additional action required by the licensee or the superintendent Resigned One way to make sure employees are properly classified is to have an independent contractor agreement in place.False two categories of licensurebroker and salesperson Transfer fee for real estate license is$25 Ohio brokers must use Form IC 229 Broker-Independent Contractor Agreement.False limited reciprocity agreementsallowing real estate licensees from those states to conduct business in Ohio if an Ohio broker sponsors them Worker fills out a W-9 formIndependent Contractor

First renewal date:Licensee's birthday immediately

following initial licensure Salesperson

Renewal fee:$60 per year ($180 for a three year period)Broker

you can perform real estate brokerage services for compensation active license What type of education must Ohio broker applicants have in addition to the required 120 hours of real estate principles and practice, law, appraisal, and finance?Education on human resources and financial management foreign real estatea licensed foreign real estate dealer must submit an application to the superintendent of the Division of Real Estate and Professional Licensing Is this included in foreign real estate application? Pictures showing all aspects of property Don't Include reactivate your inactive license by paying a ? fee.$25 If a corporation submits an application for an Ohio broker's license, the application must include the name of the president and what else?List of all company officers Three hours on current state and federal real estate-related legislation requirement

Post-License education:20 hours within first 12 months of

license issuance Salesperson Three hours on brokerage operationsnot a requirement

CE required each license period:30 hours Both

License is deposited with the real estate division, and the licensee doesn't practice real estate but keeps up with all education, etc.Inactive How many hours of continuing education does Ohio require brokers and salespeople to complete during every licensing period?30 hours

License is placed in this status for one year after a license expires intentionally or unintentionally Suspended

Subsequent renewal dates:Every three years by the

licensee's birthday Both An Ohio salesperson who wishes to transfer to a different broker must first provide what to whom?A letter of intent to transfer to the salesperson's current broker Licensee loses ability to perform brokerage services, which occurs if suspended license is not remediated Revoked Is this included in foreign real estate application?Description of improvements to be made Include What's true about a foreign real estate dealer applicant?The applicant may be a person or a company.An individual or entity who is licensed as a broker, but who chooses to associate with and be supervised by another broker, is called an associate broker.Associate Broker An individual who's licensed as a real estate broker and has been designated by a brokerage to oversee and direct brokerage operations is the principal broker Principal Broker

Renewal fee:$45 per year ($135 for a three year period)Salesperson

dealer application must provide ? years of employment history 10 Three hours on real estate financing and mortgage lawsnot a requirement Ohio licensees can be classified as an independent contractor for federal purposes, and an employee for state purposes.True How early can you renew your real estate license in Ohio?Two months early who has supervisory responsibility over other licensees in that brokerage. A broker's license isn't required.Management Level Licensee foreign real estate applicants must also pay a filing fee$500, plus $1 for each additional lot, unit, parcel, or interest, not to exceed $2,500 total.Is this included in foreign real estate application? Copies of any site testing reports, environmental impact statements, or related property condition reports Don't Include Is this included in foreign real estate application? Map or plat of the property prepared by a surveyor Include Which of the following factors helps the IRS determine whether a licensee is classified as an employee or an independent contractor?Whether the licensee receives benefits from the brokerage firm

Initial licence period:Three yearsBoth

First renewal date:Licensee's birthday immediately

following initial licensure unless the licensee held a salesperson license immediately preceding broker licensure, then the first renewal is three years from the previous renewal date Broker Three hours on civil rights or fair housing issuesrequirement

House Bill 532, which took effect in April 2017, requires that each brokerage have at least one of which one of the following choices?Principal broker

Post-License education:10 hours within first 12 months of

license issuance Broker Licensure requirementsprotect the public from untrained, unsupervised individuals who don't understand real estate laws and practices Worker fills out a W-4 form.Employee The reactivation fee for real estate license is $25 Is this included in foreign real estate application? List of all sales prices Include Is this included in foreign real estate application? Financial data on each of the property's owners Include # of transactions for Broker License20 transactions Three hours on ethicsrequirement