Ohio Real Estate Licensing Exam Quiz

A legal remedy that compels a seller to fulfill the terms of a contract, forcing them to complete the agreed-upon sale.

The illegal practice of mixing a broker's personal funds with client funds in the same bank account.

A right that gives a person the first opportunity to purchase or lease property, only if the owner decides to sell or lease it.

Restrictions placed on a property through a deed, binding both present and future owners.

An offer can be withdrawn by the offeror before acceptance.

An offer can be withdrawn without penalty before acceptance.

The essential elements of a valid real estate contract are: offer, acceptance, valuable consideration, lawful and possible objective, and contractual capacity.

Contractual Capacity refers to the legal ability of parties to enter into a contract.

Earnest money is not a requirement for a valid real estate contract. It is often a deposit made to show seriousness.

A real estate professional, broker, or agent must always act in the best interest of their client.

When a brokerage receives a client's earnest money check, it must be deposited into a trust account, not the broker's personal account.

A real estate agent must ensure that a client receives a copy of any document they sign at the time of signing.

A leasehold estate where the tenant occupies the property for a specific, predetermined period, after which the lease automatically renews unless terminated by either party.

The right of the government to take private property for public use, provided the owner is fairly compensated.

The process by which the government takes private property for public use, under the power of eminent domain.

The right of a husband to inherit a portion of his wife's property upon her death in some states.

The right of a wife to inherit a portion of her husband's property upon his death in some states.

A type of ownership where two or more people hold an undivided interest in the property. Each owner has the right to use the entire property, but their ownership share is divided.

A type of ownership for married couples in some states, where each spouse owns the entire property, and both have equal rights to it.

A type of leasehold estate where the tenant can occupy the property only with the landlord's permission, and the lease can be terminated at any time by either party.

The Ohio Real Estate Commission is formed annually with the election of officers. The Commission's organization happens on the qualification of the newly appointed member each year.

There is no limit on the number of times an applicant for a real estate salesperson's license in Ohio can retake the state licensing exam.

A "Waiver of Duties Statement" must be signed by both the seller and the real estate agent when the agent is limiting the services they provide.

A real estate license can be revoked after a single offense if the offense is considered serious.

When a real estate license is revoked in Ohio, the licensee can submit a reapplication, but the Ohio Real Estate Commission may deny it.

The principal broker in Ohio is responsible for ensuring their office complies with all requirements.

Any violation of Ohio Civil Rights law by a real estate licensee can lead to suspension or revocation of their license. For some violations, a minimum two-month suspension or revocation is mandatory.

A principal broker is responsible for ensuring their office meets all regulatory standards.

A legal document that protects consumers from deceptive or unfair lending practices in real estate transactions.

Title insurance that covers potential defects in a title that are unrecorded, such as secret liens.

A real estate agent cannot provide demographic data that would limit housing choices for a client.

If a home is sold through a short sale, the second mortgage holder may still have rights to pursue the remaining debt.

A person who inherits property through a valid will.

The Civil Rights Act of 1866 prohibits discrimination based on race in housing. There is no limit to the amount of punitive damages that can be awarded in a lawsuit for violations of this act.

A real estate agent is not allowed to prepare legal documents like deeds, land contracts, or leases.

A real estate agent cannot provide demographic information to guide a client's property search. This data could be used to limit housing choices and is considered unethical & illegal.

The Truth-in-Lending Act (Regulation Z) requires lenders to disclose information about loan costs, including interest rates.

The percentage of profit earned on a sale is calculated by dividing the profit by the amount paid for the property, then converting the answer to percentage.

A listing agent must inform the seller about potential consequences of a short sale, such as the second mortgage holder's right to pursue remaining debt.

When determining the selling price of a property, the agent's commission needs to be considered.

A real estate agent cannot recommend or refuse to show properties based on personal opinions about neighborhoods or demographics.

When calculating a profit target, factor in the commission cost.

To calculate the final selling price of a property, first calculate the profit amount, then factor in the commission amount and divide by the remaining percentage after commission.

The commission percentage is deducted from the total sale price.