Podcast
Questions and Answers
What is the maximum number of times an applicant may retake the Ohio real estate salesperson's licensing examination?
What is the maximum number of times an applicant may retake the Ohio real estate salesperson's licensing examination?
What additional form must Staci sign when working with agent Jeff, aside from the Listing Agreement and Disclosure forms?
What additional form must Staci sign when working with agent Jeff, aside from the Listing Agreement and Disclosure forms?
In which situation can the Ohio Real Estate Commission revoke a license?
In which situation can the Ohio Real Estate Commission revoke a license?
Which of the following is NOT a duty of the principal broker under H.B. 532?
Which of the following is NOT a duty of the principal broker under H.B. 532?
Signup and view all the answers
What is required when a broker limits the services they provide to a seller or buyer?
What is required when a broker limits the services they provide to a seller or buyer?
Signup and view all the answers
Which action can the Ohio Real Estate Commission take after a license is revoked?
Which action can the Ohio Real Estate Commission take after a license is revoked?
Signup and view all the answers
How does the Ohio Real Estate Commission handle disciplinary actions?
How does the Ohio Real Estate Commission handle disciplinary actions?
Signup and view all the answers
What could trigger a minimum two-month suspension of a real estate license under Ohio Civil Rights law?
What could trigger a minimum two-month suspension of a real estate license under Ohio Civil Rights law?
Signup and view all the answers
What is true about a cooperative in real estate?
What is true about a cooperative in real estate?
Signup and view all the answers
Which of the following describes the concept of community property?
Which of the following describes the concept of community property?
Signup and view all the answers
What is the husband's right to ownership of property upon his wife's death called?
What is the husband's right to ownership of property upon his wife's death called?
Signup and view all the answers
Which type of estate does NOT allow for ownership of the home by both husband and wife?
Which type of estate does NOT allow for ownership of the home by both husband and wife?
Signup and view all the answers
What legal right allows a government to take private property for public use with just compensation?
What legal right allows a government to take private property for public use with just compensation?
Signup and view all the answers
What must Billy obtain in order to build a house on his agricultural-zoned lot?
What must Billy obtain in order to build a house on his agricultural-zoned lot?
Signup and view all the answers
Which term refers to property taken by the government when an individual dies without a will and no heirs?
Which term refers to property taken by the government when an individual dies without a will and no heirs?
Signup and view all the answers
Which action refers specifically to the act of taking property by the government?
Which action refers specifically to the act of taking property by the government?
Signup and view all the answers
What document allows a devisee to inherit the title to property?
What document allows a devisee to inherit the title to property?
Signup and view all the answers
What is the maximum limit for punitive damages according to the Civil Rights Act of 1866?
What is the maximum limit for punitive damages according to the Civil Rights Act of 1866?
Signup and view all the answers
If an agent is asked to locate a diverse neighborhood for a client, what is the appropriate course of action?
If an agent is asked to locate a diverse neighborhood for a client, what is the appropriate course of action?
Signup and view all the answers
To achieve a 15% profit after paying a 7% commission on a $95,500 property, at what price should the property be sold?
To achieve a 15% profit after paying a 7% commission on a $95,500 property, at what price should the property be sold?
Signup and view all the answers
What is the percent profit if a parcel of land was bought for $234,000 and sold for $256,300?
What is the percent profit if a parcel of land was bought for $234,000 and sold for $256,300?
Signup and view all the answers
Which of the following actions is NOT required of a real estate agent?
Which of the following actions is NOT required of a real estate agent?
Signup and view all the answers
How should a real estate transaction profit calculation factor in fees?
How should a real estate transaction profit calculation factor in fees?
Signup and view all the answers
What calculation is needed to determine selling price for a desired profit?
What calculation is needed to determine selling price for a desired profit?
Signup and view all the answers
Can John legally withdraw his offer before the seller accepts it?
Can John legally withdraw his offer before the seller accepts it?
Signup and view all the answers
What is an essential element of a real estate contract besides offer, acceptance, and valuable consideration?
What is an essential element of a real estate contract besides offer, acceptance, and valuable consideration?
Signup and view all the answers
What action should Kyle take regarding the signed purchase agreement?
What action should Kyle take regarding the signed purchase agreement?
Signup and view all the answers
When negotiating a contract, what should the buyer's agent prioritize?
When negotiating a contract, what should the buyer's agent prioritize?
Signup and view all the answers
What is the consequence of a broker depositing a client's earnest money check into their personal account?
What is the consequence of a broker depositing a client's earnest money check into their personal account?
Signup and view all the answers
Which statement best describes the nature of earnest money in a real estate contract?
Which statement best describes the nature of earnest money in a real estate contract?
Signup and view all the answers
What must occur for an offer to be considered accepted?
What must occur for an offer to be considered accepted?
Signup and view all the answers
Which is not an acceptable form of consideration in a real estate contract?
Which is not an acceptable form of consideration in a real estate contract?
Signup and view all the answers
What is the legal remedy called that allows the buyer to enforce the terms of a contract?
What is the legal remedy called that allows the buyer to enforce the terms of a contract?
Signup and view all the answers
What term describes the situation when a broker combines client funds with the brokerage's operating funds?
What term describes the situation when a broker combines client funds with the brokerage's operating funds?
Signup and view all the answers
What right does a buyer have when they possess a right of preemption?
What right does a buyer have when they possess a right of preemption?
Signup and view all the answers
Who does a deed restriction apply to?
Who does a deed restriction apply to?
Signup and view all the answers
What does it mean when a contract is executed?
What does it mean when a contract is executed?
Signup and view all the answers
What is the primary purpose of the Real Estate Settlement Procedures Act (RESPA)?
What is the primary purpose of the Real Estate Settlement Procedures Act (RESPA)?
Signup and view all the answers
If a seller has had an offer for 24 hours without responding, what does this imply about the status of the contract?
If a seller has had an offer for 24 hours without responding, what does this imply about the status of the contract?
Signup and view all the answers
Which title insurance coverage type is designed to cover damage from unrecorded defects?
Which title insurance coverage type is designed to cover damage from unrecorded defects?
Signup and view all the answers
What is a legal implication of a voidable contract?
What is a legal implication of a voidable contract?
Signup and view all the answers
What should an agent do if asked to research demographic data for an out-of-state client?
What should an agent do if asked to research demographic data for an out-of-state client?
Signup and view all the answers
What happens if the third party makes an offer to buy or lease a property with a right of preemption?
What happens if the third party makes an offer to buy or lease a property with a right of preemption?
Signup and view all the answers
In a short sale involving a second mortgage, what must the listing agent inform the seller about?
In a short sale involving a second mortgage, what must the listing agent inform the seller about?
Signup and view all the answers
Which of the following is not a legal document that an agent can prepare?
Which of the following is not a legal document that an agent can prepare?
Signup and view all the answers
What type of information does Regulation Z provide to consumers?
What type of information does Regulation Z provide to consumers?
Signup and view all the answers
What could happen if a primary mortgage lender allows a short sale?
What could happen if a primary mortgage lender allows a short sale?
Signup and view all the answers
Which of the following is a responsibility of the listing agent in a short sale situation?
Which of the following is a responsibility of the listing agent in a short sale situation?
Signup and view all the answers
Study Notes
Real Estate Sales - National + Ohio
- Session Completion (Dec 9, 2024): 72%
- Total Questions: 125
- Correct Answers: 90
- Missed Questions: 35
- Marked for Review: 0
Property Ownership
-
Total Questions: 7
-
Correct Answers: 4
-
Missed Questions: 3
-
Marked for Review: 0
-
Question (5 of 7): What lien attaches to a property to prevent transfer of title when there is a pending lawsuit that may affect the title?
- Correct Answer: Attachment
- Rationale: Lis pendens is the publicly recorded notice of the lawsuit. To prevent the transfer of property title, an attachment lien is filed with the court. Some states refer to this lien as lis pendens. Additional types of liens and their function are also noted
-
Question (6 of 7): A wife and husband may not hold title to their home as
- Correct Answer: Tenants at will
- Rationale: Tenants at will is a leasehold estate, not a form of ownership
-
Question (7 of 7): ABC Remodeling, buys a new warehouse. How will they take title?
- Correct Answer: Tenancy in severalty
- Rationale: Taking title in severalty means the owner holds the title as a sole entity, which is the appropriate situation for a business entity
Land Use Controls and Regulations
-
Total Questions: 4
-
Correct Answers: 3
-
Missed Questions: 1
-
Marked for Review: 0
-
Question (1 of 4): The taking of private property for public use is called
- Correct Answer: Condemnation
- Rationale: This is the legal process to acquire private land for public use, with appropriate compensation to the owner
Valuation and Market Analysis
-
Total Questions: 6
-
Correct Answers: 3
-
Missed Questions: 3
-
Marked for Review: 0
-
Question (1 of 6): A property has been renting for $750 per month. The gross rent multiplier (GRM)is 110. What is the indicated value of the property?
- Correct Answer: $990,000
- Rationale: Using the GRM formula, calculate the value: ($750/month x 12 months) x 110 = $990,000
-
Question (4 of 6): Effective gross income best describes.
- Correct Answer: Gross income minus a figure for vacancy and collection losses
- Rationale: Effective gross income is the net income of a property.
-
Question (6 of 6): Which term best describes value being attributed to a property because of its desirable location?
- Correct Answer: Situs
- Rationale: Situs refers to the location of a property and its desirability, which affects its market value.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Related Documents
Description
Test your knowledge on the Ohio real estate salesperson's licensing examination and related regulations. This quiz covers retake policies, necessary forms, and the duties of real estate professionals in Ohio. Challenge yourself to see how well you know the rules governing real estate practices.
