Ohio Real Estate Principles & Practices

Key Real Estate Terms and Definitions

• Broker: A person or entity that facilitates real estate transactions for a fee, including selling, leasing, or negotiating on behalf of others.
• Independent Contractor: A self-employed salesperson compensated based on completed jobs, responsible for their own hours and taxes.
• Multiple Listing Service (MLS): A cooperative listing service utilized by REALTORS to share property listings and commissions, with limited public access.
• Real Estate Licensee: An individual authorized to engage in real estate practices after obtaining a state license.
• Realtist: A real estate licensee who is a member of the National Association of REALTORS (NAR).
• Salesperson: A licensed agent working under a broker, authorized to perform most broker functions on their behalf.
• REALTOR: Similar to a Realtist, this is a real estate licensee who is part of the NAR and local associations.

Fiduciary Duties

• Fiduciary Duties: Represented by "OLD CAR" - stands for Obedience, Loyalty, Disclosure, Confidentiality, Accountability, and Reasonable Care, outlining the responsibilities an agent owes to clients and brokers.

Legislation and Specializations

• Americans with Disabilities Act (ADA): Enacted in 1991, prohibits discrimination against disabled individuals in employment and mandates accessible public and commercial buildings.
• Accredited Residential Manager: Designation requiring completion of an IREM course, relevant experience, and management of a sizable property portfolio.
• Certified Property Manager: Designation awarded by IREM after meeting specified standards.
• Real Property Administrator: Awarded for completing training from the Building Owners and Managers International, focusing on property administration.
• Property Management Specialist: Credential awarded for specialized training in property management.

Property Types

• Property Management: Involves managing properties owned by others for a fee.
• Commercial Properties: Include office spaces, retail stores, hotels, and various commercial buildings.
• Industrial Real Estate: Pertains to land and structures used for producing, distributing, and storing goods.

Organizations and Financial Resources

• Women's Council of REALTORS (WCR): Aims to address the unique needs of women in real estate, affiliated with NAR.
• Education and Research Fund: Offers scholarships and loans to students in real estate-related courses.

Licensing and Regulatory Body

• Foreign Real Estate Broker: Refers to brokers licensed to operate in regions outside Ohio.
• Ohio Division of Real Estate: Governed by a Superintendent appointed by the Director of Commerce to oversee real estate regulation in Ohio.
• Reciprocity: A policy allowing applicants licensed in other states to obtain a real estate license in Ohio.
• License Incentive: A status for salespersons who voluntarily return their license or are dropped by their broker.
• License on Deposit: A temporary status for brokers wishing to maintain broker licenses while reactivating as salespersons, renewable indefinitely with compliance to education requirements.

Explore fundamental concepts in real estate with this quiz focused on key terms and definitions related to Ohio's principles and practices. Perfect for future brokers and real estate professionals looking to solidify their knowledge. Enhance your understanding of industry terminology.