Ohio Real Estate Principles & Practices

Questions and Answers

What is a Broker?

A self-employed salesperson

A person who sells real estate for a fee (correct)

An organization for women in real estate

A licensed agent associated with a broker

What defines an Independent Contractor?

A self-employed salesperson

What does MLS stand for?

Multiple Listing Service

What is a Real Estate Licensee?

A person licensed to practice real estate. Signup and view all the answers

What is a Realtist?

A real estate licensee who is a member of the National Association of REALTORS (NAR). Signup and view all the answers

Define Salesperson in real estate.

A licensed agent associated with a broker. Signup and view all the answers

What does REALTOR mean?

A real estate licensee who is a member of the NAR. Signup and view all the answers

What are Fiduciary Duties?

Obedience, Loyalty, Disclosure, Confidentiality, Accountability, and Reasonable Care. Signup and view all the answers

What is the Americans with Disabilities Act (ADA)?

An act that banned discrimination against the disabled in employment. Signup and view all the answers

Who are Accredited Residential Managers?

Those specializing in managing residential properties. Signup and view all the answers

What is a Certified Property Manager?

A designation awarded by the IREM. Signup and view all the answers

What is a Real Property Administrator?

A designation for those completing training by Building Owners and Managers International. Signup and view all the answers

What is the role of a Property Management Specialist?

To prepare licenses for entry into property management. Signup and view all the answers

What is Property Management?

Management of another's property for compensation. Signup and view all the answers

What are Commercial Properties?

Offices, stores, hotels, and other buildings. Signup and view all the answers

What is Industrial Real Estate?

Land and structures for production, distribution, and storage. Signup and view all the answers

What is the Women's Council of REALTORS (WCR)?

An organization for women in real estate. Signup and view all the answers

What does an Auctioneer do in real estate?

Sells real estate through an auction. Signup and view all the answers

What is the Education and Research Fund?

A fund for scholarships and loans for real estate-specific classes. Signup and view all the answers

What is a Foreign Real Estate Broker?

Any broker/salesperson licensed for real estate outside Ohio. Signup and view all the answers

What is the Ohio Division of Real Estate?

The division managed by the Superintendent appointed by the Director of Commerce. Signup and view all the answers

What does Reciprocity mean in real estate?

The ability to issue a license to an applicant from another state. Signup and view all the answers

What is a License Incentive?

The status of a salesperson who returns their license to the Division of Real Estate. Signup and view all the answers

A special license status available to brokers returning their license is called __________.

License on Deposit Signup and view all the answers

Study Notes

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.

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Description

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.