Free Ohio Real Estate Practice Exam Questions (November 2024) 40+

There are nine total fiduciary duties of a real estate agent in Ohio. Four of them are listed here which are accountability, confidentiality, loyalty, and disclosure. Per the Ohio revised code - 4735.62.

The broker's name must appear in ANY real estate agency advertising. The real estate agent's name may appear, but the broker's name must be larger or as large as the sales agent's name. Obviously the company and whomever the “business owner” may appear too but the most important aspect is the broker.

For every day that a Cease and Desist order is ignored after receiving it, the Commission can fine an individual $1,000.00

Net leases vary from state to state; in Ohio a net lease means the tenant is responsible for paying ALL expenses related to the property, including taxes, insurance, maintenance, and sometimes more.

Jimmy will have no consequences since he is not violating any rules. Ohio law states that the broker's name must be equal or greater in size, since its equal he's good to go.

An agent is required to provide clients with the “Consumer Guide to Agency Relationships” before the earliest of the following events: Pre-qualifying the buyer; Requesting specific financial information; Showing property (other than at an open house); Discussing the making of an offer; or Submitting an offer. Whichever of the previous events occurs first will trigger the licensee’s obligation to provide the Consumer Guide to the buyer.

Any interest earned on a property management trust account typically belongs to the owner of the property.

If any Real Estate Commission judgements are appealed they are first sent to the Court of Common Pleas. After that it can be sent to the Ohio Supreme Court or the Court of Appeals.

If an agent is found guilty of a licensing law violation the Ohio Real Estate Commission may reprimand an agent publicly. This is to ensure the public is aware of the suspension and fine.

Unlike some states in Ohio there is no state law that dictates what a broker may charge for a commission. The commission is completely negotiable in the listing contract.

The Ohio Revised Code requires that when a broker's license is suspended (for any reason), the licenses of any salespersons or agents associated with that broker are also suspended. In our case since Ashleys license was suspended so would any of her associates working under her.

The fee to transfer a license from one broker to another is $25.

For any 2nd Fair Housing violation offense the commission may suspend or revoke a license for any broker or sales agent for 2 months. In some extreme cases under a 2nd violation they can permanently revoke the license but the minimum is always 2 months.

An agent or broker would lose their license for a violation of the Canons of Ethics, because it is adopted by the Ohio Real Estate Commission. A violation of the Board of Realtors is not legally connected to commission, nor the Ohio state game warden. Lastly a minor traffic offense does not need to be reported to the Ohio Real Estate Commission, and is not enough for an agent to lose their license.

Practicing real estate during a time when a broker is under a suspension violates license law. In result the broker may be suspended again. The broker must be very clear that no business is being conducted during the entire time of suspension.

For any 3rd Fair Housing violation offense the commission will revoke the license for any broker or sales agent permanently. This usually includes a fine with no minimum.

The buyer can rescind the contract because the seller refuses to provide a form making the contract voidable. The buyer cannot however sue since, during closing of the home, he or she would have waived the right to the property disclosure form.

This is the unauthorized practice of law and a violation of Ohio real estate law. A real estate agent or broker may complete only a preprinted sales contract form. They can not under any circumstance complete a preprinted land installment contract option or lease. Unless of course he or she is a party to the transaction, in this question, they are not; meaning this is an unauthorized practice of law.

The answer is subject to both a $200 fine per violation by the Superintendent, and a fine of $2,500 per violation by the Ohio Real Estate Commission. Both have the authority to issue fines for advertising violations.

For one to four family units, Ohio law requires the seller to give the buyer a property disclosure form. If the buyer receives the form before entering the contract there are typically no rights of rescission. In our case, since the Williams family entered into a purchase agreement without the form they have 3 days to rescind the contract.

The Canons of Ethics require that all real estate agents or brokers treat all people honestly and fairly. While all the other options are good and should be followed, the first option is specifically stated in The Canons of Ethics.

Ohio Revised Code 4735.18 states that a copy of a contract must be given to the parties at the time they sign it.

A mobile home is detachable so it is considered personal property meaning no real estate license is required. If the mobile home was attached to property, a different story; in this case though no license is required.

A non-licensed person working for a property manager may accept rent, show property, and have a tenant sign a pre-prepared lease agreement. They are not, however, authorized to prepare a lease itself. In other words, that can give the lease paperwork to the potential tenant but they cannot prepare the lease paperwork itself.

In any Ohio real estate brokers office their license must be prominently displayed, as well as an official statement or poster stating that discrimination in housing is illegal.

In Ohio, anytime an agent is going to limit the services they perform there must be the waiver of duties statement signed. In this case the agent is only putting her house on the MLS so that is it.

The Ohio Real Estate Commission is in charge of determining the punishment while the Superintendent is in charge of determining whether or not the agent is guilty. In this case, the question asks who holds hearings to determine the punishment which is the job of the commissions.

As an agent you are obligated to be honest and disclose any information related to the property. This includes issues that may damage the image of the property like a twenty year old termite infestation.

Under agency law in Ohio real estate agents cannot practice dual agency on themselves. Ohio law directly prohibits a licensee from practicing dual agency when the licensee is a principal in a transaction.

The agent can, in fact, practice real estate again when the amount paid on his or her behalf is repaid with interest. It has to be completely paid off otherwise their license remains suspended.

A “Consumer Guide to Agency Relationships” form must be provided for ALL residential real estate transactions, but is not required for commercial property.

The Ohio Real Estate Commission is in charge of determining the punishment while the Superintendent is in charge of determining whether or not the agent is guilty. In this case, the question asks who determines whether or not the agent is guilty in the case of violating Ohio real estate code, which is the job of the Superintendent.

Whenever you pay your agency fees a portion of those fees go towards the recovery fund, it's $10 normally, and the only time it may be more is if the recovery fund is lower then $250,000. Per the Ohio revised code - 4735.12

All forms of property management activity in Ohio must be deposited directly into property management accounts.

Whenever you pay your agency fees a portion of those fees go towards the recovery fund, it's $10 normally, and the only time it may be more is if the recovery fund is lower then $250,000. Per the Ohio revised code - 4735.12

Dual agency is legal under Ohio law, as long as both parties agree in writing. It's important to note it has to be in writing. A verbal attempt at dual agency is not legal in Ohio.

A real estate broker can be liable for the actions of his or her agents, only if the broker had knowledge of the actions and did nothing to correct it.

In Ohio, the only parties exempt from property disclosures are parties from estates, typically if they are deceased.

The real estate recovery fund is a special fund established by the Ohio Revised Code to provide reimbursement to persons who are victims of fraud, misrepresentation or deceit committed by real estate licensees during the course of any transaction for which a license is required. The Recovery Fund is designed to protect consumers.

Under Ohio Law he must disclose that the property is being sold FSBO by an owner/agent. All real estate agents must disclose, in any advertisement and on the contract, the fact they are a licensed real estate agent selling their own property. Per the Ohio revised code - 4735.16