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

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.

Whenever a seller asks you to conceal defects on their property, the only correct thing to do is to inform the seller about your obligation under law to disclose the defect. You may still take the listing but make sure to check with your broker first.

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

License law requires agents to check the accuracy of their advertising. This is a clear violation of Ohio license law.

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.

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.

In Ohio, any inactive, suspended, or revoked licensees are not allowed to do anything which a real estate license is required to do.

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.

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.

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.

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.

When an auditor visits a real estate broker's office and demands to see its records, the broker must be able to produce complete file records going back three years.

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.

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 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.

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.

A transaction involving two brokers would fill out Section I. An in-company transaction would be Section II. And lastly, a transaction where one agent selling his or her own listing would require filling out Section III.

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.

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.

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

The members are appointed by the governor and are given five-year terms.

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 agent needs to be licensed in the state they are selling the real estate in. The residences of the parties make no difference. So in this example since the property is in Ohio, the agent must be licensed in Ohio.

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.

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

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.

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

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.

Auditing, investigations, and complaints are under the jurisdiction of the Division of Real Estate. Reprimands are issued by the Commission.

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.

If the commission receives any form of notice of applicant misconduct, the Superintendent can deny the applicant's application and prohibit the applicant from taking the examination for twelve months from the date of misconduct.

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.

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

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.

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

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.

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

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 Ohio Revisional Codes states that if a broker's license is revoked, all their real estate agents licenses are suspended immediately.