Free Ohio Real Estate Practice Exam: 40 Questions

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

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.

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.

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 is selling his or her own listing would require they fill out Section III.

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.

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

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.

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.

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.

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

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

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

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.

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

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.

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 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.

Ohio real estate laws protect agents, buyers, sellers, landlords, tenants and more specifically transparency.

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.

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.

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

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.

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.

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.

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.

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.

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

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.

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

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

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

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.

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 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.

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.

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

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.

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

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.