Ohio Real Estate Practice Exam

At his 25th high school reunion in Columbus, Ohio, real estate broker Steven is surprised to find out that his old high school chum, Peter, has also become a licensed real estate broker, though Peter is licensed in Indiana. After the reunion, the two continue to keep in touch through email and phone calls. One day, Peter calls Steven with a great prospect. It seems a client of his, Kathy, has just been ransferred to Columbus, and needs to find a home quickly. But first, she needs a good broker working for her. In no time, Steven helps Kathy to find a beautiful home in the suburbs. Steven wants to pay Peter a referral fee. Is this legal in Ohio?

Members of a brokerage partnership or an association that functions as a broker must be which of the following?

Youngstown salesperson, Carol, has signed up for a three days of intense continuing education to meet her CE requirements. This will give her the thirty hours she needs to renew her license. Which of the following is true of this situation?

When the Ohio superintendent of real estate realizes he has good reason to think that Avon Lake broker Scott Preston has committed a crime, what can the superintendent do next, under the law?

Kelly Lamb’s former real estate agent, broker Joe Schmoe, wasn’t the most honest guy in the world, and cheated her out of almost $2,300 when he sold her home. After a long investigation, the final judgment against her former agent was handed down, and the order directing payment to her out of the real estate recovery fund has been given, since Joe had no money or other assets. Which of the following damages can Kelly Lamb expect to collect from the real estate recovery fund?

Pepper Pike salesperson, Henry Richter, is ending his association with his current broker, Larry Carpenter, and will look for a new broker with whom to associate after he returns from his honeymoon to Maui in another two weeks. Once his association with Larry is ended, what happens to Henry’ license?

Every written agency agreement must include which of the following?

An Amherst resident, Chloe, has discovered that the accounting provided by her broker, Jim, for the sale of her home was incorrect and his commission was too high. She tried to appeal to the broker herself, but he avoided her calls and all contact with her. Finally, she filed a signed, written complaint against Jim with the division of real estate. What will happen next?

Each Ohio brokerage must have a written company policy that sets forth many items, one of which is the type of agency relationship that should be established by licensees in dealing with people they know. Specifically, it should refer to which of the following parties?

What determines the types of agency relationships that are practiced in Ohio today?

Which of the following persons would be exempt from the continuing education requirements mandated for real estate licensees?

Weston licensee, Jeremy, has decided to take 60 hours of continuing education-enough for this license period AND the next. He tells fellow licensees Elena and Lori of his great plan and they shoot holes through it, telling him that licensees can only earn continuing education credit DURING the current license period, but not before. Which is true of this situation?

When seller Shira Brinks signed a written agency agreement with Racine licensee Andrew Shore, she didn’t realize what a busy man he was. He calls her two weeks after their agreement is signed, and asks her if she’s willing to give him permission to delegate some of the responsibilities of selling her home and other aspects of the selling process to another licensee. She just needs to give Andrew permission to appoint another licensee within the same brokerage, and she does so willingly. Is her verbal consent okay in this situation?

Commercial salesperson Henry, who is licensed out-of-state, has been permitted to practice in Morrow with Ohio broker, Molly Blane. He must follow specific rules in depositing escrow funds, security deposits, and other money he receives. This means that:

If a real estate agent or broker does not complete his or her continuing education requirement, what disciplinary action may occur?

The broker of Sunshine Realty, failed to meet her continuing education requirements and has had her license suspended. What happens to the salespeople employed by her?

What must a broker who is selling his own home disclose in any advertisements?

Joan Goodman failed to file her certificate of continuation which resulted in the cancellation of her license. How long does she have to reactivate it?

For how long after the transactions have taken place must Jefferson broker, Selma Rivers, retain copies of listing agreement forms in her files?

Ashley, an out-of-state commercial broker, has signed a written agreement with Troy broker, Andrew Horn, to work with him. The agreement includes the terms of cooperation and compensation, as well as a statement that Ashley will agree to obey the laws of Ohio. In addition, Andrew must retain all the documents required to be furnished by Ashley, as well as records of any transactions that have taken place. How long must Andrew hold onto these records?

Which of these logos must appear on the nondiscrimination statement?

Hollywood Hills Realty, a California based real estate firm, wants to establish a presence in Ohio and hold licenses from the state. Which of these documents must Hollywood Hills Realty file in order to move forward with their plan?

Kelly Watt has a business collecting and selling information on apartments available for rent and advertises her services. What is her status regarding Ohio real estate law?

Which of the following statements about Ohio property taxes is true?

Who may conduct a title search in Ohio?

In Ohio, may a landlord enter a leased premises without permission?

Which statement is not false about appraisers in Ohio?

Vivian is a licensee representing sellers Solly and Sandy Roth. Vivian is extremely detail-oriented while handling the paperwork necessary to sell the Roths’ 2-story home in the suburbs of Marblehead. She’s made sure that all of the financial obligations and commitments are in writing and set forth the exact agreement of the parties. At what point after the agreements are prepared and signed must Vivian deliver copies of the agreements to the involved parties?

Broker Frank (who lives in Madison) wants to work with his long-time colleague and friend, George, who is a broker in Dublin. Frank will be working as a salesperson under George. What must Frank do to change his license status?

Which of the following duties is the responsibility of the Ohio Real Estate Commission?

In regard to administering oaths, compelling the attendance of witnesses, and punishing them for refusal to testify, which of the following parties is considered to have the same power as judges of county courts?

Toledo licensee, Jamie Sanders, is more than a little surprised when her client, seller Kelly Foster, declines to acknowledge receipt of “Consumer Guide to Agency Relationships,” or sign an agency disclosure statement. In this situation, which of the following parties should Jamie notify?

Toledo salesperson, Kelly, is representing sellers, Vivian and Dan Dobs, who are selling their home in Toledo and retiring to Arizona. She has a willing buyer, but there’s a possible fly in the ointment – the buyer has offered a non-negotiable instrument for the transaction. Under which of the following circumstances may she accept this?

Salesperson Susan Seddon is known as “Super Sue” by her broker and the other salespeople at her office. She is not only meticulous in handling her own duties, but has been assigned, by her broker, additional responsibilities, including the oversight of the other salespeople in their branch office. In several situations, she’s had to supervise a couple of the licensees whose agency duties to their clients have conflicted with the agency duties of other licensees affiliated with the brokerage. Which of the following is true of this situation?

When Youngstown broker, Vivian Elias, terminates one of the other two brokers from her brokerage, Elias Living, she doesn’t remember to return his license. She receives a written request from the superintendent for the return of the license, and 5 days later, sends it via certified mail, to the superintendent. Which of the following is true of this situation?

What is the continuing education requirement for licensees?

Who may request an extension for completing continuing education
requirements?

Chad and Shira Jones have just agreed to list their home with Samantha Ackerman. When must Samantha give her new clients a copy of the signed agreement.

What is the definition of a “subagency relationship?”

Sarah Young is representing Pedro Smith in the sale of his home. What duties does she owe him?

When must an agency disclosure statement be given by the buyer’s agent to a prospective buyer or tenant?

Which of the following is a violation of real estate law?

Which statement is not false about appraisers in Ohio?

Which of the following statements about agency relationships is not false?

When must a broker or agent disclose material facts to potential purchasers?

Which of the following remains a responsibility of a licensee after the sale is completed?

Allen Reynolds, a salesperson applicant, has everything he needs to practice real estate except a license. He’s taken the licensing exam twice and failed both times. He’s signed up to take it for a third time, but what will happen if he fails it again?

Who determines if a land registration, or “Torrens land” will be maintained or abolished?

Licking licensee Veronica Cash recently moved, and in the process, her continuing education records were inadvertently lost. She wants to get a copy of these records from the time she was licensed in Ohio, seven years ago, and calls the school from which she takes her CE courses for copies of her CE records. Which of the following statements is true?

Which of the following courses would be approved by the Ohio Real Estate Commission as a distance education offering?