Ohio Real Estate Exam 2023 Package Deal

Fiscal Policy - ANSWER-Treasury Department Monetary Policy - ANSWER-Federal Reserve Bond Truth In Lending Act - ANSWER-To provide standard disclosure procedures that all lenders must follow. Required so consumers will know exactly what they are paying for credit so they can compare Annual P...

Which would a buyer prefer: Land installment contract or purchase money mortgage? - ANSWER-purchase money mortgage - the buyer will receive the deed to the property on the day of closing. -A purchase money mortgage does not transfer any title to the buyer; rather, it is a method by which the sell...

Tenancy at Will - ANSWER-No written agreement, and can be terminated at any time by landlord or tenant Tenancy at sufferance - ANSWER-Tenant is allowed to live on property after lease is over but before they are forced off the property Tenants in common - ANSWER-Ownership where tenants could h...

Periodic Tenancy - ANSWER-Leasehold estate for a duration of time, not a specific date. Alienation - ANSWER-The transfer of ownership or an interest in property from one person to another, by any means. Allodial System - ANSWER-The system of land ownership under which anyone can own land. A...

Three items tenants in common hold - ANSWER-1. Default 2.Shares are equal or unequal 3. No Survivorship Three items joint tenants hold - ANSWER-1. Specify 2.Equal 3. Survivorship How much is in an acre? - ANSWER-43.560 How much does a point equal? - ANSWER-One percent How much is...

How much time is given to pass the Ohio salesperson exam? - ANSWER-3 hours How many hours of pre-licensing education do you need in Ohio? - ANSWER-120 hours How old do you have to be in Ohio to obtain a Real Estate License? - ANSWER-18 years old Lori has agreed to transact real estate busin...

When may a person use the term REALTOR? - ANSWER-after becoming a member of the National Association of Realtors What are advantages to a career in real estate sales? - ANSWER-- Possibility of owning your own brokerage with additional training , education, and experience - potential for unlimite...

every viewable web page of the website - ANSWER-When advertising real estate online where should the brokerage name be displayed? a. 40 b. 20 c. 20 d. 40 e. 20 f. 30 - ANSWER-How many hours are needed for the following: a. Principles and practices b. real estate appraisal c. real estate f...

You are preparing a competitive market analysis on a vacant lot you are listing for sale. Which of the following approaches to value will be used in the development of estimated value? A. Cost approach B. Gross rent multiplier C. Income approach D. Sales comparison approach - ANSWER-D. sales co...

What type of land use does NOT comply with the zoning restriction for its location, but is permitted because it benefits the public? - ANSWER-Conditional Use Conditional uses (hospitals, schools, etc.) usually do not comply with zoning limitations. loan amount - ANSWER-The amount the lender is...

Broker - ANSWER-Any person, partnership, association, limited liability partnership, limited liability company, or corporation who, for a fee, sells, lists, leases, exchanges, negotiates, or otherwise deals in the real estate of others, or represents publicly that he does. Independent Contractor ...

Ad Valorem Taxes - ANSWER-based on the value of the real estate. General property taxes may pay for items such as schools, police, fire, etc Special Assessment Taxes - ANSWER-imposed only on properties that benefit from the improvement such as tax install a sewer line or city water line on one sp...

Case Law - ANSWER-Rules of law developed in court decisions, as opposed to constitutional law, statutory law, or administrative regulations. or common law Civil Litigation - ANSWER-A lawsuit in which one individual sues another for compensation. Criminal Litigation - ANSWER-A lawsuit in which...