Hondros/Ohio Real Estate/ Law Exam Study Guide with Complete Solutions
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Course
Hondros College- Real Estate
Institution
Hondros College- Real Estate
Hondros/Ohio Real Estate/ Law Exam
Study Guide with Complete Solutions
Case Law - Answer️️ -Rules of law developed in court decisions, as
opposed to constitutional law, statutory law, or administrative regulations.
Civil Litigation - Answer️️ -A lawsuit in which one individual sues
ano...
Hondros College
Hondros/Ohio Real Estate/ Law Exam
Study Guide with Complete Solutions
Case Law - Answer✔️✔️-Rules of law developed in court decisions, as
opposed to constitutional law, statutory law, or administrative regulations.
Civil Litigation - Answer✔️✔️-A lawsuit in which one individual sues
another for compensation.
Criminal Litigation - Answer✔️✔️-A lawsuit in which the government sues
an individual to punish the wrongdoer and protect society.
Damages - Answer✔️✔️-An amount of money a defendant is ordered to pay
to the plaintiff
Due Process - Answer✔️✔️-A fair hearing before an impartial judge. Under
the U.S. Constitution, no one may be deprived of life, liberty, or property
without due process of law.
Precedent - Answer✔️✔️-A previously decided case concerning the same
facts as a later case; a published judicial options that serves as authority for
determining a similar issue in a later case.
Pretrial Discovery - Answer✔️✔️-Using depositions and interrogatories to
learn more about the disputed facts in a case from the opposing parties and
reluctant witnesses.
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Settlement - Answer✔️✔️-An agreement between the parties to a civil
lawsuit, in which the plaintiff agrees to drop the suit in exchange for a sum
of money or the defendant's promise to do or refrain from doing
something.
Stare Decisis - Answer✔️✔️-The legal doctrine that requires a judge to follow
precedent to make the law consistent and predictable.
Tortrtnership - Answer✔️✔️-A breach of the standards of reasonable
conduct imposed by law (as opposed to a duty voluntarily taken on in a
contract) that causes harm to another person, giving the injured person the
right to sue the one who breach the duty.
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.
Fiduciary - Answer✔️✔️-Someone in a position of trust and confidence, held
by law to high standards of good faith and loyalty.
Foreign Real Estate - Answer✔️✔️-Any real estate situated outside the state
of Ohio
Inactive License - Answer✔️✔️-License status of any salesperson who
returns his license to the division of real estate, or whose broker does not
want to maintain sponsorship of licensee. A license may remain inactive
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indefinitely, as long as it is timely renewed and continuing education
requirements are met.
License on Deposit - Answer✔️✔️-1. A special license status that is available
only to brokers who wish to return their broker's license to the Division of
Real Estate in order to reactivate their license as a sales person. A broker's
license may remain on deposit indefinitely if timely renewed and
continuing education requirements are met. 2. A special license status
available to any licensee who enters the military or whose reserve military
status is activated. The license remains inactive until the next renewal date
following honorable discharge from the military.
Reactivate - Answer✔️✔️-The process to remove a license from inactive,
voluntary hold, suspension, or deposit status.
Resigned - Answer✔️✔️-The license status in which a license has been
voluntarily and permanently surrendered to, or is otherwise in the
possession of the Division of Real Estate and Professional Licensing, is not
renewed, and is not associated with a real estate broker.
Revocation - Answer✔️✔️-The Real Estate Commission's permanent
withdrawal of a real estate agent's license.
Suspension - Answer✔️✔️-Any licensed agent associated with a broker and,
as such, may perform most acts of a broker on behalf of the broker.
Voluntary Hold - Answer✔️✔️-The license status in which a license is in the
possession of the Division of Real Estate and Professional Licensing for a
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