Davis College - Real Estate Licensing - Law - Final Exam Qs&As 2024
These federal courts, known as the trial courts, try and decide cases. - ANS-District courts
Tony is a real estate licensee who has an ownership interest in Killian Title Company. He represents a
client who needs to have a ti...
Davis College - Real Estate Licensing - Law - Final Exam Qs&As 2024
These federal courts, known as the trial courts, try and decide cases. - ANS-✔✔District courts
Tony is a real estate licensee who has an ownership interest in Killian Title Company. He represents a
client who needs to have a title search performed. What's Tony's best course of action? - ANS-✔✔Offer
three different title companies for the buyer to choose from. If Killian Title is included, Tony should
disclose his ownership interest in the company.
The Ohio Division of Real Estate and Professional Licensing requires that brokerage administrative and
transactional records be retained for what length of time? - ANS-✔✔Three years
When using the farming approach, diversity is a key factor when identifying a neighborhood. Which
statement best describes diversity? - ANS-✔✔An area with a variety or home styles, sizes, features,
price points, amenities, buyers, etc.
A licensee says, "This is a dream home with the best views in town." This is an example of ______. - ANS-
✔✔Puffery
Dan is buying Chuck's property, which is listed with Nevin's brokerage. Who are the parties to the
exclusive right-to-sell listing agreement? - ANS-✔✔Chuck and Nevin's brokerage
How are independent contractors compensated and their income reported? - ANS-✔✔Independent
contractors do not receive a salary and must pay self-employment taxes.
What is typically used to prove there are no encroachments on the property? - ANS-✔✔Survey
Jamal is a real estate licensee. What's his responsibility regarding household lead hazards? - ANS-✔✔
He must remind the sellers to disclose the possible presence of lead-based paint to a buyer if the home
was built prior to 1978.
, During the closing, whose job is it to deliver the title commitment after ensuring the title is marketable
and without defect? - ANS-✔✔The title company representative
Janette made a huge mistake in an Ohio transaction. She doesn't have the money to pay the damages to
three plaintiffs of $7,000, $9,700, and $15,300. If they apply for payment from the recovery fund, how
much will the claimants receive? - ANS-✔✔The maximum per-licensee liability is $40,000, so the
claimants will each receive full payment.
In order to be enforceable, what does the statute of frauds require a real estate contract to be? - ANS-
✔✔In writing
Which of the following it true regarding Ohio brokerage trust accounts? - ANS-✔✔They must be in an
Ohio financial institution.
An Ohio complainant and the respective licensee have an informal mediation meeting. They're unable to
come to satisfactory terms. What happens next? - ANS-✔✔The superintendent notifies them within
five days that an investigation will begin.
______ can damage your reputation, cause you to miss out on a large pool of clients, and pose a great
risk to your real estate practice. - ANS-✔✔Cultural insensitivity and bias
What happens when the terms of a lease require the tenant to waive a non-waivable right? - ANS-✔✔
The provision is void.
Which type of buyer tends to look for a home with less space, with a similar or better quality of living? -
ANS-✔✔Trade-down buyer
The three methods of dispute resolution are mediation, arbitration, and ______. - ANS-✔✔Litigation
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