Ohio Real Estate Exam Practice Questions & Answers-Latest Update.
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Ohio Real
Institution
Ohio Real
OhioRealEstateExamPracticeQuestions&AnswersLatest Update.
May a consumer who has been harmed by a licensee acting under her license as a real
estate salesperson or broker immediately file a claim for payment from the Real Estate
Recovery Fund? - Correct Answer CORRECT ANSWER: No, the consumer m...
Ohio Real Estate Exam Practice Questions & Answers-
Latest Update.
May a consumer who has been harmed by a licensee acting under her license as a real
estate salesperson or broker immediately file a claim for payment from the Real Estate
Recovery Fund? - Correct Answer CORRECT ANSWER: No, the consumer must file a
lawsuit, get a final judgment, and attempt to collect
A listing agreement in which the agent may possibly be in competition with the client to
see who can sell the house first is an exclusive - Correct Answer CORRECT ANSWER:
agency
According to the Statute of Frauds, what does NOT have to be in writing? - Correct
Answer CORRECT ANSWER: listing agreement
If a third party maintains a website for a licensee, places information on the website on
behalf of the licensee, and that information becomes outdated or expired, how soon must
it be updated or removed? - Correct Answer CORRECT ANSWER: Outdated and expired
information must be updated or removed within two weeks
After issuing a bad check, the Division requires the licensee to send certified funds for all
subsequent payments for a period of - Correct Answer CORRECT ANSWER: 5 years
How much will a licensee be fined for paying fees to the state with a bad check? - Correct
Answer CORRECT ANSWER: $100
Once a salesperson is affiliated with a broker, what are the steps to be taken to associate
with another broker? - Correct Answer CORRECT ANSWER: the salesperson must
submit an application to the Superintendent
What statement regarding condominium ownership is correct? - Correct Answer
CORRECT ANSWER: A unit owner may devise the property
Julie is the new owner of a house and decides to remove the carpet. After doing so, she
discovers there is significant pet damage to the hardwood floor beneath the carpet. Julie
cuts most of the center of the floor out and replaces it with subfloor. Julie then places a
Persian rug over the subfloor. When Julie sells, can she remove the Persian rug? -
,Correct Answer CORRECT ANSWER: No, anything that covers subflooring becomes real
property
How would a developer/builder typically finance a development? - Correct Answer
CORRECT ANSWER: blanket
For a conventional loan, how much of a borrower's income can be used to service debt? -
Correct Answer CORRECT ANSWER: 36%
What document uses legal title to real property to secure debt? - Correct Answer
CORRECT ANSWER: mortgage
According to the Lead-Based Paint Hazard Reduction Act, what can happen to a licensee
if she fails to give a buyer the lead-based paint pamphlet and disclosures? - Correct
Answer CORRECT ANSWER:
- $10,000 fine
- 3 times compensatory damages in lawsuit
- punishment
The non-breaching party to a contract has a duty by law to - Correct Answer CORRECT
ANSWER: mitigate damages
What would be considered evidence of the agency relationship between broker and
buyer? - Correct Answer CORRECT ANSWER: buyer-broker contract
Harvey enters into a lease where he must pay 30 percent of the landlord's expenses.
Which type of lease did Harvey sign? - Correct Answer CORRECT ANSWER: net lease
Which statement regarding RESPA is TRUE? - Correct Answer RESPA eliminates
kickbacks and other referral fees, prohibits lenders from requiring excessive escrow
account deposits, and provides accurate and timely information about the actual cost of
buying or selling a home.
A wealthy business man whishes to change his last will and testament to exclude a
relative who recently died. Which document will the testator use to make the change? -
Correct Answer CORRECT ANSWER: codicil
, RATIONALE
An addendum would signify a change in the terms of a contract. A certificate of transfer is
the instrument used to convey title to a devise. A transfer on death deed transfers title of a
decedent's property upon death. A codicil is used to change a last will and testament.
When a broker received an unexpected bill, he deposited a client's earnest money check
into his personal account to cover the expense. This best describes - Correct Answer
CORRECT ANSWER: conversion
A real estate agent has written an offer in which Luke, the buyer, asked the sellers to pay
his half of the escrow fee and his three points. The sellers accepted $135,000 for the
home and Luke is going to put $40,000 down. How much will the Luke pay for his points? -
Correct Answer CORRECT ANSWER: $0
RATIONALE
Read carefully: The sellers, not the buyer, are paying the points. For the math practice, the
formula is: Loan Amount ($95,000) x number of points ($95,000 x 0.03) = Total Amount
paid for points ($2,850). Remember, one point equals 1% or 0.01.
The buyer asks for information about the property. Their agent telephones you for that
information, but submits an offer before you have time to respond to the call. What do you
do with the offer and the information request? - Correct Answer CORRECT ANSWER:
Respond to the offer and the information request in writing as soon as possible
The fee to amend a license to practice real estate is - Correct Answer CORRECT
ANSWER: $34
What is the fee to transfer a real estate salesperson's license from one brokerage to
another? - Correct Answer CORRECT ANSWER: $34
The fee to apply for a real estate broker license is - Correct Answer CORRECT ANSWER:
$135
May a consumer who has been harmed by a licensee acting under her license as a real
estate salesperson or broker immediately file a claim for payment from the Real Estate
Recovery Fund? - Correct Answer CORRECT ANSWER: No, the consumer must file a
lawsuit, get a final judgment, and attempt to collect
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