Which of the following must be licensed as a real estate agent:

Your next door neighbor sells your home for a fee of $100

Who would appoint an ancillary trustee?

The Superintendent of the Ohio Division of Real Estate

Under Ohio law, who is it presumed that a broker represents?

There is no longer a presumption

The purpose of the Canons of Ethics is:

To make the real estate industry more professional

A sales agent has created his own website. when advertising, Which of the following is not true

Broker’s name must appear larger on the website’s homepage

Ohio agent are required to complete 30 hours of continuing education including 3 hours each of

Core Law, Civil Rights, Canons of Ethics

An Ohio real estate licensee should do which of the following?

Obey the licensing laws even when selling their own house

Which of the following would be a violation of the Ohio real estate licensing laws?

Offering real estate as a prize in a game of chance

A salesperson wishing to purchase a property must:

Indicate to the seller that he is a real estate agent

An agent is given a $500 earnest money deposit. What should the broker do with these funds?

Do whatever the contract says to do with the funds

KME Realty lists a home . PDQ Realty sells it. The seller wants to give a bonus. which is true

Have KME give it to PDQ and then to the salesperson

A sales agent can do which of the following

Sue his broker for failing to pay commission to the agent

With regards to property management, which of the following is not true?

A property management account cannot bear interest

A real estate agent wishes to change brokers.

The agent transfer his license any time during the year

What must be included in the Consumer Guide to Agency Relationships?

What type of agency relationships that the broker permits

What must be displayed prominently in every brokerage?

“Equal Opportunity in Housing” poster

Which of the following has the authority to revoke or suspend a license?

The Ohio Real Estate Commission

How long after issuance of license do you have to take 30 hours of continuing education?

On or before your birthday 3 years from the first renewal

Which one of the following is a form of dual agency?

A buyer’s agent sells his broker’s listing

A salesperson is sued. The broker:

Is liable if the broker knew of the problem

Who audits a broker’s records?

An auditor appointed by the Superintendent

Of which of the following must a licensee notify the Division?

Personal residence change of address

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State specific review (Ohio)

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#Ohio real estate exam practice questions state specific

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Questions 40

Answers

1
A broker loses his/her license. The sales agents:
Can continue the business until it is cleared up
Cannot work for this brokerage
Can complete sales but not listings
Can complete existing business
2
Which of the following must be licensed as a real estate agent:
Your next door neighbor sells your home for a fee of $100
An employee of a subdivider who sells homes for that company
The sheriff selling foreclosure properties
A person who sells a house as the executor of an estate
3
Who would appoint an ancillary trustee?
The Ohio Real Estate Commission
The president of the local board
The Superintendent of the Ohio Division of Real Estate
The Ohio Supreme Court
4
Under Ohio law, who is it presumed that a broker represents?
The buyer
There is no longer a presumption
The sales agent
The seller
5
Who appoints the Superintendent of the Division of Real Estate
The Director of Commerce
The Senate
The Commission
The Governor
6
The purpose of the Canons of Ethics is:
To generate revenue
To make the real estate industry more professional
To keep part-time agents out of the business
The standard that all Realtors voluntarily agree to abide by
7
Broker put E.M. in his bank because he needed a check to clear. This is an example of
Conveyance
Condemnation
Conversion
Comingling
8
The amount of commission to be paid to the broker for selling a property is
Set forth in the rules of the Ohio Real Estate Commission
Negotiated at the time a buyer is found
Set by state law
Stated in the listing contract
9
A sales agent has created his own website. when advertising, Which of the following is not true
Each website must contain the date of the most recent update
Broker’s name must appear larger on the website’s homepage
Outdated information must be updated within 14 days
Brokers name has to be on all pages the agent controls
10
Ohio agent are required to complete 30 hours of continuing education including 3 hours each of
Core Law, Civil Rights, Canons of Ethics
Civil Rights, Code of Ethics, Fair Lending Law
Code of Ethics, Core Law, Civil Rights
Civil Law, Fair Housing, Canons of Ethics
11
An agent’s license is revoked. The agent may appeal directly to:
The Court of Common Pleas
The Superintendent of the Ohio Division of Real Estate
The Ohio Supreme Court
agent may not appeal, as the Commission’s decision is final
12
An Ohio real estate licensee should do which of the following?
Disclose only patent defects in a home
Take a cash Earnest Money deposit payable to salesperson
Abide by the Code of Ethics
Obey the licensing laws even when selling their own house
13
Which of the following would be a violation of the Ohio real estate licensing laws?
Parties agree to let broker reduce fee to close the sale
A listing agent offers a free CMA to the public
Give the buyer $2,000 cash with the buyer and seller consent
Offering real estate as a prize in a game of chance
14
Seller rejects three offers that are 5k under list. Broker gets another low offer which is true
Refuse to present the offer based on previous similar offers
Must present the offer
Tell the buyer that the seller won’t take less than list.
Tell the buyer that the seller has rejected three offers
15
A prospective buyer’s relationship to a listing broker is best described as
Principal
Fiduciary
Customer
Client
16
The purpose of the Real Estate Recovery Fund is to:
Make loan money available to students for courses
To protect the public
To provide up to $40,000 to appeal court decisions
Eliminate prejudice through grant-in-aid programs
17
A salesperson wishing to purchase a property must:
Go through another broker
Wait until the listing runs out
Indicate to the seller that he is a real estate agent
Wait until no one else wants the property
18
An agent is given a $500 earnest money deposit. What should the broker do with these funds?
Do whatever the contract says to do with the funds
Deposit them into his personal checking account
Put the funds into the property management account
put paycheck into the broker’s trust account
19
Sales agents misrepresenting the condition of property may be subject to which of the following
Loss of license
Fine not to exceed $40,000 per licensee
Suspension of license by local board
Loss of the right to a commission
20
KME Realty lists a home . PDQ Realty sells it. The seller wants to give a bonus. which is true
Not give a bonus since they are illegal
Ask KME to give it to the salesperson
Give it to the salesperson directly
Have KME give it to PDQ and then to the salesperson
21
Which of the following can the Superintendent not do?
Appoint the hearing examiner
Can issue subpoenas
Issue injunctions
Can fine up to $200 per advertising violation
22
An agent is selling their own house what must an interested buyer be to the seller?
dual client
Buyer client
Apparent client
Buyer customer
23
When a salesperson acts for both purchaser and seller in a transaction, this is identified as:
An agency by ratification
A dual agency
An agency coupled with an interest
Split agency by estoppel
24
A sales agent can do which of the following
Place a lien on a seller’s property for a commission
Sue his broker for failing to pay commission to the agent
Sue the buyer for backing out of a transaction
Sue the seller for a commission not paid
25
With regards to property management, which of the following is not true?
The property manager must financial account quarterly
A property management account cannot bear interest
The interest earned belongs to the owner
The property manager is a general agent
26
A real estate agent wishes to change brokers.
The agent transfer his license any time during the year
The agent must get the approval of his broker
Broker must return the license within 3 weeks of the request
may not transfer the license after November 1st of any year
27
What must be included in the Consumer Guide to Agency Relationships?
What type of agency relationships that the broker permits
Full company policy
Excerpts from the Ohio Licensing Law
Full text from the Ohio Licensing Law
28
What must be displayed prominently in every brokerage?
“Equal Opportunity in Housing” poster
Board of Realtors® logo
American flag
Agents’ licenses
29
How long after a license is issued do you have to take the 20 hour post licensing class
10 years
3 years
1 year
5 years
30
Which of the following has the authority to revoke or suspend a license?
The Ohio Real Estate Commission
The Director of the Department of Commerce
The Superintendent of the Ohio Division of Real Estate
The Ohio Board of Realtors®
31
A salesperson may begin the practice of real estate when:
The broker receives the license
The agent receives notice they have passed the exam
The license is issued
Upon registering the license
32
Who approves the appointment of an ancillary trustee when a broker dies
The Division
Court of Common Pleas
The Commission
Probate Court
33
How long after issuance of license do you have to take 30 hours of continuing education?
On or before your birthday 3 years from the first renewal
1 year after the 20 hour post was taken
3 years after the 20 hour post was taken
1 year after being licensed
34
A tenant fails to pay rent. The landlord, must give the tenant how notice to vacate
10 days
3 days
30 days
7 days
35
How much does it cost to amend your license?
$20
$34
$10
$15
36
Which one of the following is a form of dual agency?
A buyer’s agent sells his broker’s listing
A listing agent sells his broker’s listing
A buyer’s agent sells another broker’s listing
A seller’s agent sells another broker’s listing
37
A salesperson is sued. The broker:
Is not liable because the agent was not with the broker long
Is liable if the broker knew of the problem
Is liable because the agent was with the broker for one year
Is liable if the broker had errors and omissions insurance
38
Who audits a broker’s records?
An Ohio Real Estate Commissioner
The Director of the Department of Commerce
A hearing examiner
An auditor appointed by the Superintendent
39
Without proper completion of continuing education, a license is:
Suspended
Escrowed
Inactive
Revoked
40
Of which of the following must a licensee notify the Division?
Change in marketing materials
Number of his/her successfully closed listings
Personal residence change of address
Awards and certifications from local boards

State specific review (Ohio) Flashcards | StudBud