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Ohio Real Estate Law Statutes Ch 2 Flashcards | StudBud
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Ohio Real Estate Law Statutes Ch 2
Ohio Real Estate Law Statutes Ch 2
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Real Estate Ohio Statutes HONDROS
Flashcards
12 cards
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Practice quiz
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Questions
12
Answers
1
Who does NOT need a real estate license?
A property manager under contract by the owner
Someone selling a friend raw land
Salaried employee selling company's own property
Your uncle who is selling real estate options
2
All principal brokers
Must have a place of business to operate as brokers
Must display the licenses of their sales people
Are bonded
Are REALTORS
3
A real estate licensee may
offer real estate to market only on terms allowed by seller
Draft deed for sellers
Use an open ended expiration date on open listing agreement
Keep earnest money if deal falls through
4
A broker can buy property in his own name only if
He places his licenses on a voluntary hold
He discloses his license
The other side is properly represented
His wife releases dower
5
Continuing education for active salesperson licensee under age 70 requires students to take
30 hours of education every five years
3 hrs each of core law, civil rights law, ethics in 30 hrs
Classes at a two-year college or university
10 hours of postlicensing training within 6 mth of licensure
6
Which authority revokes licenses?
The Department of Real Estate
Governor's task force to promote safe real estate
The Superintendent
The Real Estate Commission
7
The purpose of the licensing law is to
Make it hard to get license to discourage part-time workers
Legally separate brokers and agents
Protect the public again fraudulent practice
Limit the number of agents to reduce competition
8
A sales associate can
Sue a buyer for backing out of a deal
Personally buy listing after disclosure they are principal
Collect commissions directly from the seller
Take listings in their own name
9
Who may bring a complaint to the Superintendent
Only a licensed attorney at law
The local board of REALTORS
Anyone
The Attorney General
10
The Ohio Real Estate Commission?
Is part of the Department of Commerce
Is elected every five years
Consists of five real estate brokers
Is overseen on day-to-day basis by the Superintendent
11
A real estate licensee can begin the practice of real estate when
Passes the exam
Broker receives the license
License has been issued by the Division of Real Estate
Finds a sponsoring broker
12
In order to use the Recovery Fund, one must be
Damaged by a licensee in a real estate transaction
An attorney who’s client was damaged by a licensee
Seeking relief from and ancillary trustee
Licensee seeking commissions in a real estate transaction
