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