Social Science Economics
Ohio Real Estate Exam Practice Questions
Verified and Provided with Complete A+
Graded Answers Latest Updated 2026
May a consumer who has been harmed by a CORRECT ANSWER: No, the consumer must file a lawsuit, get a final
licensee acting under her license as a real estate judgment, and attempt to collect
salesperson or broker immediately file a claim for
payment from the Real Estate Recovery Fund?
A listing agreement in which the agent may CORRECT ANSWER: agency
possibly be in competition with the client to see
who can sell the house first is an exclusive
According to the Statute of Frauds, what does NOT CORRECT ANSWER: listing agreement
have to be in writing?
If a third party maintains a website for a licensee, CORRECT ANSWER: Outdated and expired information must be
places information on the website on behalf of the updated or removed within two weeks
licensee, and that information becomes outdated
or expired, how soon must it be updated or
removed?
After issuing a bad check, the Division requires CORRECT ANSWER: 5 years
the licensee to send certified funds for all
subsequent payments for a period of
How much will a licensee be fined for paying fees CORRECT ANSWER: $100
to the state with a bad check?
Once a salesperson is affiliated with a broker, CORRECT ANSWER: the salesperson must submit an application to the
what are the steps to be taken to associate with Superintendent
another broker?
What statement regarding CORRECT ANSWER: A unit owner may devise the property
condominium ownership is correct?
Julie is the new owner of a house and decides to CORRECT ANSWER: No, anything that covers subflooring becomes real
remove the carpet. After doing so, she property
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?
How would a developer/builder typically finance a CORRECT ANSWER: blanket
development?
For a conventional loan, how much of a borrower's CORRECT ANSWER: 36%
income can be used to service debt?
, What document uses legal title to real property to CORRECT ANSWER: mortgage
secure debt?
According to the Lead-Based Paint Hazard CORRECT ANSWER:
Reduction Act, what can happen to a licensee if - $10,000 fine
she fails to give a buyer the lead-based paint - 3 times compensatory damages in lawsuit
pamphlet and disclosures? - punishment
The non-breaching party to a contract has a duty CORRECT ANSWER: mitigate damages
by law to
What would be considered evidence of the CORRECT ANSWER: buyer-broker contract
agency relationship between broker and buyer?
Harvey enters into a lease where he must pay 30 CORRECT ANSWER: net lease
percent of the landlord's expenses. Which type of
lease did Harvey sign?
Which statement regarding RESPA is TRUE? 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 CORRECT ANSWER: codicil
will and testament to exclude a relative who
recently died. Which document will the testator RATIONALE
use to make the change? 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 CORRECT ANSWER: conversion
deposited a client's earnest money check into his
personal account to cover the expense. This best
describes
A real estate agent has written an offer in CORRECT ANSWER: $0
which Luke, the buyer, asked the sellers to pay his
half of the escrow fee and his three points. The RATIONALE
sellers Read carefully: The sellers, not the buyer, are paying the points. For the
accepted $135,000 for the home and Luke is math practice, the formula is: Loan Amount ($95,000) x number of points
going to put $40,000 down. How much will the ($95,000 x 0.03) = Total Amount paid for points ($2,850). Remember, one
Luke pay for his points? point equals 1% or 0.01.
The buyer asks for information about the property. CORRECT ANSWER: Respond to the offer and the information request
Their agent telephones you for that information, in writing as soon as possible
but submits an offer before you have time to
respond to the call. What do you do with the offer
and the information request?
The fee to amend a license to practice real estate CORRECT ANSWER: $34
is
What is the fee to transfer a real estate CORRECT ANSWER: $34
salesperson's license from one brokerage to
another?
Ohio Real Estate Exam Practice Questions
Verified and Provided with Complete A+
Graded Answers Latest Updated 2026
May a consumer who has been harmed by a CORRECT ANSWER: No, the consumer must file a lawsuit, get a final
licensee acting under her license as a real estate judgment, and attempt to collect
salesperson or broker immediately file a claim for
payment from the Real Estate Recovery Fund?
A listing agreement in which the agent may CORRECT ANSWER: agency
possibly be in competition with the client to see
who can sell the house first is an exclusive
According to the Statute of Frauds, what does NOT CORRECT ANSWER: listing agreement
have to be in writing?
If a third party maintains a website for a licensee, CORRECT ANSWER: Outdated and expired information must be
places information on the website on behalf of the updated or removed within two weeks
licensee, and that information becomes outdated
or expired, how soon must it be updated or
removed?
After issuing a bad check, the Division requires CORRECT ANSWER: 5 years
the licensee to send certified funds for all
subsequent payments for a period of
How much will a licensee be fined for paying fees CORRECT ANSWER: $100
to the state with a bad check?
Once a salesperson is affiliated with a broker, CORRECT ANSWER: the salesperson must submit an application to the
what are the steps to be taken to associate with Superintendent
another broker?
What statement regarding CORRECT ANSWER: A unit owner may devise the property
condominium ownership is correct?
Julie is the new owner of a house and decides to CORRECT ANSWER: No, anything that covers subflooring becomes real
remove the carpet. After doing so, she property
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?
How would a developer/builder typically finance a CORRECT ANSWER: blanket
development?
For a conventional loan, how much of a borrower's CORRECT ANSWER: 36%
income can be used to service debt?
, What document uses legal title to real property to CORRECT ANSWER: mortgage
secure debt?
According to the Lead-Based Paint Hazard CORRECT ANSWER:
Reduction Act, what can happen to a licensee if - $10,000 fine
she fails to give a buyer the lead-based paint - 3 times compensatory damages in lawsuit
pamphlet and disclosures? - punishment
The non-breaching party to a contract has a duty CORRECT ANSWER: mitigate damages
by law to
What would be considered evidence of the CORRECT ANSWER: buyer-broker contract
agency relationship between broker and buyer?
Harvey enters into a lease where he must pay 30 CORRECT ANSWER: net lease
percent of the landlord's expenses. Which type of
lease did Harvey sign?
Which statement regarding RESPA is TRUE? 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 CORRECT ANSWER: codicil
will and testament to exclude a relative who
recently died. Which document will the testator RATIONALE
use to make the change? 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 CORRECT ANSWER: conversion
deposited a client's earnest money check into his
personal account to cover the expense. This best
describes
A real estate agent has written an offer in CORRECT ANSWER: $0
which Luke, the buyer, asked the sellers to pay his
half of the escrow fee and his three points. The RATIONALE
sellers Read carefully: The sellers, not the buyer, are paying the points. For the
accepted $135,000 for the home and Luke is math practice, the formula is: Loan Amount ($95,000) x number of points
going to put $40,000 down. How much will the ($95,000 x 0.03) = Total Amount paid for points ($2,850). Remember, one
Luke pay for his points? point equals 1% or 0.01.
The buyer asks for information about the property. CORRECT ANSWER: Respond to the offer and the information request
Their agent telephones you for that information, in writing as soon as possible
but submits an offer before you have time to
respond to the call. What do you do with the offer
and the information request?
The fee to amend a license to practice real estate CORRECT ANSWER: $34
is
What is the fee to transfer a real estate CORRECT ANSWER: $34
salesperson's license from one brokerage to
another?
