Hondros- Ohio Real Estate Principles and Practices Study Questions and answers, 2022. Rated A+

Hondros- Ohio Real Estate Principles and Practices Study Questions and answers, 2022. Rated A+ Document Content and Description Below Hondros- Ohio Real Estate Principles and Practices Study Questions and answers, 2022. Rated A+ When may a person use the term REALTOR? - after becoming a member of the National Associatio n of Realtors What are advantages to a career in real estate sales? - - Possibility of owning your own brokerage with additional training , education, and experience - potential for unlimited earnings - setting your own hours What is a disadvantage of a career in real estate sales? - Not a steady income Most sales persons are hired as? - independent contractors Which is an area of specialization within real estate sales? - Commercial and Industrial The professional organization new licensees must join if their sponsoring broker is a member is the...... - National Association of Realtors A real estate property manager - must be licensed Under Ohio law, who of the following does not have to be licensed? - A. Foreign real estate salespersons and brokers B. Real Estate Auctioneers C. Real Estate sales persons and brokers D. The sheriff handling a foreclosure sale Answer: D Under Ohio's Real Estate License Law, who must be licensed to sell real estate? - A. executor of a will who is selling land from an estate B. lawyer performing the duties of a lawyer selling land on behalf of a deceased client C. Personal director who is paid a referral fee for a transaction D. Someone selling a mobile home that is not attached to real estate Answer: C When must an additional affiliate with a principal broker? - Before he submits his test application A person may begin practicing real estate as soon as he ? - Learns that his real estate license was issued by the Ohio Division of Real Estate and Professional Licensing Which statement regarding the Ohio Real Estate Commission is true? - A. It consists of 5 members appointed by the governor B. It investigates written complaints against licensees C. It is run by the superintendent who is appointed by the governor D. It promotes a code of ethics Answer: A Which statement regarding the Ohio Division of Real Estate and Professional Licensing is true? - A. it consists of 5 members appointed by the governor B. it investigates written complaints against licensees C. It is run by the superintendent who is appointed by the governor D. It promotes a code of ethics Answer: B Ohio License law ...... - Protects the public from fraud, misrepresentation, and deceit The commission does NOT? - A. Audit the brokers records B. promote the cannon of ethics C. publish a newsletter D. suspend or revoke licenses Answer: A The Division of Real Estate and Professional Licensing does NOT issue ? - A. citations for certain agency law violations B. fines to licensees found guilty of a fair housing violation C. real estate licenses D. subpoenas Answer: B A real estate salesperson may..... - do most things a broker can do A real estate salesperson may not.... - - deposit earnest money into a personal checking account as long as it does not pay interest - sponsor salespeople to work for him - prepare a deed What is a post licensing requirement for those licensed after April 6th, 2017? - Licensees must complete a 20- hour post licensing course within the first year of being licensed What is the license expiration/ renewal procedure? - Licenses expire on the licensee's birthday and are renewed by the licensee filing a certificate of continuation (notice of renewal) with the division of real estate and professional licensing Which is Not a License status? - A. license active B. license in escrow C. license inactive D. license on deposit Answer: B A complaint procedure may not result in? - A. an appeal to common pleas court B. a formal hearing C. the investigation proceedings becoming a matter of public record D. a license suspension or revocation and a fine of up to $ 2,500 per violation Answer: C The Real Estate Recovery Fund...... - Is used to satisfy unpaid judgments against real estate licensees Which Statement regarding suspension of a license is true? - A. It can happen only after the third offense B. it is final and may not be appealed C. It is for a set period of time with reactivation after the suspension is lifted D. the licensee may submit a reapplication which may be denied by the Ohio Real Estate Commission Answer: C Which statement regarding revocation of a license is true? - A. It can happen only after the third offense B. It is final and may not be appealed C. It is for a set period of time with automatic reactivation on the day after the revocation is lifted D. The licensee may submit a reapplication, which may be denied by the Ohio Real Estate Commission Answer: D A license can be suspended or revoked for.... - Representing more than one party in a transaction, with the consent of only one of the parties The economic Base of an area... - Gives stability to a region and supports real estate values The cost of money - greatly influences a home-buyer's decision Immobility in the real estate market can be defined as the inability ...... - of customers to readily move from city to city or move a piece of real estate The law of supply and demand says that - for all products, goods, and services, when supply exceeds demand, prices will fall and when demand exceeds supply, prices will rise Which is not one of the ways the Federal Reserve Board influences interest rates? - A. buying notes B. discount rates C. open market operations D. reserve requirements Answer: A Which is not a benefit from the secondary mortgage market? - A. Banks have funds they can lend again to other potential home buyers B. it moderated real estate cycles by providing local banks and others with stable investments C. it standardizes loan criteria D. primary mortgage lenders can change higher interest rates Answer: D Governments (local, state, and federal) can control or restrict private land use and have an influence on real estate markets through ..... - zoning restrictions and building codes Which rights are not transferred with real property? - Encroachments Chris owns land next to a lake and near a mountain and needs to quickly come up with some money for a stock investment. Which would not be an appropriate option for chris? - A. Sell air rights B. sell appropriative rights C. sell an easement D. sell mineral rights Answer: B A buyer and seller can not agree on whether a particular item should be included in the sale of the house. What consideration will the court weigh most heavily? - the intention of the annexer and the purpose of the annexation Which is NOT considered a fixture to real property? - A. built in washer that is at the repair shop o the day of closing B. curio cabinet in the living room that the buyer thought looked perfect with the room decor C. Keys to the house D. white picket fence around the house Answer: B A candy maker has a 5- year lease and installs a marble counter to roll candy on. When the lease is up, the candy maker may - Remove the counter because it is a trade fixture Which does not describe a real property interest for a limited period of time? - A. defeasible fee estate B. leasehold estate C. life estate D. life estate pur autre vie Answer: A A fee simple absolute estate is NOT? - A. conditional B. inheritable C. per