Ohio Real Estate Exam Questions and Answers 100% Correct

Ohio Real Estate Exam Questions and Answers 100% Correct Which would a buyer prefer: Land installment cont ract or purchase money mortgage? ✔✔purchase money mortgage - the buyer will receive the deed to the property on the day of closing. -A purchase money mortgage does not transfer any title to the buyer; rather, it is a method by which the seller finances th e transaction. -In a land installment contract, the buyer does not receive the deed until the final payment is made. A land installment contract transfers only equitable title. spot zoning ✔✔illegal rezone that favors a particular property owner without j ustification defeasance clause ✔✔found in the mortgage that cancels the mortgagees right to the land title on the payment of the debt -THE BORROWER IS GIVEN TITLE TO THE LAND ONCE MORTGAGE IS PAID OFF patent defect ✔✔a visible, obvious defect and the age nt has no duty to disclose it. The listing agent is informed by the seller that the basement gets wet when it rains. The agent says nothing to the buyer. Who is liable for the failure to disclose the latent defect? ✔✔seller. The client is always liable for the acts of her agent. The age nt may be liable to the seller for breaching a fiduciary duty buyer -broker contract ✔✔creates the agency relationship between buyer and broker what title insurance policy insures the holder of the right to someone elses land? ✔✔easement policy in the tit le Which is NOT a protected class under the Federal Fair Housing Act? ✔✔ancestry Complaints based on Title VIII should be filed with the ✔✔office of equal opportunity title VIII ✔✔Another name for the Federal Fair Housing Act, which is Title VIII of the Civil Rights Act of 1968. who uses the term realtist? ✔✔members of the national asso. of real estate brokers A broker has 1.65 acres of land listed at $0.205 per square foot. the total listing price is ✔✔$14,734.17 A buyer has obtained a mortgage in wh ich the LTV is 95% of the first $40,000 of the sale price and 90% of the remainder of the sale price. What are the buyer's costs on a $185,000 sale if the lender charges a 2% loan origination fee and 2 points? ✔✔$6,740 $40,000 x 0.05 = $2000 $185,000 - $40,000 = $145,000 $145,000 x .10 = $14,500 $185000 - 2,000 - 14,500 = 168,500 $168,500 x 0.02 = 3,370 (fee) $168,000 x 0.02 = 3,370 (2 points) so, $3,370 + 3370 = $6,740 who oversees all sales activity in ohio? ✔✔dept. of commerce division of real estate ✔✔investigates ohio real estate commission ✔✔educates What occupation would need an Ohio real estate license in order to legally obtain a commission as compensation for work done? ✔✔property manager In preparing to advertise another broker's listing on a website, a licensee, while talking with the graphic designer, decides that the ad would read better if she made a few changes to the property description and some of its features. The deadline is at h and and there is no time to consult the seller's agent. If the licensee makes changes to the advertisement, what statement would be true? ✔✔ how many feet are in an acre? ✔✔43,560 how many acres in a mile? ✔✔640 dower ✔✔common legal law that a wife has in property owned by her husband curtesy ✔✔if the wife dies, husband gets her share of the property