Ohio Real Estate Exam Practice Questions with Complete Solutions 2023

Ohio Real Estate Exam Practice Questions with Complete Solutions 2023 May a consumer who has been harmed by a licensee acting under her license as a real estate salesperson or broker immediately file a claim for payment from the Real Estate Recovery Fund? - Correct Answer CORRECT ANSWER: No, the consumer must file a lawsuit, get a final judgment, and attempt to collect A listing agreement in which the agent may possibly be in competition with the client to see who can sell the house first is an exclusive - Correct Answer CORRECT ANSWER: agency According to the Statute of Frauds, what does NOT have to be in writing? - Correct Answer CORRECT ANSWER: listing agreement If a third party maintains a website for a licensee, places information on the website on behalf of the licensee, and that information becomes outdated or expired, how soon must it be updated or removed? - Correct Answer CORRECT ANSWER: Outdated and expired information must be updated or removed within two weeks After issuing a bad check, the Division requires the licensee to send certified funds for all subsequent payments for a period of - Correct Answer CORRECT ANSWER: 5 years How much will a licensee be fined for paying fees to the state with a bad check? - Correct Answer CORRECT ANSWER: $100 Once a salesperson is affiliated with a broker, what are the steps to be taken to associate with another broker? - Correct Answer CORRECT ANSWER: the salesperson must submit an application to the Superintendent What statement regarding condominium ownership is correct? - Correct Answer CORRECT ANSWER: A unit owner may devise the property Julie is the new owner of a house and decides to remove the carpet. After doing so, she 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? - Correct Answer CORRECT ANSWER: No, anything that covers subflooring becomes real property How would a developer/builder typically finance a development? - Correct Answer CORRECT ANSWER: blanket