Ohio Real Estate Exam Complete Questions and Answers(Latest Update 2024)

Ohio Real Estate Exam Complete Questions and Answers(Latest Update 2024) Which would a buyer prefer: Land installment contract or purchase money mortgage? - ANSWER 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 the 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 - ANSWER illegal rezone that favors a particular property owner without justification defeasance clause - ANSWER 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 - ANSWER a visible, obvious defect and the agent 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? - ANSWER seller. The client is always liable for the acts of her agent. The agent may be liable to the seller for breaching a fiduciary duty buyer-broker contract - ANSWER creates the agency relationship between buyer and broker what title insurance policy insures the holder of the right to someone elses land? - ANSWER easement policy in the title Which is NOT a protected class under the Federal Fair Housing Act? - ANSWER ancestry Complaints based on Title VIII should be filed with the - ANSWER office of equal opportunity title VIII - ANSWER Another name for the Federal Fair Housing Act, which is Title VIII of the Civil Rights Act of 1968. who uses the term realtist? - ANSWER 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 - ANSWER $14,734.17 A buyer has obtained a mortgage in which 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? - ANSWER $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? - ANSWER dept. of commerce division of real estate - ANSWER investigates ohio real estate commission - ANSWER educates What occupation would need an Ohio real estate license in order to legally obtain a commission as compensation for work done? - ANSWER 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 hand and there is no time to consult the seller's agent. If the licensee makes changes to the advertisement, what statement would be true? - ANSWER how many feet are in an acre? - ANSWER 43,560 how many acres in a mile? - ANSWER 640 dower - ANSWER common legal law that a wife has in property owned by her husband curtesy - ANSWER if the wife dies, husband gets her share of the property conditional use - ANSWER type of land that does not comply with the zoning restriction for its location but it benefits the public. ex schools non-conforming use - ANSWER properties in compliance with old zoning laws Inverse condemnation - ANSWER a count action by a private landowner against the gov't, seeking compensation for damage to the property that resulted from govt action a life estate - ANSWER interest in property is held by a person who is granted a lifetime use of a property that will be transferred to a third party upon the death of the lifetime user rescission of a contract - ANSWER A return of all parties to their condition before the contract was executed alienation - ANSWER clause in a mortgage that allows the lender to demand loan repayment if a borrower sells the property tenancy in common - ANSWER a form of co-ownership in which two or more persons each have an undivided interest in the entire property (unity of possession), but no right of survivorship ex. I own 50% of the house and sofia owns the other 50% joint tenancy - ANSWER is a form of co-ownership in which the co-owners have equal undivided interest and the right of survivorship. air rights - ANSWER the right to undisturbed use and control of the airspace over a parcel of land (within reasonable limits for air travel); may be transferred separately from the land. riparian or littoral rights - ANSWER the water rights of a landowner whose property is adjacent to or crossed by a river (or any body of water) lien - ANSWER A nonpossessory interest in a property, giving a lienholder the right to foreclose if the owner does not pay a debt owed the lienholder; a financial encumbrance on the owner's title. ownership in severalty - ANSWER ownership by a single individual, as opposed to co-ownership life estate - ANSWER a freehold estate that lasts only as long as a specified person lives. that person is referred to as the measuring life. pur autrie vie with remainder - ANSWER Jack gives a life estate to Jill for so long as Bob lives. Upon Bob's death, the property will pass to Larry. What are the interests of Jill and Larry? covenant - ANSWER 1. a contract 2. a promise 3. a guarantee (express or implied) in a document such as a deed or lease. 4. a restrictive covenant. (typical covenants compel or p