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outdated or expired, how soon must it be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ANSWER: Outdated and expired information borrower's income can be used to service debt?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