P&P Final Exam #1 (REA 301) | 2025/2026 | 25 Q&A on Appraisal, Ohio Real Estate Law, Agency, Ownership Types

This document provides 25 verified and A+ graded questions with answers from the Principles & Practices of Real Estate (REA 301) final exam at Ohio State University, covering content for the 2025/2026 academic year. It offers concise explanations and factual accuracy aligned with Ohio state real estate law and industry practice, making it an ideal quick-review study tool for pre-licensing, exam prep, or CE courses. Topics covered include: Real estate appraisal processes, including the definition of the problem, sales comparison approach, and valuation methods for residential properties Agency law in Ohio, such as statutory presumptions about buyer and seller representation, and disclosure obligations Real estate licensing and education rules, including continuing education limits, post-licensing instruction caps, and license display regulations Forms of ownership, including tenancy in common, survivorship rights, and escheat Property and taxation law, including the priority of ad valorem taxes, eminent domain (condemnation), and lien hierarchy Legal responsibilities of the mortgagor and details on license compliance for real estate professionals This document is highly useful for: Real estate students enrolled in pre-licensing courses Candidates preparing for the Ohio Real Estate Salesperson Licensing Exam Professionals completing CE or post-licensing education in Ohio Instructors providing exam simulations or compliance reviews It combines legal knowledge, state-specific policies, and licensing essentials in a clear and test-ready format. Keywords: real estate appraisal, sales comparison approach, Ohio agency law, real estate license, post-licensing education, ad valorem taxes, condemnation, escheat, tenants in common, Ohio real estate exam, license display requirements, continuing education limits, property ownership types, mortgage law, REA 301 exam