Ohio Real Estate BUNDLED Exam 2023 with 100% correct answers

The first step in the appraisal process is - correct answerDefine the problem An appraiser is appraising an older, owner occupied, single-family residence. The most weight would probably be given to which method? - correct answersales comparison approach A property has gross annual income of $...

What two duties survive the agency termination? - correct answerOnly confidentiality and accounting In Ohio, all pre-licensing education must have been completed within what period prior to taking the licensing exam? - correct answer10 years Ohio licensee Karl must provide his brokerage's pol...

Agency - correct answerRelationship where one person (agent) acts for another (principal) under that principal's authority. Ancillary trustee - correct answerperson appoints by superintendent to wind up the business of a real estate brokerage. Brokers - correct answerA person, partnership, as...

The primary purpose of most civil lawsuits is to? - correct answerCompensate a person who has been harmed A person who commits a tort - correct answerHas violated the standards of reasonable conduct imposed by law What is an unconstitutional law? - correct answerA law that exceeds the powers g...

Which would a buyer prefer: Land installment contract or purchase money mortgage? - correct answerpurchase 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 t...

How much time is given to pass the Ohio salesperson exam? - correct answer3 hours How many hours of pre-licensing education do you need in Ohio? - correct answer120 hours How old do you have to be in Ohio to obtain a Real Estate License? - correct answer18 years old Lori has agreed to trans...

What type of land use does NOT comply with the zoning restriction for its location, but is permitted because it benefits the public? - correct answerConditional Use Conditional uses (hospitals, schools, etc.) usually do not comply with zoning limitations. loan amount - correct answerThe amount...

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 answerCORRECT ANSWER: No, the consumer must file a lawsuit, get a final judgment, and attempt to collect...

Ad Valorem Taxes - correct answerbased on the value of the real estate. General property taxes may pay for items such as schools, police, fire, etc Special Assessment Taxes - correct answerimposed only on properties that benefit from the improvement such as tax install a sewer line or city water ...

Tenancy at Will - correct answerNo written agreement, and can be terminated at any time by landlord or tenant Tenancy at sufferance - correct answerTenant is allowed to live on property after lease is over but before they are forced off the property Tenants in common - correct answerOwnership ...

commercial real estate includes all of the following except A. office buildings for sale B. apartments for rent C. retail space for lease D. fast-food restaurants for lease - correct answerB. apartments for rent in general, when the supply of a certain commodity increases... - correct answerp...

A seller gave her agent a check for getting her house sold so quickly. What must the salesperson do with the check? - correct answerGive the check to his broker Rationale: Ohio license law prohibits salespeople from accepting money directly from a client. The seller may give the check to the brok...