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National Real Estate Exam Portion for Ohio Questions & Answers 2023-24

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National Real Estate Exam Portion for Ohio Questions & Answers 2023-24
Tenancy at Will - ANSWER-No written agreement, and can be terminated at any time by landlord or tenant
Tenancy at sufferance - ANSWER-Tenant is allowed to live on property after lease is over but before they are forced off the property
Tenants in common - ANSWER-Ownership where tenants could have different amounts of ownership. If passed away heir will take over the undivided ownership (no survivorship)
Joint Tenants - ANSWER-2 or more people own equal rights with the right of survivorship
Tenancy by the Entirety - ANSWER-Spouses with equal undivided ownership interests
Net Lease - ANSWER-lessee pays a portion or all of the taxes, insurance fees, and maintenance costs for a
property in addition to rent
Actual Eviction - ANSWER-physical expulsion of a person from land or rental property (relieves lessee from owing rent)
Constructive Eviction - ANSWER-Landlord so materially disturbs a tenant's enjoyment of the leased premises that the tenant is forced to move out and terminate the lease
Percentage Lease - ANSWER-Based on a percentage of the monthly or annual gross sales made on the premises Ground Lease - ANSWER-A lease of land only, on which the tenant usually owns a building or is required to build as specified in the lease. Such leases are usually long-term net leases; the tenant's rights and obligations continue until the lease expires or is terminated through default.
Hold over Tenant - ANSWER-A lessee who stays on property after the expiration of the lease, can work in the lessee's favor if the lessor continues to accept rent, but the lessee may be evicted if not
Gross Lease - ANSWER-Lessee pays the property owner a flat rental fee in exchange for the exclusive use of the property (includes taxes, utilities, and insurance)
Multi Peril Insurance - ANSWER-insurance that bundles together multiple coverages (business crime, business automobile, boiler and machinery, marine, or farm)
Capital Gain - ANSWER-Net selling price of a property - its adjusted basis
Adjusted Basis - ANSWER-Investor's initial cost + cost of physical improvements - depreciation claimed as
a tax deduction
Title Theory State - ANSWER-Banks or mortgage lenders hold the title of a property until it is paid in full
Foreclosure occurs through non-judicial proceedings, so lenders can foreclose without a hearing
Lien Theory State (Ohio) - ANSWER-Banks or mortgage lenders never retain title to the property. Instead,
the mortgage lender holds a lien against the property
Foreclosure occurs with judicial methods (lawsuits)
Acres to Square Feet - ANSWER-1 acre = 43,560
Acres to Square Yards - ANSWER-1 acre = 4840 Acres in a Section - ANSWER-640
Sections in a Township - ANSWER-36
Capitalization Rate - ANSWER-Indicates the rate of return that is expected to be generated on a real estate investment property
Formula:
Net Operating Income / Current Market Value
Land Contract (Contract for Deed) - ANSWER-A written contract of seller financing, where the buyer makes payments until the price is paid in full. As soon as the buyer is making payments, they have an equitable title to the property
Mortgagor - ANSWER-Borrower
Mortgagee - ANSWER-Lender
General Lien - ANSWER-Applies to all property
Specific Lien - ANSWER-only applies to a specific property
Option - ANSWER-The seller offers the buyer the option to buy a property by a specified period of time at a fixed price
Optionee - ANSWER-Buyer in an option
Optioner - ANSWER-Seller in an option

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