Hondros/Ohio Real Estate/ Law Questions and Answers well Explained Latest 2024/2025 Update 100% Correct.
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Course
Hondros/Ohio Real Estate/ Law
Institution
Hondros/Ohio Real Estate/ Law
Broker - Any person, partnership, association, limited liability partnership , limited liability
company, or corporation who, for a fee, sells, lists, leases, exchanges, negotiates, or otherwise deals in
the real estate of others, or represents publicly that he does.
Pretrial Discovery - Using d...
Hondros/Ohio Real Estate/ Law
Broker - Any person, partnership, association, limited liability partnership , limited liability
company, or corporation who, for a fee, sells, lists, leases, exchanges, negotiates, or otherwise deals in
the real estate of others, or represents publicly that he does.
Pretrial Discovery - Using depositions and interrogatories to learn more about the disputed facts
in a case from the opposing parties and reluctant witnesses.
Case Law - Rules of law developed in court decisions, as opposed to constitutional law, statutory
law, or administrative regulations.
Civil Litigation - A lawsuit in which one individual sues another for compensation.
Criminal Litigation - A lawsuit in which the government sues an individual to punish the
wrongdoer and protect society.
Damages - An amount of money a defendant is ordered to pay to the plaintiff
Due Process - A fair hearing before an impartial judge. Under the U.S. Constitution, no one may be
deprived of life, liberty, or property without due process of law.
Precedent - A previously decided case concerning the same facts as a later case; a published
judicial options that serves as authority for determining a similar issue in a later case.
Settlement - An agreement between the parties to a civil lawsuit, in which the plaintiff agrees to
drop the suit in exchange for a sum of money or the defendant's promise to do or refrain from doing
something.
Stare Decisis - The legal doctrine that requires a judge to follow precedent to make the law
consistent and predictable.
,Tortrtnership - A breach of the standards of reasonable conduct imposed by law (as opposed to a
duty voluntarily taken on in a contract) that causes harm to another person, giving the injured person
the right to sue the one who breach the duty.
Fiduciary - Someone in a position of trust and confidence, held by law to high standards of good
faith and loyalty.
Foreign Real Estate - Any real estate situated outside the state of Ohio
Inactive License - License status of any salesperson who returns his license to the division of real
estate, or whose broker does not want to maintain sponsorship of licensee. A license may remain
inactive indefinitely, as long as it is timely renewed and continuing education requirements are met.
License on Deposit - 1. A special license status that is available only to brokers who wish to return
their broker's license to the Division of Real Estate in order to reactivate their license as a sales person. A
broker's license may remain on deposit indefinitely if timely renewed and continuing education
requirements are met. 2. A special license status available to any licensee who enters the military or
whose reserve military status is activated. The license remains inactive until the next renewal date
following honorable discharge from the military.
Reactivate - The process to remove a license from inactive, voluntary hold, suspension, or deposit
status.
Resigned - The license status in which a license has been voluntarily and permanently surrendered
to, or is otherwise in the possession of the Division of Real Estate and Professional Licensing, is not
renewed, and is not associated with a real estate broker.
Revocation - The Real Estate Commission's permanent withdrawal of a real estate agent's license.
Suspension - Any licensed agent associated with a broker and, as such, may perform most acts of
a broker on behalf of the broker.
, Voluntary Hold - The license status in which a license is in the possession of the Division of Real
Estate and Professional Licensing for a period of not more than 12 months, is not renewed in accordance
with the requirements specified, and is not associated with a real estate broker.
Agent - A person licensed to represent another in a real estaet transaction; a person authorized to
represent the principal in dealings with third parties.
Customer - A party in a transaction with whom an agent does not have a fiduciary duty or
relationship, but with whom an agent still be fair and honest.
Dual Agent - A licensee who enters into any of the dual agency relationships set forth in Ohio
license law; when a licensee represents both the buyer and seller in the same transaction, and all
management-level licensees at a brokerage. A management-level licensee is not a dual agent if there is
more than one management-level licensee in the brokerage and that licensee either personally
represents the buyer or seller or that licensee is the buyer or seller.
Estoppel - A legal doctrine that prevents a person from asserting rights or facts that are
inconsistent with earlier actions or statements, when he failed to object another person's actions.
Fraud - Intentional or negligent misrepresentation or concealment of material facts; making
statements that a person knows, or should realize, are false or misleading.
Universal Agent - An agent authorized to do everything that can be lawfully delegated to a
representative.
General Agent - An agent authorized to handle all of the principal's affairs in one area or in
specified areas
Special Agent - An agent with limited authority to do a specific thing or conduct a specific
transaction.
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