Hondros Learning | Ohio Real Estate | Principles & Practices Exam Study Guide | August 2024 Update
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Course
Hondros College- Real Estate
Institution
Hondros College- Real Estate
Hondros Learning | Ohio Real Estate |
Principles & Practices Exam Study
Guide | August 2024 Update
Broker - Answer️️ -Any person, partnership, association who, for a fee,
sells, lists, leases, exchanges, negotiates, or otherwise deals in the real estate
of others, or represents publicly th...
Hondros College
Hondros Learning | Ohio Real Estate |
Principles & Practices Exam Study
Guide | August 2024 Update
Broker - Answer✔️✔️-Any person, partnership, association who, for a fee,
sells, lists, leases, exchanges, negotiates, or otherwise deals in the real estate
of others, or represents publicly that he does.
Independent Contractor - Answer✔️✔️-A self-employed salesperson paid on
jobs completed rather than hours worked and responsible for setting their
own hours and paying their own taxes.
Multiple Listing Service (MLS) - Answer✔️✔️-A listing service whereby local
members of the Board of REALTORS agree to share listings and
commissions on properties sold jointly. Members of the public may have
access to the MLS, but not to all of the features and content.
Real Estate Licensee - Answer✔️✔️-A person licensed to practice real estate.
Realtist - Answer✔️✔️-Any real estate licensee who is a member of the
National Association of REALTORS. (NAR)
Salesperson - Answer✔️✔️-A licensed agent who is associated with a broker
and may perform most of the acts of a broker on behalf of the broker.
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REALTOR - Answer✔️✔️-Any real estate licensee who is a member of the
National Association of REALTORS (NAR) and his affiliated state and local
boards.
Fiduciary Duties - Answer✔️✔️-"OLD CAR": Obedience, Loyalty,
Disclosure, Confidentiality, Accountability, and Reasonable Care. This
mnemonic device has a slight variation (e.g. care vs. reasonable care), but
both are helpful in recalling the fiduciary duties an agent owes his clients
and broker.
Americans with Disabilities Act (ADA) - Answer✔️✔️-Passed by Congress
in 1991, this act banned discrimination against the disabled in employment
and mandated easy access to all public and commercial buildings.
Accredited Residential Manager - Answer✔️✔️-Those specializing in
managing residential properties who complete an Institute of Real Estate
Management (IREM) course, meet experience standards, manage a sizable
portfolio, and are endorsed by the local IREM chapter.
Certified Property Manager - Answer✔️✔️-Awarded by the IREM to those
who meet certain requirements.
Real Property Administrator - Answer✔️✔️-Awarded to those completing
training courses offered by the Building Owners and Managers
International, which is an independent institute affiliated with the Building
Owners and Managers Association.
Hondros College
Property Management Specialist - Answer✔️✔️-Awarded to those
completing training courses designed to prepare licenses for entry into
property management.
Property Management - Answer✔️✔️-Management of another's property for
compensation
Commercial Properties - Answer✔️✔️-Include offices, stores, hotels, and
other buildings.
Industrial Real Estate - Answer✔️✔️-Land and structures involved in the
production, distribution, and storage of tangible economic goods.
Women's Council of REALTORS (WCR) - Answer✔️✔️-An organization
devoted to addressing the issues, needs, and concerns of women in the real
estate profession. Now affiliated with NAR.
Auctioneer - Answer✔️✔️-A person with an auctioneer's license as well as a
real estate license who can sell real estate through an auction.
Education and Research Fund - Answer✔️✔️-A fund designed to offer
scholarships and loans to students who are taking real estate-specific
classes.
Foreign Real Estate Broker - Answer✔️✔️-Any broker/ sales person licensed
to engage exclusively in reak estate for land situated outside the state of
Ohio
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