Exam (elaborations)

Chapter 1: The Real Estate Profession + Chapter 2: Getting a Real Estate License Questions And Answers

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Ohio University

Chapter 1: The Real Estate Profession + Chapter 2: Getting a Real Estate License Questions And Answers Broker - ANS-Any person, partnership, association, limited liability partnership, limited liability company, or corporation who, for a fee, sells, lists, leases, exchanges, negotiates, or o...

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Uploaded on September 3, 2024
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Written in 2024/2025
Type Exam (elaborations)
Contains Questions & answers

questions and answers
2024
2025
chapter 1 the real estate profession chapter 2
getting a real estate license

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Chapter 1: The Real Estate Profession + Chapter 2: Getting a Real Estate License
Questions And Answers 2024-2025
Broker - ANS-✔✔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.

Independent Contractor - ANS-✔✔A self-employed salesperson paid on jobs completed rather than
hours worked and responsible for setting their own hours and paying their own taxes. An independent
contractor is hired to perform a specific assignment or complete a specific project but is free to accept
or reject that particular assignment.

Multiple Listing Service (MLS) - ANS-✔✔A listing service whereby local member brokers agree to share
listings and commissions on properties sold jointly. Members of the public may have access to the
Multiple Listing Service but not to all of the features and content that a local member of the Board of
REALTORS is able to access.

Real Estate Licensee - ANS-✔✔A person licensed to practice real estate in Ohio. Ohio law requires that
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 or she does so, must be licensed.

Realtist - ANS-✔✔Any real estate licensee who is a member of the National Association of Real Estate
Brokers.

REALTOR® - ANS-✔✔Any real estate licensee who is a member of the National Association of
REALTORS® (NAR) and his affiliated state and local boards. Only members may use the term REALTOR®
as it is a registered trademark of NAR. In Ohio, if a broker is a NAR member then any salespersons
employed by the broker must also become members. Typically a licensee is a member of the National
Association (NAR), the Ohio Association, and a local Board of choice.

,Salesperson - ANS-✔✔Any licensed agent who is associated with a broker and, as such, may perform
most of the acts of a broker, on behalf of the broker. A salesperson has the same fiduciary duty to a
broker's client that a broker does.

Eight Exceptions to License Requirements - ANS-✔✔A person who deals with their own property,
including partnerships and corporations dealing with property through regular salaried employees (e.g.,
a builders representative who is encouraging upgraded cabinets)

A fiduciary who is duly appointed and acting in a fiduciary capacity (e.g., an executor of a will or a
guardian of a minor)

A public official who acts in an official capacity (e.g,. a sheriff's sale official)

An attorney-at-law who performs duties on behalf of his or her clients

A person selling manufactured homes or mobile homes, provided sales do not include the real estate on
which the home sits

A person who engages in the brokering of the sale of business assets, not including the negotiation of
the sale, lease, exchange, or assignment of any interest in real estate

An out-of-state broker or agent who engages in the sale of commercial real estate pursuant to the
requirements of § 4735.022 of the Revised Code. Note: Licensees dealing in commercial real estate are
referred to as foreign dealers

An individual who works with residential rental property under the supervision of a broker and whose
compensation for service is primarily on a salaried or hourly basis

An individual who works with residential rental property under the supervision of a broker and whose
compensation for service is primarily on a salaried or hourly basis. There are certain tasks such a person
MAY and MAY NOT do without a license: - ANS-✔✔May

Perform maintenance

Provide clerical or administrative support

Collect or accept rents and/or security deposits that are made payable to the owner or real estate
brokerage

Exhibit or show residential rental units to prospective tenants

Furnish published information

, Supply applications and leases

Receive applications and leases for submission to the owner or brokerage for approval

May Not

Negotiate contracts or lease agreements

Vary or deviate from the rental price and/or other terms and conditions previously established by the
owner or broker when supplying information concerning the rental of property to a prospective tenant

Approve applications or lease agreements, or settle or arrange the terms and conditions of a lease on
behalf of the owner or broker

Offer inducements to prospective tenants unless they are previously advertised or prearranged with the
owner or broker

Interpret or provide their opinion concerning the terms or conditions of a lease agreement

Indicate to the public that he is in a position of authority that has the ultimate managerial responsibility
of the rental property

Under Ohio law, who does NOT have to have a real estate license?

a. foreign real estate salespersons and brokers

b. real estate auctioneers

c. real estate salespersons and brokers

d. a sheriff handling a foreclosure sale - ANS-✔✔a sheriff handling a foreclosure sale

Correct! A public official who acts in an official capacity (e.g,. a sheriff's sale official) does NOT have to
have a real estate license.

Under Ohio's Real Estate License Law, who must be licensed to sell real estate?

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Exam (elaborations)

Chapter 1: The Real Estate Profession + Chapter 2: Getting a Real Estate License Questions And Answers

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