Real Estate License Exam Prep Questions with Correct Answers
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Course
Licensed Realtor
Institution
Licensed Realtor
When may a person use the term REALTOR?
A.) after becoming a member of the National Association of REALTORS
B.) after closing a successful transaction
C.) if his broker says it's okay
D.) right away after passing the real estate license examination - Answer-A.) after becoming a member of the ...
Real Estate License Exam Prep
Questions with Correct Answers
When may a person use the term REALTOR?
A.) after becoming a member of the National Association of REALTORS
B.) after closing a successful transaction
C.) if his broker says it's okay
D.) right away after passing the real estate license examination - Answer-A.) after
becoming a member of the National Association of REALTORS
Which is NOT an advantage of a career in real estate sales
A.) possibility of owning your own brokerage with additional training, education, and
experience
B.) potential for unlimited earnings
C.) setting your own hours
D.) steady income - Answer-D.) steady income
Most salespersons are hired as
A.) employees
B.) entry-level telephone solicitors
C.) independent contractors
D.) interns - Answer-C.) independent contractors
Which is an area of specialization within real estate sales?
A.) cemetery sales
B.) commercial and industrial
C.) line and staff organization
D.) NAR listings only - Answer-B.) commercial and industrial
The professional organization new licensees must join if their sponsoring broker is a
member is the
A.) appraisal institute
B.) multiple listing service (MLS)
C.) National Association of Real Estate Brokers
D.) National Association of REALTORS - Answer-D.) National Association of
REALTORS
A real estate property manager
,A.) can be voluntarily certified
B.) must be certified
C.) must be licensed
D.) must join the Building Owners and Managers Association - Answer-C.) must be
licensed
Under Ohio Law who does NOT have to be licensed
A.) foreign real estate salespersons and brokers
B.) real estate auctioneers
C.) real estate salespersons and brokers
D.) the sheriff handling a foreclosure sale - Answer-D.) the sheriff handling a foreclosure
sale
Under Ohio's real estate License Law, who must be licensed to sell real estate?
A.) executor of a will who is selling land for an estate
B.) lawyer performing the duties of a lawyer selling land on behalf of a deceased client
C.) personnel director who is paid a referral fee for a real estate transaction
D.) someone selling a mobile home that is not attached to real estate - Answer-C.)
personnel director who is paid a referral fee for a real estate transaction
When must an individual affiliate with a principal broker?
A.) after he passes the examination
B.) before he submits his examination application
C.) when he begins his real estate education courses
D.) when he gets ready to submit his first contract to list or buy - Answer-B.) before he
submits his examination application
A person may begin practicing real estate as soon as he
A.) affiliates with a principal broker
B.) begins his real estate education courses
C.) learns that he passed the exam
D.) learns that his real estate license was issued by the Ohio Division of Real Estate
and Professional Licensing - Answer-D.) learns that his real estate license was issued
by the Ohio Division of Real Estate and Professional Licensing
Which statement regarding the Ohio Real Estate Commission is TRUE
A.) it consists of five members appointed by the Governor
B.) it investigates written complaints against licensees
C.) it is run by the Superintendent who is appointed by the Governor
D.) it promotes a code of ethics - Answer-A.) it consists of five members appointed by
the Governor
, Which statement regarding the Ohio Division of Real Estate and Professional Licensing
is TRUE
A.) it consists of five members appointed by the Governor
B.) it investigates written complaints against licensees
C.) it is run by the Superintendent who is appointed by the Governor
D.) it promotes a code of ethics - Answer-B.) it investigates written complaints against
licensees
Ohio License Law
A.) limits an agent's earning potential
B.) permits the Commissioners to pass laws in favor of their brokerages
C.) protects licensees from fraud, misrepresentation, and deceit
D.) protects the public from fraud, misrepresentation, and deceit - Answer-D.) protects
the public from fraud, misrepresentation, and deceit
The Commission does NOT
A.) audit the broker's records
B.) promote the Canons of Ethics
C.) publish a newsletter
D.) suspend or revoke licenses - Answer-A.) audit the broker's records
The Division of Real Estate and Professional Licensing does NOT issue
A.) citations for certain agency law violations
B.) fines to licensees found guilty of a fair housing violation
C.) real estate licensees
D.) subpoenas - Answer-B.) fines to licensees found guilty of a fair housing violation
A real estate salesperson may
A.) deposit earnest money into a personal checking account as long as it does not pay
interest
B.) do most things a broker can do
C.) sponsor salespeople to work for him
D.) prepare a deed - Answer-B.) do most things a broker can do
Jill is the principal broker for Ace Realty. Which statement about her brokerage under
Ohio Law is TRUE
A.) she can assign supervisory duties to a management level licensee but she retains
responsibility for oversight
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