Hondros Exam QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (VERIFIED ANSWERS) |ALREADY GRADED A+
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Hondros
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Hondros
Hondros Exam QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (VERIFIED ANSWERS) |ALREADY GRADED A+
The Superintendent of the Ohio Division of Real Estate sites a sales agent for an advertising violation. The Superintendent may - Answer -fine the agent $200 per violation
RATIONALE
U...
Hondros Exam QUESTIONS AND CORRECT
DETAILED ANSWERS WITH RATIONALES
(VERIFIED ANSWERS) |ALREADY GRADED A+
The Superintendent of the Ohio Division of Real Estate sites a sales agent for an
advertising violation. The Superintendent may - Answer -fine the agent $200 per
violation
RATIONALE
Under recently enacted Ohio legislation, the Superintendent of the Ohio Division of Real
Estate may fine $200 per advertising law violation. The Commission may fine $2,500
per violation. The Superintendent has no authority to revoke or suspend a license, or to
issue an injunction.
To compute the real property tax on a parcel of land, multiply the - Answer -actual mills
by the rate of mills
RATIONALE
The fair market value multiplied by the assessment rate equals the assessed value. The
three easy steps to figure property taxes are:@@Step 1. Value x Assessment Level =
Assessed Value@@Step 2. Assessed Value / 1,000 = Actual Mills@@Step 3. Actual
Mills x Rate of Mills = Taxes
Can a buyer tender a personal note rather than cash or check as a good faith deposit? -
Answer -Yes, if the seller is fully informed and approves in writing
RATIONALE
If a licensee has obtained the owner's written permission, the licensee may accept a
note, non-negotiable instrument, or anything of value not readily negotiable, as a good
faith deposit or earnest money from the buyer.
A sales agent is found guilty of not displaying the broker's name on 12 "for sale" signs
posted around the community. The total sanctions that may be imposed against the
sales agent include - Answer -
While walking through a home, a buyer notices a large crack in the wall. The seller does
not disclose this item on any property disclosure statement. After the sale is completed,
the buyer sues the seller for the necessary repairs of the crack in the wall. Which
statement is TRUE? - Answer -
Which is the environmental program established to address abandoned hazardous
waste sites? - Answer -Superfund
RATIONALE
,The Lead-Based Paint Hazard Reduction Act ensures consumers are warned about
lead in paint. The Clean Water Act deals with water quality. The Clean Air Act protects
the environment from pollution. The Superfund is the name given to the environmental
program established to address abandoned hazardous waste sites.
Which fiduciary duty extends beyond the relationship? - Answer -confidentiality
RATIONALE
An agent's duty of confidentiality does not end when the relationship ends.
The most common type of FHA-insured mortgage is called Section - Answer -203(b)
RATIONALE
The most popular FHA program is Title II, Section 203(b), which provides fixed-interest
rate loans for 10-30 years on one- to four-family residences. Section 203(k) is a
rehabilitation loan, section 234(c) is for condominiums, and Section 203(i) is for rural
properties with up to two acres of land.
A driveway must be replaced. It is 32 yards long, 9.5 feet wide, and the concrete will be
4 inches thick. If concrete costs $153 per cubic yard, what is the cost to replace the
driveway? - Answer -
Sandy, an apartment manager in Florida, meets the owner of an apartment building in
Cleveland, Ohio at a vacation hot spot in Miami. Sandy gets the owner to hire her to
manage the apartment building in Cleveland for a flat fee. After several months, Sandy
receives a Cease and Desist order from the Ohio Real Estate Commission but Sandy
ignores it. How much per day can Sandy be fined by the Ohio Real Estate Commission?
- Answer -
Emily had signed a one-year lease, but after living in the apartment for three months,
she transferred her right of possession for the remainder of the lease to her friend.
Which type of arrangement does Emily have with her friend? - Answer -assignment
RATIONALE
A gross lease describes the arrangement between landlord and tenant. In a sublease
the tenant will regain possession before the tenancy ends. A novation would require the
consent of the landlord and the withdrawing tenant would be relieved of liability. In an
assignment the tenant will not regain possession of the lease before it ends.
When counseling sellers/clients, an agent should NOT - Answer -
Al paid $350,000 in 2011. Al just sold the house for $425,000. What was the rate of
return for Al? - Answer -21.4%
RATIONALE
Take what was made, $75000 and divide by what was paid, $350,000 = 21.4%
A salesperson commits racial steering if he - Answer -
, The principal Broker has the following duties EXCEPT? - Answer -
When water is safe for drinking and cooking it is referred to as - Answer -potable
RATIONALE
Water unfit to drink is un-potable. A precipitator is a pollution control device. The word
rancid is used to describe contaminated water from decomposing organisms. Potable
water is fit for drinking and cooking.
When a landlord raises the rent after a tenant complains about code violations, what
has occurred? - Answer -
How much of each triennial renewal fee goes into the Real Estate Education and
Research Fund?
$5
$3
$10
$20 - Answer -
A salesperson is asked to list a property with a tenant living in the home. A buyer's
agent calls and asks to show the property later that same afternoon. The listing agent
calls the tenant and informs her that there will be a showing today. The tenant informs
the salesperson that there is a sick child in the house and asks the agent to reschedule.
The salesperson insists on allowing the showing and agrees to tell the showing agent
not to go into the sick child's bedroom. Which statement is TRUE? - Answer -
A closing with all parties present is a(n) ______ closing. - Answer -
A brokerage company must prepare and maintain a written company policy on agency
which covers, among many items, how the brokerage would deal with confidential
information - Answer -
What would a licensee NOT be permitted to do? - Answer -
A person who receives title to real property through a last will and testament is called a -
Answer -devisee
RATIONALE
A living person who conveys title is called a grantor. The person, who leaves title as a
gift in their will is called a divisor, making the person receiving title the devisee.
The rule that says an item is worth only what it contributes in value to the property is the
rule of - Answer -contribution
RATIONALE
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