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Ohio Real Estate - Principles & Practices Hondros College Questions And Answers With Verified Updates
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Real Estate Licensee - A person licensed to practice real estate in Ohio. Ohio law requires that any person, partnership, association, LLC, LLP or corporation who, for a fee, sells, lists leases, exchanges, negotiate, or otherwise deals in the real estate of others, or represents publicly that he...

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  • August 18, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • ohio real estate principles practices hondros

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Ohio Real Estate - Principles & Practices
Hondros College
Real Estate Licensee - A person licensed to practice real estate in Ohio. Ohio law requires that any
person, partnership, association, LLC, LLP or corporation who, for a fee, sells, lists leases, exchanges,
negotiate, or otherwise deals in the real estate of others, or represents publicly that he or she does,
must be licensed.



Independent Contractor - A self-employed sales person paid on jobs completed rather than ours
work in responsible for setting their own hours and paying their own taxes. Independent contractors
hired to perform a specific assignment or complete a specific project that is free to except or reject a
particular assignment.



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




Realtist - Any real estate licensee who is a member of the national Association real estate brokers.



REALTOR - Any real estate licensee who is a member of the national Association of REALTORS and
is affiliated state and local boards. only members may use the term real tour as it is a registered
trademark of NAR. In Ohio, if a broker is a NAR member, than any sales person employed by the broker
must also become members. typically a licensee is a member of the National Association o, the Ohio
association, and the local board of choice.



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



8 exceptions to Ohio Real estate license requirements - 1.) A person who sells their own real
estate including corporations dealing with property through a regular salaried employee.

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