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Hondros Learning | Ohio Real Estate | Principles & Practices Questions And Answers Graded A+
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Assignment - 1. When a person transfers his interests under a contract to another. 2. When a tenant transfers his right of possession, or other interest, in leased property to another person for the remainder of the lease term. Broker - Any person, partnership, association who, for a fee, sells,...

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  • August 18, 2024
  • 15
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • hondros learning ohio real estate principles

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Hondros Learning | Ohio Real Estate |
Principles & Practices
Assignment - 1. When a person transfers his interests under a contract to another. 2. When a
tenant transfers his right of possession, or other interest, in leased property to another person for the
remainder of the lease term.



Broker - 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 - A self-employed salesperson paid on jobs completed rather than hours
worked and responsible for setting their own hours and paying their own taxes.



Real Estate Licensee - A person licensed to practice real estate.



Realtist - Any real estate licensee who is a member of the National Association of REALTORS.
(NAR)



Salesperson - A licensed agent who is associated with a broker and may perform most of the acts
of a broker on behalf of the broker.



REALTOR - Any real estate licensee who is a member of the National Association of REALTORS
(NAR) and his affiliated state and local boards.



Fiduciary Duties - "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) - 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 - 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 - Awarded by the IREM to those who meet certain requirements.



Real Property Administrator - 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.



Property Management Specialist - Awarded to those completing training courses designed to
prepare licenses for entry into property management.



Property Management - Management of another's property for compensation



Commercial Properties - Include offices, stores, hotels, and other buildings.



Industrial Real Estate - Land and structures involved in the production, distribution, and storage of
tangible economic goods.



Women's Council of REALTORS (WCR) - An organization devoted to addressing the issues, needs,
and concerns of women in the real estate profession. Now affiliated with NAR.



Auctioneer - 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 - A fund designed to offer scholarships and loans to students who
are taking real estate-specific classes.



Foreign Real Estate Broker - Any broker/ sales person licensed to engage exclusively in reak estate
for land situated outside the state of Ohio

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