Exam (elaborations)
Ohio Real Estate Exam Practice Questions questions and answers graded A+ 2024/2025
- Course
- Institution
Ohio Real Estate Exam Practice Questions questions and answers graded A+ 2024/2025
[Show more]
Content preview
Ohio Real Estate Exam PracticeQuestions
May a client who has been harmed through a licensee performing underneath her license as a
actual estate shop clerk or dealer right now report a claim for charge from the Real Estate
Recovery Fund? - CORRECT ANSWER: No, the patron should file a lawsuit, get a final
judgment, and try to gather
A list settlement in which the agent might also in all likelihood be in competition with the
customer to see who can sell the residence first is an specific - CORRECT ANSWER:
organisation
According to the Statute of Frauds, what does NOT have to be in writing? - CORRECT
ANSWER: listing agreement
If a third birthday celebration keeps a website for a licensee, places facts at the website on
behalf of the licensee, and that information turns into previous or expired, how soon must it's
updated or removed? - CORRECT ANSWER: Outdated and expired information must be
updated or eliminated inside weeks
After issuing a bad take a look at, the Division requires the licensee to send certified price range
for all next bills for a period of - CORRECT ANSWER: 5 years
How tons will a licensee be fined for paying charges to the nation with a bad test? - CORRECT
ANSWER: $a hundred
Once a salesclerk is affiliated with a broker, what are the stairs to be taken to partner with
another broker? - CORRECT ANSWER: the shop clerk need to submit an utility to the
Superintendent
What declaration regarding rental possession is correct? - CORRECT ANSWER: A unit owner
may also devise the belongings
Julie is the new owner of a house and decides to get rid of the carpet. After doing so, she
discovers there's significant puppy harm to the hardwood ground beneath the carpet. Julie cuts
most of the middle of the floor out and replaces it with subfloor. Julie then places a Persian rug
over the subfloor. When Julie sells, can she remove the Persian rug? - CORRECT ANSWER:
No, whatever that covers subflooring will become actual property
,How could a developer/builder generally finance a improvement? - CORRECT ANSWER:
blanket
For a conventional loan, how lots of a borrower's income may be used to provider debt? -
CORRECT ANSWER: 36%
What document makes use of felony name to real assets to comfortable debt? - CORRECT
ANSWER: mortgage
According to the Lead-Based Paint Hazard Reduction Act, what can happen to a licensee if she
fails to give a buyer the lead-based paint pamphlet and disclosures? - CORRECT ANSWER:
- $10,000 pleasant
- 3 times compensatory damages in lawsuit
- punishment
The non-breaching party to a settlement has a obligation by regulation to - CORRECT
ANSWER: mitigate damages
What could be taken into consideration proof of the agency courting between dealer and
customer? - CORRECT ANSWER: purchaser-broker contract
Harvey enters right into a hire in which he have to pay 30 percent of the landlord's charges.
Which type of lease did Harvey sign? - CORRECT ANSWER: net rent
Which statement regarding RESPA is TRUE? - RESPA removes kickbacks and different referral
charges, prohibits creditors from requiring immoderate escrow account deposits, and gives
correct and well timed records approximately the real price of buying or promoting a domestic.
A wealthy enterprise man whishes to trade his last will and testomony to exclude a relative who
currently died. Which file will the testator use to make the trade? - CORRECT ANSWER: codicil
RATIONALE
An addendum would represent a alternate inside the terms of a settlement. A certificate of
switch is the tool used to carry title to a devise. A switch on dying deed transfers identify of a
decedent's assets upon loss of life. A codicil is used to exchange a ultimate will and testomony.
When a broking acquired an surprising invoice, he deposited a purchaser's earnest cash take a
look at into his personal account to cover the cost. This best describes - CORRECT ANSWER:
conversion
A real property agent has written a proposal wherein Luke, the customer, asked the dealers to
pay his 1/2 of the escrow fee and his three factors. The dealers commonplace $135,000 for the
house and Luke goes to position $forty,000 down. How a whole lot will the Luke pay for his
points? - CORRECT ANSWER: $0
, RATIONALE
Read carefully: The dealers, not the buyer, are paying the factors. For the maths practice, the
method is: Loan Amount ($ninety five,000) x quantity of factors ($95,000 x 0.03) = Total Amount
paid for points ($2,850). Remember, one factor equals 1% or zero.01.
The purchaser asks for data about the belongings. Their agent telephones you for that facts, but
submits a proposal earlier than you've got time to respond to the decision. What do you do with
the offer and the data request? - CORRECT ANSWER: Respond to the provide and the records
request in writing as quickly as feasible
The rate to amend a license to exercise real property is - CORRECT ANSWER: $34
What is the charge to switch a actual estate salesclerk's license from one brokerage to any
other? - CORRECT ANSWER: $34
The price to apply for a actual property broking license is - CORRECT ANSWER: $135
May a purchaser who has been harmed with the aid of a licensee appearing beneath her
license as a real property shop clerk or broking immediately file a declare for payment from the
Real Estate Recovery Fund? - CORRECT ANSWER: No, the customer must record a lawsuit,
get a very last judgment, and try to gather
According to the Statute of Frauds, what does NOT ought to be in writing? - CORRECT
ANSWER: list settlement
If a 3rd party maintains a website for a licensee, places statistics on the website on behalf of the
licensee, and that data turns into outdated or expired, how soon ought to or not it's updated or
eliminated? - CORRECT ANSWER: Outdated and expired records must be updated or removed
within weeks
The terms "agency" and "organisation dating" are defined by way of Ohio regulation as the
connection between a actual property licensee and the - CORRECT ANSWER: person the
licensee represents
What need to a salesclerk do if a purchaser-purchaser, who happens to be an Hispanic
American, instructs the agent to expose him homes in regions wherein "other Hispanics" stay? -
CORRECT ANSWER: ask the customer to specify areas of hobby
A assets control account: - CORRECT ANSWER: Can earn hobby
A couple is engaged to be married. Any actual estate they very own on the time the marriage
takes region stays that partner's assets in severalty, and belongings acquired after the marriage
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Ascore. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77764 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now