Ohio real estate stuvia - Study guides, Class notes & Summaries

Ohio Real Estate Test 2023-2024 Questions & Answers 100% Correct(RATED A)You are preparing a competitive market analysis on a vacant lot you are listing for sale. Which of the following approaches to value will be used in the development of estimated value? A. Cost approach B. Gross rent multiplier C. Income approach D. Sales comparison approach - ANSWER-D. sales comparison approach most applicable to the appraisal of vacant land Cost approach - ANSWER-used for special purpose properti...

Which would a buyer prefer: Land installment contract or purchase money mortgage? - ANSWER-purchase money mortgage - the buyer will receive the deed to the property on the day of closing. -A purchase money mortgage does not transfer any title to the buyer; rather, it is a method by which the seller finances the transaction. -In a land installment contract, the buyer does not receive the deed until the final payment is made. A land installment contract transfers only equitable title. spot ...

May a consumer who has been harmed by a licensee acting under her license as a real estate salesperson or broker immediately file a claim for payment from the Real Estate Recovery Fund? - ANSWER-CORRECT ANSWER: No, the consumer must file a lawsuit, get a final judgment, and attempt to collect A listing agreement in which the agent may possibly be in competition with the client to see who can sell the house first is an exclusive - ANSWER-CORRECT ANSWER: agency According to the Statute of Fr...

Ohio Real Estate Principles and Practices Vocabulary-Hondros College of BusinessOhio Real Estate Principles and Practices Vocabulary-Hondros College of BusinessOhio Real Estate Principles and Practices Vocabulary-Hondros College of BusinessOhio Real Estate Principles and Practices Vocabulary-Hondros College of Business Broker - ANSWER-Any person, partnership, association, limited liability partnership, limited liability company, or corporation who, for a fee, sells, lists, leases, exchanges, ne...

Case Law - ANSWER-Rules of law developed in court decisions, as opposed to constitutional law, statutory law, or administrative regulations. or common law Civil Litigation - ANSWER-A lawsuit in which one individual sues another for compensation. Criminal Litigation - ANSWER-A lawsuit in which the government sues an individual to punish the wrongdoer and protect society. or criminal prosecution Damages - ANSWER-An amount of money a defendant is ordered to pay to the plaintiff Due Pr...

When may a person use the term REALTOR? - ANSWER-after becoming a member of the National Association of Realtors What are advantages to a career in real estate sales? - ANSWER-- Possibility of owning your own brokerage with additional training , education, and experience - potential for unlimited earnings - setting your own hours What is a disadvantage of a career in real estate sales? - ANSWER-Not a steady income Most sales persons are hired as? - ANSWER-independent contractors Wh...

Periodic Tenancy - ANSWER-Leasehold estate for a duration of time, not a specific date. Alienation - ANSWER-The transfer of ownership or an interest in property from one person to another, by any means. Allodial System - ANSWER-The system of land ownership under which anyone can own land. Annexation - ANSWER-Attaching personal property to land so the law views it as part of the real property Constructive Annexation - ANSWER-Personal property associated with real property in such a wa...

Case Law - ANSWER-Rules of law developed in court decisions, as opposed to constitutional law, statutory law, or administrative regulations. or common law Civil Litigation - ANSWER-A lawsuit in which one individual sues another for compensation. Criminal Litigation - ANSWER-A lawsuit in which the government sues an individual to punish the wrongdoer and protect society. or criminal prosecution Damages - ANSWER-An amount of money a defendant is ordered to pay to the plaintiff Due Pr...

May a consumer who has been harmed by a licensee acting under her license as a real estate salesperson or broker immediately file a claim for payment from the Real Estate Recovery Fund? - ANSWER-CORRECT ANSWER: No, the consumer must file a lawsuit, get a final judgment, and attempt to collect A listing agreement in which the agent may possibly be in competition with the client to see who can sell the house first is an exclusive - ANSWER-CORRECT ANSWER: agency According to the Statute of Fr...

Periodic Tenancy - ANSWER-Leasehold estate for a duration of time, not a specific date. Alienation - ANSWER-The transfer of ownership or an interest in property from one person to another, by any means. Allodial System - ANSWER-The system of land ownership under which anyone can own land. Annexation - ANSWER-Attaching personal property to land so the law views it as part of the real property Constructive Annexation - ANSWER-Personal property associated with real property in such a wa...