CompuCram Marked Questions Flashcards
An agency relationship created through a listing contract can be terminated legally without recourse under which circumstance?
When the listing broker dies
In a listing agreement, the sales agent is described as the_____?
Subagent
A licensed real estate salesperson is permitted by law to represent____?
His sponsoring broker only.
While a listing agent is showing a rental property, it becomes clear that the buyers are about to disclose a confidentiality (they recently won a large settlement in a personal injury case and have unlimited funds to spend on the property). The agent______
Should tell the buyers (Before showing the property) not to disclose any confidentiality.
Under the Ohio Real Estate Recovery Fund, the Commission shall impose a special fee, not to exceed $10 annually, on each licensee filing a notice of renewal if the Recovery Fund is less than___?
$500,000
If the Superintendent pays any amount from the Recovery Fund in settlement of a claim toward the satisfaction of a judgment against a licensed broker or salesperson, ______
The license of the broker or salesperson is automatically suspended.
When must a broker record a written release or satisfaction of the broker’s office in which the lien was recorded?
Within 10 days after the owner satisfies the claim.
If a broker dies and there are NO other brokers in the firm, what is true?
The Superintendent may appoint an ancillary trustee with the approval of the Probate Court.
What would you expect an Ohio property manager to do?
Initiate actions for the recovery of rent.
A broker loses her license and there is NO licensed broker to take over the broker’s business. In this case_____
An ancillary trustee may be appointed by the Superintendent to conclude the broker’s business.
What type of property is encompassed by Ohio’s broker lien law?
Commercial Proterty
A licensed property manager is negotiating a lease on behalf of a commercial landlord. The property to be rented is retail space in a soon-to-open mall. What type of lease would you expect the property manager to negotiate?
Percentage lease
The Commission shall suspend for a minimum of two months or revoke the license of any broker or sale agent found guilty of a ______?
Second Fair Housing violation offense.
An agent told the buyer that they would have the option of tapping into the new sewer when in fact tapping into the sewer was mandatory. The agent’s action violated____?
License Law
When would a license be considered inactive?
When the salesperson directs the broker to return the license to the division.
Under what condition can an assistant talk with a client about the terms of an offer?
When the assistant has a license to practice real estate.
To be eligible to sit for the Ohio real estate sales exam, a person must____
be honest, truthful, and of good reputation.
As part of the 30 hours of continuing real estate education that is required every three years, what must be included?
Three house of civil rights and fair housing.
Dave lives in South Dakota. He wishes to become licensed as a real estate agent in Ohio. Would Dace be permitted to sit for the exam?
Dave must consent to service of process through the Superintendent of the Ohio Division of Real Estate.
A sales agent passes the exam on October 1st and his lciense is issued on October 4th. His birthday is October 10th/ When must the sales agent renew his license?
On or before October 10th of that year, then every third year thereafter.
The powers of the Ohio Real Estate Commission include the power to
Regulate the real estate industry
The Superintendents office conducts a hearing to determine whether there has been a violation of the Ohio Revised Code. The entity of person who holds a hearing to determine the punishment for a sales agent who has violated the revised code is the___________
Ohio Real Estate Commission
When the Ohio Real Estate Commission revokes a broker’s license, the licenses of all sales agents associated with the broker are ______
Suspended
An exception to the federal Fair Housing law is discrimination based on
economic considerations
When a buyer asks an agent what form of co-ownership he and his wife should take, the agent should
not make a recommendation
Potential buyers believe they have been discriminated against because of their race. Which option is available to the buyers under the Federal Fair Housing Act?
File a lawsuit within two years and file a complaint with the office of Equal Opportunity/Hud within one year.
What is the difference between eminent domain and condemnation?
Eminent domain - the RIGHT of the government to take land
Condemnation - the ACT of taking the land
What is an agent who is committed to doing one thing for a client?
Special agent
What is an agent who does more than one thing for a client but not everything?
General
What is an agent who must do everything for someone?
Universal agent
