CompuCram Marked Questions

Question 1

An agency relationship created through a listing contract can be terminated legally without recourse under which circumstance?

Answer 1

When the listing broker dies

Question 2

In a listing agreement, the sales agent is described as the_____?

Answer 2

Subagent

Question 3

A licensed real estate salesperson is permitted by law to represent____?

Answer 3

His sponsoring broker only.

Question 4

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______

Answer 4

Should tell the buyers (Before showing the property) not to disclose any confidentiality.

Question 5

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___?

Answer 5

$500,000

Question 6

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, ______

Answer 6

The license of the broker or salesperson is automatically suspended.

Question 7

When must a broker record a written release or satisfaction of the broker’s office in which the lien was recorded?

Answer 7

Within 10 days after the owner satisfies the claim.

Question 8

If a broker dies and there are NO other brokers in the firm, what is true?

Answer 8

The Superintendent may appoint an ancillary trustee with the approval of the Probate Court.

Question 9

What would you expect an Ohio property manager to do?

Answer 9

Initiate actions for the recovery of rent.

Question 10

A broker loses her license and there is NO licensed broker to take over the broker’s business. In this case_____

Answer 10

An ancillary trustee may be appointed by the Superintendent to conclude the broker’s business.

Question 11

What type of property is encompassed by Ohio’s broker lien law?

Answer 11

Commercial Proterty

Question 12

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?

Answer 12

Percentage lease

Question 13

The Commission shall suspend for a minimum of two months or revoke the license of any broker or sale agent found guilty of a ______?

Answer 13

Second Fair Housing violation offense.

Question 14

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____?

Answer 14

License Law

Question 15

When would a license be considered inactive?

Answer 15

When the salesperson directs the broker to return the license to the division.

Question 16

Under what condition can an assistant talk with a client about the terms of an offer?

Answer 16

When the assistant has a license to practice real estate.

Question 17

To be eligible to sit for the Ohio real estate sales exam, a person must____

Answer 17

be honest, truthful, and of good reputation.

Question 18

As part of the 30 hours of continuing real estate education that is required every three years, what must be included?

Answer 18

Three house of civil rights and fair housing.

Question 19

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?

Answer 19

Dave must consent to service of process through the Superintendent of the Ohio Division of Real Estate.

Question 20

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?

Answer 20

On or before October 10th of that year, then every third year thereafter.

Question 21

The powers of the Ohio Real Estate Commission include the power to

Answer 21

Regulate the real estate industry

Question 22

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___________

Answer 22

Ohio Real Estate Commission

Question 23

When the Ohio Real Estate Commission revokes a broker’s license, the licenses of all sales agents associated with the broker are ______

Answer 23

Suspended

Question 24

An exception to the federal Fair Housing law is discrimination based on

Answer 24

economic considerations

Question 25

When a buyer asks an agent what form of co-ownership he and his wife should take, the agent should

Answer 25

not make a recommendation

Question 26

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?

Answer 26

File a lawsuit within two years and file a complaint with the office of Equal Opportunity/Hud within one year.

Question 27

What is the difference between eminent domain and condemnation?

Answer 27

Eminent domain - the RIGHT of the government to take land

Condemnation - the ACT of taking the land

Question 28

What is an agent who is committed to doing one thing for a client?

Answer 28

Special agent

Question 29

What is an agent who does more than one thing for a client but not everything?

Answer 29

General

Question 30

What is an agent who must do everything for someone?

Answer 30

Universal agent