LAW CHP2 Flashcards
Who does NOT need a real estate license?
a. a property manager under contract by the owner
b. a salaried employee of ABC Corporation when selling the company’s own property
C. someone selling a friend’s raw land
d. your uncle who is selling real estate options
b. a salaried employee of ABC Corporation when selling the company’s own property
The Ohio Real Estate Commission
a. consists of five real estate brokers.
b. is elected every five years.
C. is overseen on a day-to-day basis by the Superintendent.
d. is part of the Department of Commerce.
d. is part of the Department of Commerce.
Which authority revokes licenses?
a. the Department of Real Estate
b. the Governor’s task force to promote safe real estate
C. the Real Estate Commission
d. the Superintendent
C. the Real Estate Commission
A real estate licensee may
a. draft deeds for sellers.
b. keep the earnest money if the deal falls through.
c. offer real estate to the market only on the terms allowed by the seller.
d. use an open-ended expiration date on an open listing agreement
c. offer real estate to the market only on the terms allowed by the seller.
A sales associate
a. can collect commissions directly from the seller.
b. can personally buy a listing only after disclosure to the seller that the sales associate is a principal.
c. can sue a buyer for backing out of a deal.
d. may take listings in their own name.
b. can personally buy a listing only after disclosure to the seller that the sales associate is a principal.
All principal brokers
a. are bonded.
b. are REALTORS®.
c. must display the licenses of their salespeople.
d. must have a place of business to operate as brokers.
d. must have a place of business to operate as brokers.
Real estate licensees can begin the practice of real estate when
a. their broker receives the license.
b. their license has been issued by the Division of Real Estate.
C they find a sponsoring broker.
d. they pass the exam.
b. their license has been issued by the Division of Real Estate.
In order to use the Recovery Fund, one must be
a. an attorney whose client was damaged by a licensee.
b. damaged by a licensee in a real estate transaction.
C a licensee seeking commissions in a real estate transaction.
d. seeking relief from an ancillary trustee.
b. damaged by a licensee in a real estate transaction.
Continuing education for active salesperson licensees under the age of 70 requires students to take
a. 3 hours of core law, 3 hours of civil rights law, and 3 hours of ethics as part of the 30-hour requirement.
b. 10 hours of post-licensing training within six months of licensure.
C 30 hours of education every five years.
d. classes at a two-year college or university.
a. 3 hours of core law, 3 hours of civil rights law, and 3 hours of ethics as part of the 30-hour requirement.
Who may bring a complaint to the Superintendent?
a. anyone
b. the Attorney General
c. the local board of REALTORS®
d. only a licensed attorney-at-law
a. anyone
The purpose of the licensing law is to
a. legally separate brokers and agents.
b. limit the number of agents to reduce competition.
c. make it hard to get a license to discourage part- time workers.
d. protect the public against fraudulent practice.
d. protect the public against fraudulent practice.
Brokers can buy property in their own name only if
a. they disclose their license.
b. they places their license on deposit.
c. their spouse releases dower.
d. the other side is properly represented.
a. they disclose their license.
