real estate (OH)

Question 1

what is the consequence for not finishing the continued education after receiving your license?

Answer 1

• license immediately suspended
• reactivated by superintendent
• 12 months under supervisions

Question 2

what happens to a person who illegally obtained a real estate license and is practicing real estate? who punishes them?

Answer 2

-fine up to $1000 per day
- restitution payments to clients
- jail time

Question 3

what is dual agency in Ohio

Answer 3

-one agent represents buyer and seller

Question 4

on advertising for listing on a website, where does the brokers name go and what size is it?

Answer 4

• equal size/prominence as the salespersons name
• next to the agents name

Question 5

• what scenario can a licensee not negotiate a sale with a buyer? if the buyer has an exclusive agreement with another agent or if they refuse to establish an agency contract with you?

Answer 5

exclusive agreement with another agent

Question 6

• An agent found guilty of violating Ohio real estate advertising laws gets what punishment

Answer 6

-$200 fine from superintendent
-$2,500 per violation by the Ohio real estate commission

Question 7

• Whenever you pay your agency fees a portion of those fees go towards the recovery fund, how much specifically?

Answer 7

$10

Question 8

• Who appoints the members of the Ohio Real Estate Commission?

Answer 8

governor

Question 9

• Jason receives a Cease and Desist order from the Ohio Real Estate Commission. If ignored, how much per day can Jason be fined by the Commission?

Answer 9

$1000 per day

Question 10

The entity or person in charge of determining whether or not the agent is guilty in the case of violating Ohio real estate code.

Answer 10

superintendent

Question 11

What items must be clearly displayed in any Ohio real estate brokers office?

Answer 11

broker license and equal housing poster

Question 12

The fee for transferring a license from one broker to another:

Answer 12

$25

Question 13

If an auditor visits a real estate broker’s office and demands to see its records, how many years of records are required to be shown?

Answer 13

3 years

Question 14

After a 2nd Fair Housing violation offense the commission may suspend or revoke a license for any broker or sales agent (found guilty) for a minimum of

Answer 14

2 months

Question 15

A buyer asks a real estate agent to prepare a land installment contract. The agent obtains the contract and proceeds to fill out the preprinted form for the buyer. What is this a case of?

Answer 15

unauthorized practice of law

Question 16

If the Ohio Real Estate Commission revokes a broker’s license, what happens to the licenses of all their agents?

Answer 16

suspension

Question 17

The entity or person who holds hearings to determine the punishment for a real estate agent who has violated the Ohio real estate codes is the

Answer 17

real estate commission

Question 18

The Ohio Real Estate Commission notes in its quarterly newsletter if an agent has had his or her license suspended and has been fined. This is known as a

Answer 18

public reprimand