State Portion Flashcards
Prohibits housing discrimination on the basis of race, color, religion, sex, ancestry, national origin, disability, familial status, or military status.
Ohio Civil Rights Law
Protected classes under the Ohio Civil Rights Act.
- Race
- Color
- Religion
- Sex
- National Origin
- Ancestry
- Disability
- Familial Status
- Military Status
What type of property falls under the Ohio Civil Rights Act?
Residential and ANY vacant land
Exemptions to the Ohio Civil Rights Act.
Religious Groups
Private Clubs
Run by the Superintendent who is appointed by the Director of Commerce.
Ohio Division of Real Estate
Consists of five members appointed by the Governor.
Each serves a five year term; four are practicing brokers; one is a non-broker, and no more than three can concurrently belong to the same political party.
Ohio Real Estate Commission
Who appoints the members of the commission?
Governor
What appoints the Superintendent for the Division?
Director of Commerce
What type of fines does the commission issue?
$2,500 per law violation (no limit)
What types of citations does the division issue?
$200 for certain law violations (max of $2,500)
What are the duties of the commission?
- Promote Canon of Ethics
- Review Acts of Superintendent
- Review education requirements
- Update CE requirements
- Discipliners
What are the duties of the division?
- Issues licenses/place broker’s license on deposit
- Administers license law
- Audits brokers’ records and trust accounts
- Apply for injunctions
- Administer Recovery Fund
- Investigators
What types of violations may the Superintendent issue citations for instead of initiating a formal investigation?
- Advertising laws
- Proper administration of Consumer Guide
- Agency/Dual Agency requirements
- Fair Housing language
How is a licensee notified of a complaint?
Regular mail
How is a licensee notified of a formal hearing?
Certified mail
A fund designed to offer scholarships and loans to students who are taking real estate specific classes.
Education and Research Fund
Requirements of Education and Research Fund?
- Loan application must be signed by sponsoring broker
- Loan is up $2,000 for education costs
- $1 of license application fee goes into fund
Requirements of listing agreement in Ohio
Definite expiration date
Most also include an extension clause
Listing agreement clause providing for a specified time period after a listing expires, when a broker will still be entitled to a commission if the property is sold to someone the broker dealt with during the listing term.
Extension Clause
A person licensed to represent another (the principal) in a real estate transaction; a person authorized to represent the principal in dealings with third parties (clients or customers).
Agent
An agent of an agent; a person an agent has delegated authority to so that this person can assist in carrying out the principal’s orders.
Subagent
What type of agent is a salesperson in relation to the client?
Subagent
What type of agent is a broker in relation to the client?
Agent
Used to satisfy unpaid judgements against real estate licensees for activities in violation of the license law that caused financial loss to the claimant.
Real Estate Recovery Fund
What is the maximum amount of the Recover Fund?
$500,000 to $2 million
What is the payment ceiling of the Recovery Fund for each licensee?
$40,000 per licensee
What happens to the licensee’s license when payment is made from the Recovery Fund is made in their name?
Automatically suspended until full amount plus interest is repaid
Who is assumed to represent the buyer?
No one unless they are represented by an agent
Who has the right/power to extend a listing?
Owner
Key words that usually indicate RIGHT answer.
- Zoning
- Blockbusting
- Real estate taxes (property taxes)
- Title insurance
- Common pleas court (Probate for deaths)
- Lead based paint
- Canons of Ethics
Key words that usually indicate WRONG answer.
- Realtor
- NAR
- OAR
- Association
- Board
- MLS
- Code(s) of Ethics
Promotes Canon of Ethics for the real estate industry in Ohio.
Commission
Reviews all act of the Superintendent of the Division of Real Estate and Professional Licensing.
Commission
Sets licensing standards.
Commission
Suspends and revokes licenses.
Commission
Sets rules of conduct for hearings.
Commission
Sets licensing exam standards.
Commission
Sets criteria for continuation in business.
Commission
Places brokers’ and salesperson’s licenses on deposit (military only).
Commission
Reviews all educational requirements for brokers and salespersons.
Commission
Updates continuing education requirements.
Commission
Publishes a newsletter (emphasis on civil rights and fair housing laws).
Commission
Administers the Education and Research Fund.
Commission
Administers license laws.
Division
Issues licenses.
Division
Issues Commission and other orders necessary to implement license laws.
Division
Investigates written complaints against licensees.
Division
Places brokers’ licenses on deposit (non-military).
Division
Audits brokers’ records and trust accounts.
Division
Subpoenas witnesses for investigations.
Division
Applies to appropriate courts of jurisdiction for injunctions to stop activities that violate real estate law.
Division
Administers the Recovery Fund.
Division
