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OHIO REAL ESTATE EXA M TEST
BANK QUESTIONS WITH
ANSWERS
May a consumer who has been harmed by a licensee acting under her license as a real estate salesperson or broker immediately file a claim for payment from the Real Estate Recovery Fund?
CORRECT ANSWER: No, the consumer must file a
lawsuit, get a final judgment, and attempt to collect
A listing agreement in which the agent may possibly be in competition with the client to see who can sell the house first is an exclusive
CORRECT ANSWER: agency
According to the Statute of Frauds, what does NOT have to be in writing?
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CORRECT ANSWER: listing agreement
If a third party maintains a website for a licensee, places information on the website on behalf of the licensee, and that information becomes outdated or expired, how soon must it be updated or removed?
CORRECT ANSWER: Outdated and expired information
must be updated or removed within two weeks
After issuing a bad check, the Division requires the licensee to send certified funds for all subsequent payments for a period of
CORRECT ANSWER: 5 years
How much will a licensee be fined for paying fees to the state with a bad check?
CORRECT ANSWER: $100
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Once a salesperson is affiliated with a broker, what are the steps to be taken to associate with another broker?
CORRECT ANSWER: the salesperson must submit an
application to the Superintendent
What statement regarding condominium ownership is correct?
CORRECT ANSWER: A unit owner may devise the
property
Julie is the new owner of a house and decides to remove the carpet. After doing so, she discovers there is significant pet damage to the hardwood floor beneath the carpet. Julie cuts most of the center of the floor out and replaces it with subfloor. Julie then places a Persian rug over the subfloor. When Julie sells, can she remove the Persian rug?
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CORRECT ANSWER: No, anything that covers
subflooring becomes real property
How would a developer/builder typically finance a development?
CORRECT ANSWER: blanket
For a conventional loan, how much of a borrower's income can be used to service debt?
CORRECT ANSWER: 36%
What document uses legal title to real property to secure debt?
