Licensing Requirements

As of September 2000, a license may be placed on

"inactive" status for an indefinite time as well (license renewal and continuing education must be maintained).

As of October 2009, ________ of each license application fee received is credited to the Education and Research Fund.

$ 1

How often must a sales agent complete 30 hours of real estate continuing education?

A real estate sales agent must complete 30 hours of real estate education every three years, coinciding with the agent's birthday.

foreign real estate dealer

To offer real estate located in another state to citizens in Ohio, a person must become this

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

be honest, truthful and of good reputation The minimum age required is 18 years; there is no maximum age.

Any person, partnership, or association who, for a fee or any other form of compensation, deals in the real property of others or publicly represents that he/she so deals, or who publicly represents others must have a

brokers license This is a definition of a broker. This also is the definition of a sales agent; however, an agent is employed by a broker to assist or act on behalf of the broker.

Where must a broker keep your license on file?

on file at the brokerages main place of business

To maintain a license, a real estate sales agent must

take a 10-hour post licensing class within 12 months of passing the exam

sales associate

the agent is not a broker, but is associated with a broker and may act on the broker's behalf.

A broker sent salesperson B's license back to the Ohio Division of Real Estate. What statement below is true?

the agent requested in writing that the license be sent back the broker has three days to honor the request and must inform the agent in writing that the request has been acted upon

A buyer makes an offer to purchase a house and gives the seller until midnight, three days hence, to accept the offer. Prior to acceptance, the buyer withdraws the offer. What is true?

the buyer is allowed to withdraw the offer any time prior to acceptance

An agent's 30 hours of continuing education are due on his birthday

three years after his license was issued and then every three years from then on

In order to maintain an Ohio Real Estate sales license, a sales agent must complete a 20-hour post-licensing course

within one year of receiving the license

To become a broker in Ohio, a salesperson must have been licensed for

2 years

How much continuing education must a licensee who turns 70 years of age in her CE cycle take?

9 hours once a licensee reaches 70 years of age, he/she is required to take only 9 hours of core continuing education classes

What law requires a broker's license to be placed in close proximity to the federal Fair Housing poster?

Ohio Licensing Law requires that a brokers license be placed in close proximity to the fair housing poster

True or False Broker's liens can be filed only in commercial transactions against commercial real property. Only the buyer can sue the seller for specific performance.

True

The rate of commission that may be charged on the sale of improved property is

a rate agreed upon between the broker and property owner

An agent is advertising his own property for sale. What information must appear in any advertisements that the agent places in the newspaper?

fact that the agent is also the owner

What did a person need to have in order to sell cemetery plots?

limited license

A real estate license is required to sell a(n)

mobile home park manufactured home in the showroom and mobile homes are all personal property

Errors and Omission Insurance indemnifies the broker against

negligent misrepresentation Errors and Omission Insurance protects the broker from mistakes that may cause a client harm. It doesn't cover fair housing violations or transactions in which the agent is also the principal. E& O Insurance does not cover intentional misrepresentation/fraud.

A salesperson joined the army; the agent's license is

on deposit they will not be revoked because this "on deposit" status is for an indefinite period of time.

If a sales agent does NOT wish to practice real estate on a full-time basis any longer, his license is returned to the Division of Real Estate and placed

on inActive status the term cancellation was changed to inActive by the Ohio division of real estate in 2000

A sales agent passes the exam on October 1st and his license is issued on October 4th. His birthday is October 10th. When must the sales agent renew his license?

on or before Oct. 10th of that year then every third year thereafter The Ohio Real Estate Commission has ruled that, even if an agent's license is issued on Monday and his/her birthday is on Tuesday, he/she must renew the license on Tuesday or it will be suspended.

If a broker returns a sales license to the Division of Real Estate, the salesperson can get it back by

taking a 10-hour post-licensing course A salesperson's license can be placed on an inactive status indefinitely. In order to return the license to active status, the salesperson must identify a broker with whom to be affiliated upon reinstatement, and pay a reinstatement fee. The salesperson is not required to take 30 hours of CE as a requirement of reinstatement, unless of course the due date has become effective while the license was in an inactive status.

A broker sent salesperson B's license back to the Ohio Division of Real Estate. What statement below is true?

the agent requested in writing that the license be sent back the broker has 3 days to honor the request and must inform the agent in writing that the request has been acted upon

Three of the 30 hours of continuing education must be devoted to

three hours of civil right and fair housing fair housing and civil rights, three to ethics and three to core law