Module 1: Ch 1 & 2
According to Ohio law, what three options of licenses allow a person, partnership, association, limited liability partnership, limited liability company, or corporation to, for a fee, sell, list, lease, exchange, negotiate, or deal with the real estate of others, or publicly represent that he does so.
A broker or a salesperson
What is the purpose of the Education and Research Fund?
A fund designed to offer scholarships & loans to students who are taking real estate specific classes
Does a person need a Ohio's real estate license to deal with one's own property?
A license is not needed (Refer to #1 of the nine exceptions to the Ohio's real estate license requirements. Page 2 in textbook)
Does a person need a Ohio's real estate license if they are a regularly salaried employee acting on behalf of the corporation or partnership's property?
A license is not needed.(Refer to #1 of the nine exceptions to the Ohio's real estate license requirements. Page 2 in textbook)
Can an individual who works with a residential rental property under the supervision of a broker need a Ohio's real estate license to negotiate contracts or lease agreements?
A license is required (refer to page 3 in textbook)
Definition of a management level licensee
A licensed broker or sales person who is affiliated with a real estate brokerage and who has been given supervisory responsibility over other licensed broker or sales persons affiliated with that brokerage
Define a principle broker
A licensed broker who oversees and directs the daily operation of a brokerage ( each firm must have one)
Definition of Principle Broker
A licensed broker who oversees and directs the daily operations of the brokerage.
Definition of an Associate Broker.
A licensed broker within a brokerage who does not function as the principle broker or a management level licensee.
Definition of Principle Broker.
A licensed real estate broker who oversees and directs the daily operations of the brokerage.
Definition of Associate Broker.
A licensed real estate broker with a brokerage who does not function as the principle broker or as a management level licensee.
Definition of a Salesperson
A licensed salesperson who is associated with a broker and may perform most of the acts of the brother on behalf of the broker
Definition Multiple Listing Service (MLS).
A listing service whereby local member brokers agree to share listings and commissions on properties sold jointly. Members of the public may have access to the (*insert name of definition here*) but not to all of the features and content that a local member of the Board of REALTORS is able to access.
Definition of Real Estate Licensee.
A person licensed to practice real estate in Ohio. Ohio law requires that any person, partnership, association, limited liability partnership, limited liability company, or corporation who, for a fee, sells, lists, leases, exchanges, negotiates, or otherwise deals in the real estate of others, or represents publicly that he or she does so, must be licensed.
Definition of Auctioneer
A person with an auctioneer's license as well as a real estate license who can sell real estate through an auction
What are the requirements to become a broker?
A real estate license, having been active as a full-time (30hrs a week) salesperson for at least 2 of the 5 preceding years, participated in & completed at least 20 transactions, Complete additional edu
Definition of Independent Contractor.
A self-employed salesperson paid on jobs completed rather than hours worked and responsible for setting their own hours and paying their own taxes. An independent contractor is hired to perform a specific assignment or complete a specific project but is free to accept or reject that particular assignment.
What is the Americans with Disabilities Act (ADA)?
An act that property managers must follow if they have 15+ employees that requires application to potential new hires and tenants in screening. (More on that is supposed to come in Ch 11)
What is the property management agreement?
An agreement that details the duties and responsibilities of each party as well as the compensation.
Definition of Salesperson.
Any licensed agent who is associated with a broker and, as such, may perform most of the acts of a broker, on behalf of the broker. A salesperson has the same fiduciary duty to a broker's client that a broker does.
Definition of Broker.
Any person, partnership, association, limited liability partnership, limited liability company, or corporation who, for a fee, sells, lists, leases, exchanges, negotiates, auctions, or otherwise deals in the real estate of others, or represents publicly that he does.
Definition of a Broker.
Any person, partnership, association, limited liability partnership, limited liability company, or corporation who, for a fee, sells, lists, leases, exchanges, negotiates, auctions, or otherwise deals in the real estate of others, or represents publicly that he does.
Definition of a foreign real estate broker/salesperson
Any real estate broker/ sales person licensed to engage exclusively in real estate sales for land situated outside the State of Ohio
Definition of REALTOR.
Any real estate licensee who is a member of the National Association of REALTORS (NAR) and his affiliated state and local boards. Only members may use the term (*insert term here*) as it is a registered trademark of NAR.
Definition of Realist.
Any real estate licensee who is a member of the National Association of Real Estate Brokers.
What is a sales associate?
Any sales person associated with a brokerage. Usually refers to a licensed sales person but may also be applied to one who is not actively using their broker'a license and has it on deposit
A real estate property manager ________________ (A. can be voluntarily certified, B. Must be certified, C. must be licensed D. must join the Building Owners and Managers Association)
C. Must be licensed
What are the requirements for every brokerage at their definite place of business?
Display license and Fair Housing Poster prominently. Must have at least one principle broker A sign that clearly states the licensee is a real estate broker The licenses of all affiliated licensees must be readily available at the office for public inspection if requested.
Which property type is currently declining?
Farm properties- they are declining due to the widespread sale of farmland for other uses & the smaller number of family - run farms
In what case would a licensee absolutely have to be a member of NAR?
If they are employed by a broker that is already a member
What is the criteria of the members of the Ohio Real Estate Commission?
It consists if five members appointed by the governor. Each serves a 5 year term; four are practicing brokers; one is a non-broker, & no more than 3 can concurrently belong to the same political party.
What is considered unethical for appraisers to base their fee on?
It is considered unethical for an appraiser to base his fee entirely off of the value estimate for a certain building ( refer to page 4 in textbook).
Who is the Ohio Division of Real Estate and Professional Licensing run by and who appoints them?
It is run by the Superintendent who is appointed by the director of commerce
Who does the Ohio License Law protect?
It protects the public from fraud, misrepresentation & deciet
Definition of Industrial Real Estate
Land & structures involved in the production, distribution, & storage of tangible economic goods
Define an associate broker
Licensee associated with a brokerage who does not function as a principal broker or management licensee
Hi Mom I love you good luck studying
Love, Maddy
What is the larger trade organization in the nation?
National Association of Realtors (NAR)
Does a petroleum land man need an Ohio Real Estate License to assist in the transaction of real estate for a fee?
No, a license is needed. A petroleum land man does not need a license to acquire the subsurface mineral rights from landowners for the purposes of oil and gas exploration (refer to page 3 in textbook).
Does a public official need a Ohio's real estate license to act in an official capacity (ex: a sheriff's sale auction)?
No, a license is not needed ( refer to page 2 in textbook)
Does a fiduciary who is duly appointed and acting in a fiduciary capacity need a Ohio's real estate license? (Ex: an executor of a will)
No, a license is not needed (refer to page 2 in textbook)
Does an attorney-at-law need a Ohio's real estate license to perform duties on behalf of his or her clients?
No, a license is not needed (refer to page 2 in textbook)
Does a person need a Ohio's real estate license to manufacture homes or mobile homes (provided sales do not include the real estate on which the home sits)?
No, a license is not needed (refer to page 2 in textbook).
Can an individual who works with a residential rental property under the supervision of a broker perform maintenance?
No, a license is not needed (refer to page 3 in textbook).
Does a petroleum land man need an Ohio Real Estate License to acquire the subsurface mineral rights from landowners for the purposes of oil and gas exploration?
No, a license is not needed (refer to page 3).
Does a person need an Ohio Real Estate License to engage in the brokering of the sale of business assets not including the negotiation of the sale, lease, exchange, or assignment of any interest in real estate?
No, a license is not needed (refer to the top of page 3 in textbook).
Does an out-of-state broker or agent need an Ohio Real Estate License to engage in the sale of commercial real estate pursuant to the requirements of 4735.022 the Revised Code?
No, an Ohio Real Estate License is not needed by a foreign dealer (refer to page 3)
Does an individual who works with a residential rental property under the supervision of a broker need an Ohio Real Estate License?
No, sir. A license is not needed.
Can an individual who works with a residential rental property under the supervision of a broker indicate to the public that he is in a position if authority that has the ultimate managerial responsibility of the rental property?
No, they may not ( refer to page 3 of textbook)
Can an individual who works with a residential rental property under the supervision of a broker approve applications or lease agreements, or settle or arrange the terms and conditions of a lease on behalf of the owner or broker?
No, they may not (refer to page 3).
Can an individual who works with a residential rental property under the supervision of a broker offer inducements to prospective tenants that are not previously advertised by the owner/broker?
No, they may not.
What property types can a real estate agent specialize in?
Single family residential, multifamily residential, condominiums & cooperative, commercial, industrial, farm, and 1031 tax deferred exchange
Define reciprocity
The ability of a state department to give a real estate license to an applicant who received a real estate license in another state. Under certain arrangements, license testing course study, or other requirements may be waived or modified
What does a property manager have to do in order to manage property for others for a fee?
The property manager must do so under a broker.
What are members if the National Association of Real Estate Brokers called? What is this group mostly made up of?
They are called Realists and they are mostly comprised of minorities.
Can an individual who works with a residential rental property under the supervision of a broker interpret or provide their opinion concerning the terms or conditions of a lease agreement?
They may not (refer to page 3 in textbook)
Does a person need an Ohio Real Estate License to represent a party in a real estate transaction for a fee?
Yes a license is needed
Can an individual who works with a residential rental property under the supervision of a broker supply applications and leases?
Yes they may (refer to page 3)
Does a person need an Ohio Real Estate License to engage in the brokering of the sale of business assets including the negotiation of the sale, lease, exchange, or assignment of any interest in real estate.
Yes, a license is needed ( refer to page 2 in textbook).
Does a person need a Ohio's real estate license to sell and manufacture homes or mobile homes including the real estate on which the home sits?
Yes, a license is needed if the real estate on which the home sits is also a part of the sales (refer to page 2 in textbook).
Can an individual who works with a residential rental property under the supervision of a broker vary or deviate from the rental price and/or other terms and conditions previously established by the owner or broker when supply information concerning the rental of the property to a prospective tenant?
Yes, a license is required (refer to page 2)
Can an individual who works with a residential rental property under the supervision of a broker exhibit or show residential rental units to prospective tenants?
Yes, they may ( refer to page 3 in textbook).
Can an individual who works with a residential rental property under the supervision of a broker collect or accept rents and/or security deposits that are made payable to the owner or real estate brokerage?
Yes, they may (refer to page 3 in textbook).
Can an individual who works with a residential rental property under the supervision of a broker furnish published information?
Yes, they may (refer to page 3 in textbook).
Can an individual who works with a residential rental property under the supervision of a broker offer inducements to prospective tenants that are previously advertised by the advertised with the owner/broker?
Yes, they may (refer to page 3 in textbook).
Can an individual who works with a residential rental property under the supervision of a broker provide clerical or administrative support?
Yes, they may (refer to page 3 in textbook).