OH Real Estate Law Course - Practice Exam

Kelly is an Ohio broker. Jeff, an affiliated licensee, has just returned from a meeting with a buyer client and has handed her a check for earnest money. Which of the following is a true statement? Kelly is a fiduciary of the funds, but doesn't own them. Kelly is the beneficiary of the earnest money. Kelly may deposit the funds into the brokerage checking account. The buyer is the fiduciary of the earnest money funds.

Kelly is a fiduciary of the funds, but doesn't own them.

What's the maximum civil fine that the Ohio Real Estate Commission can impose on someone for a single violation of practicing real estate without a license? $1,000 $2,000 $2,500 $5,000

$1,000

In Ohio, a landlord must pay the tenant 5% interest annually on any security deposit amount in excess of ______. 45 days' rent $50 or one month's rent, whichever is greater 90 days' rent Two months' rent

$50 or one month's rent, whichever is greater

Small claims cases in Ohio involve monetary damages up to ______. $10,000 $12,000 $3,000 $6,000

$6,000

Which federal courts are known as the appellate courts? Circuit courts District courts State courts Trial courts

Circuit courts

The two fiduciary duties that survive the termination of agency are ______. Accounting and reasonable skill and care Confidentiality and accounting Disclosure and confidentiality Obedience and loyalty

Confidentiality and accounting

Serena's tenant has been late with the rent for the past several months. Serena is pretty sure that the tenant also has an unauthorized long-term guest living in the house. In an attempt to get the tenant to move without having to initiate eviction proceedings, Serena has the utilities turned off. What's this called? Actual eviction Constructive eviction Holdover Negligence

Constructive eviction

What type of an eviction could tenants claim if they're forced to vacate an apartment after the landlord failed to repair the heat? Actual eviction Aggressive eviction Constructive eviction Vigilante eviction

Constructive eviction

Peeta, a listing agent, wants to post an ad for his new listing. Which of the following phrases is acceptable under fair housing guidelines? African-American neighborhood Asian grocery nearby Italian marble countertops White-family home

Italian marble countertops

The Housing and Community Development Act of 1974 added which protected class to federal fair housing law? Color Disability Religion Sex

Sex

Ned is a listing agent who has learned of a material fact related to the transaction. To whom and when must he disclose this information? To all parties as soon as possible To the seller and buyer as soon as possible, provided his firm represents both parties To the seller as soon as possible; to the buyer prior to closing To the seller prior to closing

To all parties as soon as possible

One of the following tasks is outside the scope of the Ohio superintendent of real estate. Which is it? a. Administer the real estate recovery fund. b. Initiate investigations of possible license law violations. c. Pass laws related to real estate licensing. d. Request criminal records checks for applicants or licensees.

c. Pass laws related to real estate licensing.

Anaïs wants to obtain an Ohio broker's license. Which requirement must she meet? a. She must be at least 21 years old. b. She must have a master's degree. c. She must have two years of real estate experience. d. She must hold a broker's license in a reciprocal state.

c. She must have two years of real estate experience.

Mediation in Ohio is typically scheduled within how many business days of the request for mediation? 10 15 20 Five

20

Regarding a formal hearing for a real estate complaint, the licensee or the superintendent can request an extension for more time to prepare for the hearing. How long an extension can be requested? 15 days 30 days 60 days One week

30 days

Which of the following statements best describes a sales contract? A legally binding, oral contract between a property's potential buyer and a listing agent A legally binding, oral contract between a property's potential buyer and seller A legally binding, written contract between a property's potential buyer and seller A legally binding, written contract between a property's seller and a listing agent

A legally binding, written contract between a property's potential buyer and seller

Which of the following is an example of a cloud on a title? An unbroken chain of ownership A paid-off mortgage A property with a city easement that prohibits the owners from installing a pool A third party has staked a claim on a property

A third party has staked a claim on a property

Samantha makes an offer to buy Dirk's home, and he accepts it. Under the terms of the agreement, Samantha is supposed to put down an earnest deposit of $15,000. However, she only puts down $10,000. Dirk accepts the lesser deposit, and the sale is ultimately finalized. Of what is this an example? Accepting partial performance Rescinding the contract unilaterally Suing for damages Suing for specific performance

Accepting partial performance

What's true about an escrow closing? All settlement services are handled by a closing agent. All settlement services are handled by the listing agent. The buyer and seller must be present. The buyer's and the seller's attorneys must be present.

All settlement services are handled by a closing agent.

Which of the following could a listing agreement be considered? A contract between a seller and a buyer A cooperative agreement between two brokerage firms An employment contract between a brokerage firm and a licensee An employment contract between a licensee representing the brokerage company and a seller

An employment contract between a licensee representing the brokerage company and a seller

Which of the following is true about the statute of frauds? All types of written contracts, with the exception of email or other online communication, may be considered "in writing" and binding. Any form of written contract, including email communication, may be considered "in writing" and binding. Only contracts that are handwritten are considered to be "in writing" and binding. Only pre-printed contracts, the blanks of which have been filled in in ink, are considered to be "in writing" and binding.

Any form of written contract, including email communication, may be considered "in writing" and binding.

Of the following, which only includes types of binding resolutions? Arbitration and litigation Discussions and litigation Mediation and arbitration Mediation and litigation

Arbitration and litigation

Which of the following statements about independent contractors and taxes is true? Brokers don't withhold income or Social Security taxes for independent contractors. Brokers withhold income and Social Security taxes for independent contractors. Independent contractors don't pay income or Social Security tax. The IRS doesn't tax independent contractors.

Brokers don't withhold income or Social Security taxes for independent contractors.

Which of the following is a true statement regarding Ohio property management trust accounts? Brokers aren't required to maintain a designated property management trust account. Brokers must maintain a separate ledger for each property owner. Brokers must maintain a separate trust account for each property owner. Property management trust accounts can't earn interest.

Brokers must maintain a separate ledger for each property owner.

Danielle is an Ohio broker who just received $500 in earnest money from a buyer client. What must she do with the funds? Deposit them into an interest-bearing account. Deposit them into the brokerage checking account. Deposit them into the brokerage trust account. Hold onto them until the transaction closes.

Deposit them into the brokerage trust account.

A real estate licensee is acting as what type of agent when assigned by the broker to represent one party in an in-house transaction? Designated General Special Universal

Designated

Which term is defined as land lost due to water, wind, or other natural disturbances? Accretion Alluvion Avulsion Erosion

Erosion

You're attending a speech on the societal impact of fair housing and the speaker, who is an advocate for diversity in communities, begins the speech by asking who benefits from enforcement of fair housing law. Which of these is likely the answer the speaker is seeking? Everyone, because diverse communities are stronger communities Fair housing enforcement agencies, because their employees need jobs Lawyers, because they make money off of lawsuits Protected classes, because of the potential for lawsuits

Everyone, because diverse communities are stronger communities

Which act created the Office of Fair Housing and Equal Opportunity under the Department of Housing and Urban Development? Americans with Disabilities Act of 1990 Equal Credit Opportunity Act of 1974 Federal Fair Housing Act of 1968 Housing and Community Development Act of 1974

Federal Fair Housing Act of 1968

Leases have an implied covenant of quiet enjoyment. What does this mean? Landlords have to install soundproofing in each apartment. Landlords must ensure tenants are able to use the property for the purpose outlined in the lease agreement. Tenants cannot run noisy appliances or have loud parties between the hours specified in the lease. Tenants must agree to take possession of the property during the week and between normal working hours.

Landlords must ensure tenants are able to use the property for the purpose outlined in the lease agreement.

Which statement about lead-related health problems is true? Lead can be traced to senioritis. Lead causes blindness upon contact with the eyes. Lead is associated with coronary heart disease. Lead may cause behavioral problems, learning disabilities, seizures, and, in extreme cases, death.

Lead may cause behavioral problems, learning disabilities, seizures, and, in extreme cases, death.

Which of the following is an essential element of a valid real estate contract? Duress Legal purpose Misrepresentation Mutual mistake

Legal purpose

Ohio has ________ with eight other states, allowing license applicants from those other states to pursue an abbreviated license process in Ohio. License exchanges Limited reciprocity Quid pro quo Recognition agreements

Limited reciprocity

Maryjean placed her Ohio license on inactive status with the division of real estate while she dealt with some personal issues. When she finally completed all requirements for reactivation, the superintendent denied her reactivation application. What's the most likely reason why? Maryjean completed too many hours of continuing education. Maryjean gave birth to quadruplets and is extremely busy. Maryjean owes $763 in parking tickets. Maryjean was convicted of a felony while her license was inactive.

Maryjean was convicted of a felony while her license was inactive.

A broker may use a trade name in Ohio, as long as the name can be distinguished from other businesses and isn't ________. A foreign Humorous Misleading Too long

Misleading

Zelda owns a unique piece of property that she's listed exclusively with licensee Len. Len suggested selling the property to the city so it could build a park. Both Zelda and Len attend a city council meeting to make the proposition, disclosing Len's relationship and potential commission should the city decide to buy the land. After the meeting, Grant, a council member, told Zelda that the only way the city would by the land is if it was listed through Grant. Is Grant acting ethically? No, Grant is interfering with the contract that Zelda and Len have in place. Yes, as long as Grant agrees to split the commission with Len. Yes, as long as Grant discloses the new agency relationship to the city council. Yes, as long as Zelda agrees to it in writing.

No, Grant is interfering with the contract that Zelda and Len have in place.

Miranda is a broker who decided to let a new salesperson, Ronnie, go, as their business relationship just wasn't working. Miranda packages up Ronnie's license to return it and a copy of the notice of termination to the Ohio Division of Real Estate and Professional Licensing. She now has three days to ______. Ensure she has copies of all of Ronnie's transaction files Give Ronnie his last commission check Hire a replacement Notify Ronnie in writing of his termination

Notify Ronnie in writing of his termination

Carrying out a client's instructions describes the duty of ______. Accounting Loyalty Obedience Reasonable skill and care

Obedience

What is the difference between positive misrepresentation and inadvertent misrepresentation? Positive involves a beneficial outcome; inadvertent results in a negative outcome. Positive means intentional; inadvertent means it wasn't intentional. Positive means made by the seller's side; inadvertent is misrepresentation by the buyer's side. Positive means the parties agreed to the facts; inadvertent means the parties disputed the facts.

Positive means intentional; inadvertent means it wasn't intentional.

When multiple offers are received, which of the following is something a licensee should do? Encourage the seller to accept the highest price offer. Give preference to the first offer. Prepare a net proceeds statement for the highest-price offer. Prepare net proceeds statements on all offers.

Prepare net proceeds statement on all offers.

Which act prohibits the payment of kickbacks between settlement service providers? MDIA RELA RESPA SEQRA

RESPA

The National Fair Housing Alliance has concerns about whether or not programs meant to address the financial and mortgage crisis are ______. Economically sustainable Financially sound Interesting Racially fair

Racially fair

A complaint against which of the following Ohio professionals would be handled by the division of real estate? Home inspector Mortgage broker Real estate developer Real estate salesperson

Real estate salesperson

Sally, an Ohio licensee, is working with Josh to assist him with finding a rental property. Josh has agreed to pay Sally a fee of $200 for her services. Which of the following is a true statement? If Sally fails to find housing for Josh that meets his specifications, Josh isn't entitled to a refund. Josh can request a refund of Sally's fee at any time. Sally can only refund Josh $10 of her fee if she fails to find housing that meets his specifications. Sally must enter into a written contract with Josh.

Sally must enter into a written contract with Josh.

Seller's agent Cheryl is representing Hannah in the sale of Hannah's duplex. Prospective buyer Alycea, represented by Mike, is considering purchasing Hannah's duplex. Who's required to complete the Ohio Residential Property Disclosure form? Buyer Alycea Buyer's agent, Mike Seller Hannah Seller's agent Cheryl

Seller Hannah

A landlord refuses to show available units to certain applicants based on their race. What makes this type of housing discrimination a problem that extends beyond the damage to the individual applicants? People who might have been friends and neighbors never get to meet each other. Property values in the area will fall and will take a long time to rebound. Society must spend time and resources to try to fix the damage. The applicants may choose to buy instead of rent, making rental properties a poor investment.

Society must spend time and resources to try to fix the damage.

Maureen removed several properties from her search for homes to show her new clients, the Kapoors. Even though the prices were right, and the Kapoors had asked for a certain part of town, she knew they wouldn't be comfortable in those neighborhoods. Maureen is performing an illegal action called ______. Blockbusting Gerrymandering Redlining Steering

Steering

Which of the following best describes tenants' right to quiet enjoyment? Tenants have the right to enjoy lawful use of the property as long as they don't disturb the peace of other residents in the area. Tenants have the right to enjoy lawful use of the property unless the other residents in the area disturb his peace. If that happens, they have the right to break their lease agreement immediately without consequence. Tenants have the right to enjoy lawful use of the property without being dispossessed or trespassed upon, even by the landlord. Tenants have the right to enjoy lawful use of the property without being dispossessed or trespassed upon, except by the landlord.

Tenants have the right enjoy lawful use of the property without being dispossessed or trespassed upon, even by the landlord.

Which of the following statements applies to the Ohio Landlords and Tenants Act? The act doesn't apply to landlords with fewer than 25 dwelling units. The act establishes both landlord and tenant obligations and remedies. The act sets a limit on the security deposit a landlord can require. The act sets rent control amounts to prevent landlords from charging to much rent.

The act established both landlord and tenant obligations and remedies.

Vixen and Blitzen Donner have decided it's time to make their home in the North Pole. They simply can't get enough of the snow! In the listing agreement they sign with broker Elsa to sell their Ohio home, which of the following elements must be included? A pre-approval letter from the Donners' lender The commission they've agreed to pay Elsa The Donners' signatures and the buyer's signatures The final purchase price of the Donners' home

The commission they've agreed to pay Elsa

Which of the following statements is true about the Ohio Civil Rights Commission? All commissioners serve their terms at the same exact time. The governor selects one person to serve as chairperson. The governor selects the executive director. The political affiliation of each commissioner is private.

The governor selects one person to serve as chairperson.

A licensee realizes that her client, a landlord, is discriminating against Olaf, a tenant. Olaf is a member of a protected class under the Fair Housing Act. Which of the following statements is true? If the licensee has consistently clarified her position as a proponent of fair housing, she's unlikely to be found guilty of a fair housing violation. The licensee can't be charged with a violation based on the landlord's actions. The licensee can't be charged with a violation of fair housing law if the discriminatory act is unintentional. The licensee may face consequences for her actions, whether she acts to stop the discrimination or does nothing to stop it.

The licensee may face consequences for her actions, whether she acts to stop the discrimination or does nothing to stop it.

Who is responsible for providing the title insurance company with an affidavit of title? The buyer The lender The seller The title insurance rep

The seller

How will the buyer or seller know where and when the closing is being held? Their agents will inform them of the date once it's set. The lender will inform them according to MDIA rules and regulations. The seller will set the time and date and is responsible for notifying all parties. The title insurance company will inform them of a date once the title search is complete.

Their agents will inform them of the date once it's set.

Ohio trust account records must be maintained for ______, and failure to do so is reason for disciplinary action. One year Seven years Three years Two years

Three years

According to what you've learned about racial disparities in mortgage lending in Ohio, which of the following statements is true? Black Ohioans tend to be refused home loans as often as Caucasians. Caucasians are denied mortgage loans just as often as Black and Hispanic applicants. Upper-income Black applicants are more than twice as likely as upper-income Caucasians to be refused a home loan. When it comes to high-cost mortgages, Black borrowers are given high-cost loans at a much lower percentage than Caucasians.

Upper-income Black applicants are more than twice as likely as upper-income Caucasians to be refused a home loan.

In Ohio, if a landlord breaches the covenant of possession, the tenant has which of the following options? No legal options Report landlord to the police Wait to take possession Withhold rent until the property is available

Wait to take possession

In Ohio, an ancillary trustee must ______ all advertising. Pay for Renew Update Withdraw

Withdraw

Amanda is an Ohio broker who's interested in hiring several licensees to assist her at her brokerage. Which of the following is a true statement? All affiliated licensees must be employees. All affiliated licensees must be independent contractors. She's required by law to have written employee/independent contractor agreements on file. Written employee/independent contractor agreements aren't required, but are highly advisable.

Written employee/independent contractor agreements aren't required, but are highly advisable.

What happens if you move while you're licensed in Ohio? You must inform the superintendent of real estate. You must inform your broker. You must pay a change-of-address fee. You must reapply for your license.

You must inform the superintendent of real estate.

When real estate licensee Brian discovered that real estate licensee Arnold was using a "Choose Your Neighbor" letter to market a property without also listing the property in the MLS, in the local paper, or even putting a for sale sign in the yard, what charge could he bring against Arnold to the National Association of REALTORS? a. A charge of agreeing to discriminate by limiting access to the property b. A charge of misrepresenting the property for sale c. A charge of not fulfilling his fiduciary duties to his client by not conducting a complete marketing plan d. A charge of unfair practice because his mother did not get one of the "Choose Your Neighbor" letters

a. A charge of agreeing to discriminate by limiting access to the property

Which source of law is responsible for the creation and operation of public regulatory agencies? a. Administrative b. Case Law c. Constitutional d. Statutory

a. Administrative

______ is when licensees predict or suggest to current homeowners that minorities' entry into a neighborhood will have negative results, such as falling property values or higher crime rates, with the intent of listing the properties themselves. a. Blockbusting b. Persuading c.Redlining d. Steering

a. Blockbusting

Which Ohio real estate license requires that applicants have previous real estate experience? a. Broker b. Managing broker c. Managing licensee d. Salesperson

a. Broker

At the closing table, who examines all documents for buyers and represents their best interests? a. Buyer's attorney b. Escrow agent c. Lender's attorney d. Title insurance representative

a. Buyer's attorney

In what type of market could a buyer's strategy be to ask the seller to pay closing costs? a. Cold market b. Hot market c. Neutral market d. Secondary market

a. Cold market

Which of the following fiduciary duties are still owed by Ohio licensees after a listing agreement expires? a. Confidentiality b. Disclosure c. Loyalty d. Reasonable skill and care

a. Confidentiality

As studies have shown, what's one effect of housing discrimination? a. Denies equal access to healthy public spaces b. Gives neighbors a voice in their neighborhoods' demographics c. Inhibits investors' ability to make a profit d. Offers real estate professionals the opportunity to sell houses

a. Denies equal access to healthy public spaces

To provide sellers with assurance they won't back out of the sale, buyers may offer a financial deposit that will be kept in escrow until the conditions are met at closing. What's this deposit called? a. Earnest money b. Principal money c. Soft money d. Spending money

a. Earnest money

What's one of the things a licensee must do in order to prepare a client for closing? a. Explain who will be at the closing and what to expect. b. Perform a home inspection. c. Provide an abstract of title. d. Provide the Loan Estimate.

a. Explain who will be at the closing and what to expect.

Licensee Edith represents seller Patrick. June, a prospective buyer, contacted Edith about Patrick's property and had Edith assist in drafting an offer. Licensee Carl's client made an identical offer on Patrick's property. When presenting the offers, Edith says she made sure June was pre-qualified for financing, and that it's unlikely that Carl did the same with his client. Did Edith behave ethically in this situation? a. No, Edith painted one offer in a better light than the other. b. No, Edith should've let Carl present his client's offer to Patrick. c. Yes, Edith was looking out for her client's best interest. d. Yes, since Edith presented both offers.

a. No, Edith painted one offer in a better light than the other.

Landon is the listing agent for Maury's property. Maury is moving out of state for a new job, so the house will be vacant for some time, depending on how long it takes to sell. Maury is pretty adamant about not having a sign in his yard, especially after he moves. Landon follows Maury's wishes, but a month after Maury moved, there hasn't been any movement on the property. Landon places a sign in the yard, hoping it will drum up some interest. Is this okay? a. No, Landon shouldn't place a sign on Maury's property without Maury's written permission. b. No, Maury's neighbors might tattle. c. Yes, as the listing agent, Landon has the right to place a sign on the properties he has listed. d. Yes, since Maury has moved, Landon can make decisions related to the property.

a. No, Landon shouldn't place a sign on Maury's property without Maury's written permission.

Which of the following is a reason why the Ohio Real Estate Commission might impose a disciplinary penalty against you? a .You make false promises to clients or customers. b. You renew your license a week late. c. You request that your broker reassign your listings while you take a leave of absence. d. You sign agency agreements after disclosing possible conflicts of interest.

a. You make false promises to clients or customers.

Sondra, a buyer, signs all the required mortgage documentation, promising to make all payments to her lender. Unfortunately, Sondra falls on hard times and misses multiple payments, and the bank indicates that it's going to foreclose on her. The foreclosure proceedings are more difficult for the lender because Sondra holds the deed to the land. What kind of state does Sondra live in? a. A deed of trust theory state b. A lien theory state c. An intermediary theory state d. A title theory state

b. A lien theory state

Which of the following must be included in an Ohio settlement agreement? a. An acknowledgement of the licensee's right to appeal b. An admission of guilt by the licensee c. A statement that transgression's details will remain confidential d. The amount of the fine to be levied

b. An admission of guilt by the licensee

A licensee has several tasks to perform for seller clients. What's one of those tasks? a. Advise sellers on the property conditions they shouldn't disclose to the buyer. b. Communicate all offers and counter-offers to the sellers. c. Disclose to the sellers that if the property doesn't sell within 60 days, the asking price must be lowered. d. Ensure an implied agency agreement is in place.

b. Communicate all offers and counter-offers to the sellers.

At the conclusion of a formal hearing, who prepares the report submitted to the Ohio Real Estate Commission for its review and decision regarding a complaint against a licensee? a. Commission chief of staff b. Hearing examiner c. Real estate division investigator d. Superintendent of real estate

b. Hearing examiner

New licensee Lorraine has a small marketing budget, so she's very careful with where she spends her dollars. Her newest listing is directly across from a Kingdom Hall for Jehovah's Witnesses, so she decides to work with the hall director to advertise the listing in its print publications and not in any others. She's confident she will find a buyer fast. Is this allowed? a. No, because Lorraine cannot work with someone outside of her brokerage. b. No, because Lorraine is showing preference toward a religious group. c. Yes, because Lorraine isn't going to deny anyone the right to see the home; she's just not advertising in many places. d. Yes, because this is the quickest way for Lorraine to sell the home and make her commission.

b. No, because Lorraine is showing preference toward a religious group.

Rogelio is preparing a sales contract form for his buyer clients. He's leaving those areas that don't pertain to this transaction blank. Is this correct? a. No, because Rogelio didn't ask his clients for permission to leave those areas blank. b. No, it's best not to leave any area of a contract blank. c. Yes, anything written in those areas would confuse the issue. d. Yes, if they don't apply to this transaction.

b. No, it's best not to leave any area of a contract blank.

Bonnie always schedules an in-person meeting with prospective buyers before she begins sending them data on properties. Why might this be? a. She needs their written permission to send them data. b. She needs to define the buyers' needs and wants. c. She needs to have them sign an agency agreement before she can work with them. d. She needs to see if she likes them enough to work with them.

b. She needs to define the buyers' needs and wants.

In title theory states, which of the following is true? a. The borrower and lender hold the title jointly. b. The borrower doesn't hold the legal title to the property until the loan is paid in full. c. The borrower receives the title at closing. d. The lender is now allowed to hold the title.

b. The borrower doesn't hold the legal title to the property until the loan is paid in full.

Which of the following is a true statement regarding trust accounts? a. The broker is a designated beneficiary of trust funds. b. The broker is a fiduciary/trustee of the funds, but doesn't own them. c. The broker legally owns the funds in the trust account. d. The buyer or seller is the fiduciary/trustee of the funds, but doesn't own them.

b. The broker is a fiduciary/trustee of the funds, but doesn't own them.

Ricky is working for Matt, a buyer client, who is interested in a property at which the listing agent offers compensation to cooperating agents. The listing agent has offered Ricky or any cooperating agent additional compensation if the transaction closes within 40 days. Is this ethical? a. No, it's never ethical for a licensee to accept compensation from more than one party. b. Yes, but only if all of the involved parties have full knowledge and provide consent. c. Yes, but only if the Matt has full knowledge of the compensation arrangement and provides consent. d. Yes, licensees can receive compensation from multiple parties in the transaction.

b. Yes, but only if all of the involved parties have full knowledge and provide consent.

Claudia is applying for permission to take the Ohio real estate salesperson licensing exam. Which of these items are required to receive permission? a. An associate's degree b. Completion of courses on business law and economics c. Honesty, truthfulness, and a good reputation d. Proof of two years' real estate experience

c. Honesty, truthfulness, and a good reputation

How are accrued real estate taxes that have been assessed but not yet due handled in a real estate transaction? a. The assessment amount is split evenly between the buyer and seller and is paid on the day of closing. b. The buyer is responsible for all taxes accrued in the year of purchase, and will pay the tax bill when due. c.The tax bill will be prorated to the day of closing. d. Typically, the seller pays the full assessed tax for the year on the day of closing

c. The tax bill will be prorated to the day of closing.

A quitclaim deed does which of the following? a. Transfers a property with only the covenant of warranty. b. Transfers the property with full covenants. c. Transfers without warranty any interest or title the grantor has when conveying it. d. Transfers with warranty any interest or title the grantor has in the property when conveying it.

c. Transfers without warranty any interest or title the grantor has when conveying it.

Dani is in love with the ranch-style home on Cardinal Avenue, says she simply must have it, and is willing to pay cash. The seller is concerned about an appraisal. Which of the following would be a good strategy for structuring her offer? a. Include an escalation clause. b. Offer a quick close. c. Waive the appraisal. d. Waive the inspection.

c. Waive the appraisal.

Which of the following statements is true of a material fact? a. A material fact is known only to real estate licensees. b. A material fact is only related to the condition of a property. c. A material fact need not be disclosed to all parties. d. A material fact would cause a reasonable person to either act or not act, if that fact were known.

d. A material fact would cause a reasonable person to either act or not act, if that act were known.

Glynnis is ready to close on her new house, but her agent told her that they have to wait for the homeowner to fix the electrical box as agreed. What clause in her contract allowed her to request the repair? a. Appraisal contingency b. Financing contingency c. Home sale contingency d. Inspection contingency

d. Inspection contingency

What's the key difference between assignment and novation of a contract? a. Assignment releases the original party from all obligations, while novation does not. b. Individual contracts must specifically allow novation, but not assignment. c. Novation is disallowed in many states, while assignment is not. d. Novation releases the original party from all obligations, while assignment does not.

d. Novation releases the original party form all obligations, while assignment does not.

Remembering the acronym ______ can help you remember the fiduciary duties an agent owes to a client. a. ARMOR b. CANDOR c. FARMOR d. OLD CAR

d. OLD CAR

A mortgage loan officer has been accused of discriminatory practices, and a charge was officially filed with the OCRC. He declined the mediation option, and the case was returned to the OCRC investigator, who opened a full investigation. The mortgage loan officer truly believes he's done nothing wrong and plans to detail his responses to each charge in his ______. a. Cease-and-desist order b. Incident outline report c. Negotiation and conciliation meeting d. Position statement

d. Position statement

Familial status includes families with children under age 18 living with parents or a legal custodian, people securing the custody of children, and what other group of people? a. Children of alcoholics b. Children of drug abusers c. Elderly grandparents living with family members d. Pregnant women

d. Pregnant women

A landlord refuses to show or rent an apartment to someone who is not Christian or Jewish. What type of discrimination is this? a. Disability discrimination b. Familial status discrimination c. Racial discrimination d. Religious discrimination

d. Religious discrimination

If a buyer makes an offer that the seller finds lacking, which of the following actions is the seller most likely to take? a. Ask the seller's agent to talk with the buyer's agent. b. Call the buyer to negotiate better terms. c. Increase the asking price. d. Respond with a written counter-offer.

d. Respond with a written counter-offer.

What's the last step when handling ethical dilemmas? a. Decide what action to take. b. Determine whether an ethical dilemma exists. c. Evaluate the situation. d. State the reasoning.

d. State the reasoning.

Question 24 Which person or entity determines if a complaint made about an Ohio licensee has merit and should be heard at a formal hearing? a. Chief real estate investigator b. Division of real estate c. Real estate commission d. Superintendent of real estate

d. Superintendent of real estate

When you're involved in a transaction, lenders, appraisers, and other service providers are all __________. a. Clients b. Customers c. Financial representatives d. Third parties

d. Third parties

No one can sue on behalf of someone else, as the injured party has to decide whether to do so. But when it comes to housing discrimination, the ______ interpretation of standing to sue is quite broad. a. Federal Fair Housing Act's b. Ohio Civil Rights Commission's c. U.S. Department of Housing and Urban Development's d. U.S. Supreme Court's

d. U.S. Supreme Court's

Which of the following statements about federal fair housing guidelines is true? a. Because tweets are so short in length, they are exempt from fair housing guidelines. b. Federal fair housing guidelines don't apply to ads on social media. c. You can apply for electronic advertising exemptions from HUD. d. You must still adhere to federal fair housing guidelines when using social media.

d. You must still adhere to federal fair housing guidelines when using social media.