Ohio Real Estate Salesperson Exam Version 1
Practice exam for Salesperson and Broker License Exam under Real Estate Exams (Licensing Exams). 5 sample questions.
Sample Questions
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Question 1
A salesperson is asked by a lending institution to provide an appraisal for a mortgage on a property owned by the bank. She should
Correct Answer: B
Rationale: A real estate salesperson is generally not qualified or legally permitted to perform a formal appraisal for a mortgage lending institution. Appraisals for federally regulated transactions (which include most mortgages) must be conducted by a state-licensed or certified appraiser. The most appropriate advice is for the bank to consult a qualified appraiser.
Rationale: A real estate salesperson is generally not qualified or legally permitted to perform a formal appraisal for a mortgage lending institution. Appraisals for federally regulated transactions (which include most mortgages) must be conducted by a state-licensed or certified appraiser. The most appropriate advice is for the bank to consult a qualified appraiser.
Question 2
A landlord may file an action for possession of the premises against a tenant for all of the following reasons EXCEPT the tenant
Correct Answer: C
Rationale: A landlord can initiate an eviction (action for possession) for specific legal reasons, such as non-payment of rent, remaining in the property after the lease expires without permission (holdover tenant), or violating lease terms regarding property upkeep and maintenance. Personal dislike or animosity between landlord and tenant is generally not a legal basis for eviction.
Rationale: A landlord can initiate an eviction (action for possession) for specific legal reasons, such as non-payment of rent, remaining in the property after the lease expires without permission (holdover tenant), or violating lease terms regarding property upkeep and maintenance. Personal dislike or animosity between landlord and tenant is generally not a legal basis for eviction.
Question 3
A sum has been paid from the real estate recovery fund toward satisfaction of a judgement against a real estate licensee. What action shall be taken against the licensee?
Correct Answer: C
Rationale: When a payment is made from a state's real estate recovery fund to compensate a member of the public for damages caused by a licensee's actions, the licensee's license is typically automatically suspended or revoked until the licensee reimburses the fund in full, plus any interest. The most severe and immediate consequence is usually revocation or suspension until reimbursement.
Rationale: When a payment is made from a state's real estate recovery fund to compensate a member of the public for damages caused by a licensee's actions, the licensee's license is typically automatically suspended or revoked until the licensee reimburses the fund in full, plus any interest. The most severe and immediate consequence is usually revocation or suspension until reimbursement.
Question 4
Under what circumstances can a licensee accept compensation from more than one party in a single transaction?
Correct Answer: D
Rationale: A licensee can accept compensation from more than one party in a single transaction (e.g., from both buyer and seller in a dual agency situation, or a referral fee from a lender in addition to a commission) ONLY if all parties to the transaction have full knowledge of the arrangement and provide their informed consent. Full disclosure and consent are paramount to avoid conflicts of interest.
Rationale: A licensee can accept compensation from more than one party in a single transaction (e.g., from both buyer and seller in a dual agency situation, or a referral fee from a lender in addition to a commission) ONLY if all parties to the transaction have full knowledge of the arrangement and provide their informed consent. Full disclosure and consent are paramount to avoid conflicts of interest.
Question 5
Each licensee MUST notify
Correct Answer: C
Rationale: Real estate license law in most jurisdictions requires licensees to notify the state's real estate licensing authority (e.g., the Ohio Real Estate Commission or Division of Real Estate) of any change in their personal address. This ensures that the regulatory body has current contact information for all licensees.
Rationale: Real estate license law in most jurisdictions requires licensees to notify the state's real estate licensing authority (e.g., the Ohio Real Estate Commission or Division of Real Estate) of any change in their personal address. This ensures that the regulatory body has current contact information for all licensees.