Question: What statement describing a real estate licensee’s status as an independent contractor is FALSE?

Answer Options: A. Independent contractors set their own work schedules. B. Independent contractors work under the supervision of the broker. C. Independent contractors are paid based on the tasks completed. D. Independent contractors receive benefits such as health insurance.

Answer: D. Independent contractors receive benefits such as health insurance.

Question: Which of the following statements about a management level licensee is TRUE?

Answer Options: A. They can be either a licensed broker or salesperson with supervisory responsibilities. B. They can only supervise salespersons, not other brokers. C. They can relieve the principal broker of all legal responsibilities. D. They must be licensed as a broker, not as a salesperson.

Answer: A. They can be either a licensed broker or salesperson with supervisory responsibilities.

Question: The seller listed their home for $289,000 and accepted a buyer’s offer of $287,000. The appraisal on the property came in at $288,000. If the lender requires an LTV of 80%, how much is the lender willing to lend?

Answer Options: A. $202,000 B. $229,600 C. $230,400 D. $231,200

Answer: B. $229,600

Question: In a brokerage that operates under the Split Agency But No Dual Agency model, licensee Pat represents a seller. Pat’s buyer client becomes interested in Pat’s listing. What must occur?

Answer Options: A. The buyer can ask the broker to appoint a different licensee to represent them. B. Pat can represent both parties with written consent. C. Pat must continue representing the seller; the buyer must represent themselves. D. Pat must withdraw from the transaction entirely.

Answer: A. The buyer can ask the broker to appoint a different licensee to represent them.

Question: Which of the following name variations is permitted in advertising for a license issued to “Elizabeth Marie Johnson”?

Answer Options: A. “E.M. Johnson,” without registration B. “Elizabeth Best Agent’ Johnson, if registered as a preferred name C. “Elizabeth Johnson-Smith” (her legal name), without registration D. “Liz Johnson,” if registered as a preferred name

Answer: D. “Liz Johnson,” if registered as a preferred name

Question: Gino missed the deadline to renew his Ohio salesperson’s license. His license is now in ______ status, and he has a _____ grace period to reactivate it.

Answer Options: A. inactive / 3-year B. resigned / 6-month C. suspended / 12-month D. terminated / 90-day

Answer: C. suspended / 12-month

Question: Belinda’s toy poodle went missing, so she offered her neighbor $500 to find and return her dog. This is an example of a:

Answer Options: A. bilateral express contract. B. bilateral implied contract. C. unilateral express contract. D. unilateral implied contract.

Answer: C. unilateral express contract.

Question: An Asian-American buyer asks to be shown homes that are located in specific neighborhoods that the buyer knows are primarily Asian. If a real estate licensee complies with their wishes, this is:

Answer Options: A. illegal, as it is blockbusting. B. illegal, as it is steering. C. legal, as it is done at the buyer’s request. D. legal, as the Fair Housing Act has an exception for single-family homes.

Answer: B. illegal, as it is steering.

Question: A borrower’s credit report shows:

Answer Options: A. employment history only. B. only current outstanding debts. C. only negative payment history. D. a record of past debt repayment behavior.

Answer: D. a record of past debt repayment behavior.

Question: Of these types of deeds, which would most likely be used to clear a cloud on a title, such as a misspelled name?

Answer Options: A. Bargain and sale deed B. General warranty deed C. Quitclaim deed D. Special warranty deed

Answer: C. Quitclaim deed.

Question: Maria has passed the Ohio real estate salesperson license exam, and her license is issued. What must happen before she can begin practicing real estate?

Answer Options: A. She must attend a mandatory orientation at the Division of Real Estate. B. She must complete a 30-day internship. C. She must be properly associated with a principal broker. D. She must wait for a 10-day cooling-off period to elapse.

Answer: C. She must be properly associated with a principal broker.

Question: Which of the following BEST describes how encumbrances can affect real property?

Answer Options: A. They always increase property value by adding legal protections. B. They can decrease property value and marketability. C. They have no impact on property transferability. D. They only affect commercial properties, not residential ones.

Answer: B. They can decrease property value and marketability.

Question: A buyer submits an offer to their agent, who gives it to the listing agent for delivery to the sellers. The sellers like the offer and sign their acceptance. They then hand the accepted offer to their agent with instructions to deliver the accepted contract back to the buyer. Has a contract been created?

Answer Options: A. No, because the sellers’ acceptance has not been communicated to the buyer B. Yes, because the listing agent now has possession of the accepted offer C. Yes, because the offer has been delivered to the buyer D. Yes, because the offer was accepted

Answer: A. No, because the sellers’ acceptance has not been communicated to the buyer