Question: A real estate salesperson has just closed a transaction and is expecting their commission. According to Ohio law, from whom can they receive their commission?
Answer Options:
A. Directly from the seller
B. From any licensed broker
C. From the title company
D. From their broker only
Answer: D. From their broker only 100.
Question: Tabitha, a newly licensed real estate salesperson in Ohio, fails to complete the required post-licensing education before the required deadline. What happens next?
Answer Options:
A. Her license is automatically suspended.
B. She must pay a fine but can continue practicing.
C. She must retake the licensing exam.
D. The superintendent can revoke her license.
Answer: A. Her license is automatically suspended. 101.
Question: Real estate broker Renee is moving to a new office space and is clearing out old files. For how long from the date of the transaction must she retain transaction files, according to Ohio real estate license law?
Answer Options:
A. 1 year
B. 2 years
C. 3 years
D. 5 years
Answer: C. 3 years 102.
Question: What statement about broker commissions MUST be included in an agency agreement in Ohio?
Answer Options:
A. Commissions are negotiable and may be paid by various parties.
B. Commissions are set by the Real Estate Commission.
C. Commissions are standardized across the industry.
D. Sellers must pay all commissions on the sale.
Answer: A. Commissions are negotiable and may be paid by various parties. 103.
Question: A buyer is interested in a property listed by an agent at Ricochet Realty. The buyer doesn’t have an agent and asks the listing agent to help prepare an offer. What should the listing agent clarify to the buyer?
Answer Options:
A. The agent can represent both parties equally.
B. The agent must become a dual agent to help the buyer.
C. The agent represents only the seller; the buyer is unrepresented.
D. The buyer must hire their own agent before making an offer.
Answer: C. The agent represents only the seller; the buyer is unrepresented. 104.
Question: Listing agent Carlos is working with sellers who are reluctant to accept an offer that’s $3,000 below their asking price. To facilitate the transaction, Carlos offers to reduce his commission by $3,000 so the sellers can accept the offer without losing money. What must Carlos do to ensure that this arrangement complies with Ohio regulations?
Answer Options:
A. Disclose the commission reduction in the purchase agreement.
B. Document the commission reduction in an addendum to the listing agreement only.
C. Nothing because commission negotiations between a broker and a client are private and don’t need to be disclosed.
D. Obtain written permission from his broker, but no other disclosure is required.
Answer: A. Disclose the commission reduction in the purchase agreement. 105.
Question: The Ohio Real Estate Commission is responsible for:
Answer Options:
A. investigating written complaints against real estate licensees.
B. issuing real estate licenses.
C. issuing subpoenas to witnesses for investigations.
D. setting licensing standards and promoting the Canons of Ethics.
Answer: D. setting licensing standards and promoting the Canons of Ethics. 106.
Question: Real estate broker Alex forms a partnership with three other individuals who are not real estate licensees to create a brokerage company. Which statement is TRUE regarding non-licensed partners, according to Ohio regulations?
Answer Options:
A. Each must obtain a real estate salesperson’s license.
B. Each must submit a signed affidavit to the Division of Real Estate.
C. Non-licensees cannot be partners in a real estate brokerage.
D. Only one non-licensee can be a partner in the brokerage.
Answer: B. Each must submit a signed affidavit to the Division of Real Estate. 107.
Question: Real estate licensee Melissa has prepared an Agency Disclosure Statement for her buyer client who wants to make an offer on a property listed with another brokerage. The buyer refuses to sign the form despite Melissa’s explanation of its importance. According to Ohio law, what must Melissa do in this situation?
Answer Options:
A. Refuse to submit the buyer’s offer until the form is signed.
B. Note on the form to whom it was presented, the date and time, the refusal to sign, and the reason if known.
C. Have another agent in her office sign as a witness to the buyer’s refusal to sign.
D. Proceed with the transaction without the Agency Disclosure Statement.
Answer: B. Note on the form to whom it was presented, the date and time, the refusal to sign, and the reason if known. 108.
Question: A property manager learns that a prospective tenant is an active-duty service member who could be deployed overseas during the lease term. The manager denies the application, citing concerns about potential early lease termination. This decision:
Answer Options:
A. is justified because early termination would create a financial hardship for the owner.
B. violates Ohio’s Civil Rights Act because military status is a protected class.
C. would be acceptable if the manager offered a month-to-month lease instead.
D. is permissible if the manager has had negative experiences with military tenants in the past.
Answer: B. violates Ohio’s Civil Rights Act because military status is a protected class. 109.
Question: If a real estate licensee wants to transfer from their current brokerage to a new one, what must they do first, according to Ohio regulations?
Answer Options:
A. Complete additional continuing education requirements.
B. File a transfer application with the Division of Real Estate & Professional Licensing.
C. Provide written notice to their current principal broker.
D. Return their license to the superintendent.
Answer: C. Provide written notice to their current principal broker. 110.
Question: According to Ohio regulations, what is the maximum number of brokerages for which a licensed broker can serve as principal broker?
Answer Options:
A. 1 brokerage
B. 3 brokerages
C. 5 brokerages
D. There is no limit, as long as they can effectively manage them all.
Answer: C. 5 brokerages 111.
Question: A real estate team consists of three licensed salespeople and one unlicensed assistant. How must the unlicensed assistant be compensated?
Answer Options:
A. The assistant can be paid by either the team or the broker.
B. The assistant can only be paid by the broker.
C. The assistant cannot be compensated for real estate-related work.
D. The assistant must be paid equally by all team members.
Answer: A. The assistant can be paid by either the team or the broker. 112.
Question: The Success Team at XYZ Realty consists of three licensed agents and two unlicensed assistants. The team leader wants to set up a compensation structure in which team members receive direct payments based on their contributions to closed transactions. Which of the following statements is accurate?
Answer Options:
A. All team members must be paid through the broker, regardless of license status.
B. Both licensed and unlicensed team members can receive compensation directly from the team.
C. Only unlicensed team members can receive compensation directly from the team; licensed members must be paid through the broker.
D. The team can establish an LLC to pay all members directly, bypassing broker payment requirements.
Answer: C. Only unlicensed team members can receive compensation directly from the team; licensed members must be paid through the broker.