Question: What is the timeframe within which an Ohio landlord must return a residential tenant’s security deposit after the tenant moves out?
Answer Options:
A. 14 days
B. 21 days
C. 30 days
D. 45 days
Answer: C. 30 days 86.
Question: Vlad works for a property management company that manages apartment buildings owned by various investors. Vlad’s duties include showing vacant units to prospective tenants, negotiating lease terms, and approving rental applications. Does Vlad need a real estate license?
Answer Options:
A. No, as long as he’s paid on a salary basis
B. No, because he’s only dealing with rentals, not sales
C. Yes, because he’s negotiating leases and approving applications
D. Yes, but only if he’s compensated through commissions
Answer: C. Yes, because he’s negotiating leases and approving applications 87.
Question: A residential real estate licensee with 15 years of experience is approached by a client who is seeking help valuing a large industrial warehouse. The licensee has never worked with industrial properties but believes their general real estate knowledge is sufficient. What should the licensee do?
Answer Options:
A. Accept the assignment and conduct thorough research to compensate for their lack of experience.
B. Accept the assignment and obtain assistance from someone who has industrial property expertise.
C. Decline the assignment because it is outside their field of expertise.
D. Refer the client to any commercial property specialist who will pay a referral fee.
Answer: B. Accept the assignment and obtain assistance from someone who has industrial property expertise. 88.
Question: Lena is selling her home without using a real estate agent. She advertises it online, holds open houses, and negotiates with potential buyers. Does Lena need a real estate license?
Answer Options:
A. Yes, because she’s advertising real estate for sale
B. Yes, because she’s negotiating real estate transactions
C. No, because she’s dealing with her own property
D. No, but only if she doesn’t sell more than one property per year
Answer: C. No, because she’s dealing with her own property. 89.
Question: Which is one of the duties of the Ohio Division of Real Estate & Professional Licensing?
Answer Options:
A. Auditing brokers’ records and trust accounts
B. Disseminating information to licensees
C. Promoting the Canons of Ethics for the Real Estate Industry
D. Setting licensing standards
Answer: A. Auditing brokers’ records and trust accounts 90.
Question: A real estate licensee is representing a buyer interested in a property with a well water system. What is the licensee’s obligation regarding water quality?
Answer Options:
A. Assure the buyer that well water is generally safe in the area.
B. Personally test the water to ensure it’s safe.
C. Recommend professional water quality testing, but do not interpret results.
D. Research and explain local water quality issues to the buyer.
Answer: C. Recommend professional water quality testing, but do not interpret results. 91.
Question: Louisa, a real estate licensee, hires a third-party company to maintain her website. She requests that they update a sold property listing, but they fail to do so within 14 days. Which statement is TRUE regarding responsibility for this violation?
Answer Options:
A. Louisa is responsible because she is ultimately accountable for all of her advertising.
B. The third-party company is responsible because it failed to make the requested update.
C. Louisa’s broker, as the supervising broker, is responsible.
D. Louisa is not responsible if she can prove that she requested the update in a timely manner.
Answer: D. Louisa is not responsible if she can prove that she requested the update in a timely manner. 92.
Question: Premiere Realty licensee Brooke creates a team with three other licensees and an unlicensed assistant. Which of the following team names would comply with Ohio regulations?
Answer Options:
A. Premier Property Associates
B. Premier Property Experts
C. Premier Property Team
D. Premier Realty Group
Answer: C. Premier Property Team 93.
Question: A licensed Ohio real estate salesperson receives a referral fee directly from a broker in Florida for referring a client who purchased property there. Is this legal?
Answer Options:
A. Yes, as long as the Florida broker is properly licensed
B. Yes, because it involves property outside Ohio
C. No; referral fees can only be paid between brokers, not to salespeople.
D. No; the salesperson must receive the referral fee through their Ohio broker.
Answer: D. No; the salesperson must receive the referral fee through their Ohio broker. 94.
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 95.
Question: Principal broker Smitty receives a written request from the superintendent to return the suspended license of an affiliated licensee. What is the maximum time frame within which Smitty must return this license to avoid potential misconduct charges?
Answer Options:
A. Immediately
B. Within 3 days
C. Within 15 days
D. Within 30 days
Answer: B. Within 3 days 96.
Question: Which of the following situations does NOT require a real estate licensee to notify the superintendent within 15 days?
Answer Options:
A. Being convicted of a felony
B. Transferring to a different brokerage
C. Being found to have violated a federal housing discrimination law
D. Being the subject of an order revoking a professional license
Answer: B. Transferring to a different brokerage 97.
Question: For a real estate licensee to be classified as an independent contractor by the Internal Revenue Service (IRS) for tax purposes, they must be compensated based on:
Answer Options:
A. a fixed monthly salary.
B. the number of hours worked.
C. the number of sales closed and commissions earned.
D. their years of experience in the real estate industry.
Answer: C. the number of sales closed and commissions earned. 98.
Question: In Ohio, how long is the license renewal cycle for real estate licensees after their initial renewal?
Answer Options:
A. 1 year
B. 2 years
C. 3 years
D. 5 years
Answer: C. 3 years 99.