PRINCIPLES
& PRACTICE
& PRACTICE
If a property is built before 1978. The owner must provide the buyer with this disclosure
Lead Based Paint Disclosure
movable items not permanently attached to the land or building
Personal property
In this type of tenancy, Interest must be acquired at the same time and in equal shares
Joint tenancy
Name the two main governing bodies in real estate. State of Ohio
The Superintendent
Ohio Real Estate Commission (OREC)
This is the best type of deed that can be used to transfer property
Warranty deed
crucial information that significantly influences a reasonable person's decision in a transaction
MATERIAL FACT
A buyer will pay no more for a property than the buyer would have to pay for an equally desirable and available substitute property. Is what principle of appraisal.
Principle of substitution
In this type of tenancy, there can be unequal interest acquired by the tenants and any tenant can sell the interest to anyone they chose
Tenants in common
How much money is required to be in the real estate recovery fund
$250,000
This person signs a deed that is used to transfer property
Grantor
This disclosure must be given to a prospective buyer or seller, before any substantial activity is rendered to the buyer or seller
Consumer Guide to Agency Relationships
The formula for the cost approach is
cost of improvements – depreciation + land worth = value of the property
Name three types of encumbrances
Lien
Encroachment
Easement
Deed restriction
The state of Ohio required new agents to take how many hours of post-licensing education in their first year.
20 Hours
Who is the grantor and who is the grantee in a typical real estate transaction
Grantor is the seller
Grantee is the buyer
This disclosure Identifies if what role an agent is providing to a buyer and seller. The agency relationship can be single agency, in company split, dual agency or no relationship at all.
Agency Disclosure Statement
Compare comps to the subject and make adjustments to the comparables
This type of encumbrance "runs with the land"
Appurtenant easement
In this license status an agent's license is in possession of the Division of Real Estate and Professional Licensing but renewed as required; The salesperson license is not associated with a broker; providing real estate services is not allowed
Inactive license status
This is the tax on conveyance of real property based on price of property conveyed
Transfer tax
These duties cannot be waived by an client at any time.
General fiduciary duties to clients may not be waived by a client
Name the three types of income associated with the income approach to value.
Gross potential income
Effective gross income
Net operating income
This type of leasehold estate has a specific, stated duration, per lease; expires at end of term
Estate for years
an unlicensed person cannot receive this for providing services that require licensure
Commission or compensation
This is a legal doctrine that allows a person to claim a property right in land owned by another.
Adverse possession