COURTS
CONTRACTS
DEEDS
WILLS
LICENSES
100
P sues D for the breach of a real estate contract, claiming $121,500 in damages. In which court is the case mostly likely to be tried? A) County Court B) Ohio Real Estate Court C) Court of Common Pleas D) Municipal Court
What is Court of Common Pleas
100
Which is a broker’s favorite type of listing agreement? A) Exclusive agency agreement B) Exclusive right to sell agreement C) Notarized listing agreement D) Open listing
What is Exclusive right to sell agreement
100
In a real estate transaction, title to the real estate passes from seller to buyer by A) Execution of the deed by the seller, and delivery and acceptance of the deed by the buyer. B) Possession of the property. C) Recording of the deed. D) All of the above.
What is Execution of the deed by the seller, and delivery and acceptance of the deed by the buyer.
100
A willed gift of money is a A) Bequest B) Devise C) Legacy D) Testament
What is Legacy
100
According to Ohio License Law, who does NOT need to be licensed to sell real estate? A) A salaried employee of ABC Corporation when ABC is selling its own property. B) An apartment locator service that charges a fee for its services to the client seeking an apartment. C) A friend selling a neighbor’s property for $100 D) A property management company that leases to tenants.
What is A salaried employee of ABC Corporation when ABC is selling its own property.
200
The rule preventing a court from hearing a case if too much time has passed since the facts giving rise to the case have occurred is called the A) Statute of limitations. B) Rule of equitable remedies. C) Statute of liability. D) None of the above.
What is Statute of limitations.
200
Who are the parties to the listing agreement (contract)? A) Agent and seller B) Buyer and seller C) Seller and broker D) Agent and broker
What is Seller and broker
200
Title to real property changes hands when the deed is A) Signed B) Delivered C) Witnessed or notarized D) Recorded
What is Delivered
200
In Ohio, for property to escheat to the state, which must be TRUE? A) There must be no net estate. B) There must be no will and no living heirs. C) The testator must have tried to cheat the state. D) There must be no will or no living heirs.
What is There must be no will or no living heirs.
200
Suspension of a real estate license is for A) One-half the time of a revocation. B) A set period of time, with reactivation by application after the suspension is lifted. C) An unspecified period of time. D) An unspecified period of time, with reactivation by application.
What is A set period of time, with reactivation by application after the suspension is lifted.
300
Which would be considered the unauthorized practice of law by a real estate agent? A) Attesting a deed. B) Drafting a land contract. C) Filling in blanks on a form sales contract. D) Witnessing a will.
What is Drafting a land contract.
300
Who are the parties to the sales contract? A) Agent and broker B) Agent and seller C) Buyer and seller D) Seller and buyer
What is Buyer and seller
300
When a deed is recorded, A) The deal is completed. B) It cannot be unrecorded at any time in the future. C) It may still be changed at any time in the future. D) The recording acts as a notice to the world of the buyer’s interest in the property.
What is The recording acts as a notice to the world of the buyer’s interest in the property.
300
The reversion of real property to the state because of a lack of heirs or other persons legally entitled to hold the property of a deceased person who died intestate is known as A) Eminent domain. B) Escheat. C) Police power. D) Right of survivorship.
What is Escheat.
300
For which could a broker/sales agent lose his real estate license? A) Failure to pay commissions B) Income tax evasion C) As second civil rights law violation D) All of the above
What is All of the above
400
X fails to make the home repairs for which he contracted with Y. The contract was for $5,000 and was not paid. Y secures another contractor to perform the work for $6,000. In the subsequent lawsuit of Y against X for breach of contract, Y is most likely to be awarded A) $1,000 in compensatory damages. B) $1,000 in punitive damages. C) $5,000 in compensatory damages. D) $6,000 in compensatory damages.
What is $1,000 in compensatory damages.
400
Under Ohio law, it is mandatory that every listing agreement have a(n) A) Extension close. B) Referral date. C) Sale date. D) Termination date.
What is Termination date.
400
“A” sells a home to “B”, “B” takes possession immediately but is slow to record the deed. In the meantime, “A” sells the same property to “C”, who immediately records the deed (before “B”). Who has title? A) A B) B C) C D) B and C
What is C
400
A one-third (1/3) life estate in a deceased spouse’s property transferred without consent is A) Dower. B) A homestead. C) A life estate pur autre vie. D) Reversion
What is A life estate pur autre vie.
400
When a broker returns his own broker’s license to the Superintendent of the Division of Real Estate so as to reactivate his salesperson license, the license is said to be A) Canceled B) In escrow C) Inactive D) On deposit
What is On deposit
500
Which is legal under Ohio Civil Rights Law? A) The landlord/occupant of a four-plex housing unit refuses to rent to an Asian couple. B) The owner of vacant land refuses to lease to a woman. C) The owners refuses to show his only single-family owner-occupied home (which is up for sale) to a person over 70 years of age. D) The owner/occupant of only one single-family home refuses to sell the home to a Roman Catholic couple.
What is The owners refuses to show his only single-family owner-occupied home (which is up for sale) to a person over 70 years of age.
500
The law requiring certain contracts to be in writing in order to be enforceable is called the A) Parole evidence rule. B) Statute of frauds. C) Statute of limitations. D) Written instrument law.
What is Statute of frauds.
500
A deed is the most commonly used legal instrument for the transfer of A) Encroachments. B) Freehold estates. C) Leasehold estates. D) All of the above.
What is All of the above.
500
A riparian owner is one who owns land bounding on A) A common area. B) Municipal property. C) A national forest. D) A waterway.
What is A waterway.
500
A broker’s license is suspended for one year. What happens to the sales agents under that broker? A) Their licenses will be revoked. B) They may continue to operate the broker’s business. C) They may make an application to transfer to another broker. D) They must remain on inactive status until the broker’s license is reinstated.
What is They may make an application to transfer to another broker.
M
e
n
u