Ohio Contracts
Practice Questions & Answers (2026)
Contract law questions on the Ohio real estate exam test both general contract principles and Ohio-specific transaction requirements. The Ohio Division of Real Estate & Professional Licensing tests how Ohio contract law applies to purchase agreements, counteroffers, contingencies, and earnest money disputes. Pay close attention to offer and acceptance mechanics, how counteroffers extinguish prior offers, and the specific timelines under Ohio law for earnest money handling and contingency resolution. These are areas where candidates who studied nationally often apply the right concept but the wrong OH-specific timeframe or rule.
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Ohio Contracts — Practice Questions & Answers
125 questions on Contracts from the Ohio real estate question bank. First 10 are free — sign up to unlock all 125.
Q1. In Ohio, a purchase agreement becomes binding when:
Explanation
A purchase agreement in Ohio becomes binding (mutually accepted) when all parties have signed and the acceptance has been communicated to the offeror.
Q2. An Ohio seller receives an offer with a financing contingency. This contingency means:
Explanation
A financing contingency makes the contract conditional upon the buyer obtaining a mortgage loan with specified terms. If the buyer cannot obtain financing, they may cancel the contract and recover their earnest money.
Q3. In Ohio, if a seller rejects a buyer's offer outright without making a counteroffer, the buyer's offer:
Explanation
A rejection terminates the offer. Once an offer is rejected, the offeror (buyer) is no longer bound. The seller cannot later accept the original offer.
Q4. Which of the following BEST describes an 'as-is' clause in an Ohio purchase contract?
Explanation
An 'as-is' clause means the buyer agrees to accept the property in its existing condition. In Ohio, an 'as-is' clause does not excuse the seller's obligation to complete the Residential Property Disclosure Form — known defects must still be disclosed.
Q5. An exclusive agency listing in Ohio means:
Explanation
In an exclusive agency listing, the broker is the only agent authorized to sell the property, but the seller retains the right to sell the property themselves without paying a commission. If the broker produces the buyer, a commission is owed.
Q6. In Ohio, which of the following describes a 'net listing'?
Explanation
A net listing allows the broker to keep any proceeds above the seller's specified net amount as commission. Net listings are discouraged and potentially illegal in Ohio because they create a conflict of interest.
Q7. Under Ohio law, which of the following is required for a real estate contract to be enforceable?
Explanation
A valid contract in Ohio requires offer, acceptance, consideration, competent parties, legal purpose, and (for real estate) must be in writing under the Statute of Frauds.
Q8. In Ohio, a real estate purchase contract becomes binding when:
Explanation
A contract is formed when the seller signs the offer and the buyer is notified of that acceptance. Notification of acceptance is essential for mutual assent.
Q9. A buyer submits an offer and the seller responds with different terms. Under Ohio contract law, this is:
Explanation
A counteroffer changes the terms of the original offer, which legally constitutes a rejection of the original offer and creates a new offer that the buyer may accept, reject, or counter.
Q10. Which clause in an Ohio purchase contract allows the buyer to cancel if they cannot obtain financing?
Explanation
A mortgage contingency (financing contingency) clause gives the buyer the right to cancel the contract and recover earnest money if they are unable to obtain the specified financing.
Q11. Under Ohio law, which of the following is TRUE about earnest money?
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