Ohio Real Estate Exam
1,501+ Practice Questions & Answers
Every question includes a detailed explanation. Organized by the 12 topics on the Ohio real estate salesperson exam.
Property Ownership
159 questions- In Ohio, property taxes are levied based on:
- In Ohio, a joint tenancy requires which four unities to be present at creation?
- An Ohio property owner wants to grant a neighbor the right to use a path across their land. This would be created as:
- In Ohio, when a property owner dies intestate (without a will), their real property passes according to:
- Ohio's Marketable Title Act affects property titles by:
- In Ohio, a Transfer on Death (TOD) deed allows a property owner to:
- In Ohio, joint tenancy requires which of the four unities?
- Under Ohio law, the primary difference between joint tenancy and tenancy in common is:
- A life estate in Ohio grants the life tenant the right to:
- Ohio's homestead exemption for seniors and disabled persons provides:
- Under Ohio condominium law, a unit owner's individual ownership interest includes:
- The Ohio Planned Community Act governs:
- Riparian rights in Ohio give a property owner:
- Which type of legal description is most commonly used in Ohio's urban areas?
- In Ohio, 'adverse possession' requires continuous, open, notorious, hostile, and exclusive use for:
- Fee simple absolute is considered the highest form of property ownership in Ohio because:
- A fee simple defeasible estate in Ohio is one that:
- In Ohio, an easement appurtenant benefits:
- An easement in gross in Ohio benefits:
- Which of the following BEST describes a 'license' in Ohio property law (as distinguished from an easement)?
- In Ohio, a mechanic's lien may be filed by:
- In Ohio, real property is defined to include all of the following EXCEPT:
- The 'bundle of rights' in real estate includes all of the following EXCEPT:
- Ohio's 'dower' rights were abolished in 1985. Prior to abolishment, dower gave a surviving spouse:
- In Ohio, the concept of 'intestate succession' applies when:
- Which of the following is NOT a characteristic of a condominium under Ohio's Condominium Property Act?
- In Ohio, a 'covenant running with the land' is a private restriction that:
- In Ohio, fixtures are generally considered real property. Which test helps determine if an item is a fixture?
- Under Ohio law, a 'prescriptive easement' is acquired through:
- In Ohio, which of the following is a specific, involuntary lien against real property?
- A 'pur autre vie' life estate in Ohio is one that is measured by:
- In Ohio, a property owner who grants an easement to a neighbor retains title to the property but gives the neighbor:
- What is the primary purpose of a title search in Ohio?
- In Ohio, a tenancy in common can be terminated by a court action called:
- Under Ohio law, which of the following is TRUE about the Ohio Condominium Property Act?
- In Ohio, which document officially creates a condominium?
- In Ohio, an 'abstract company' provides:
- In Ohio, a 'tenancy at will' is created when:
- In Ohio, a 'tenancy at sufferance' occurs when:
- In Ohio, an owner of a fee simple estate has the right to all of the following EXCEPT:
- Under Ohio law, a 'deed of trust' is:
- In Ohio, a 'time-share' is a form of:
- A 'mineral rights' severance in Ohio real estate occurs when:
- In Ohio, air rights above a property are generally:
- In Ohio, property owned by a corporation is held in:
- Ohio's Agricultural District program allows farmers to register farmland to:
- In Ohio, which of the following is TRUE about a TOD (Transfer on Death) deed?
- In Ohio, an 'easement by necessity' is created when:
- In Ohio, which of the following creates a tenancy in common by operation of law?
- An Ohio landowner grants a neighbor an easement for a shared driveway. The neighbor then sells their property. The new owner of the neighbor's property:
- In Ohio, the doctrine of 'waste' prohibits a life tenant from:
- Under Ohio law, which of the following is true regarding tenancy by the entirety?
- In Ohio, a 'constructive annexation' in property law refers to:
- In Ohio, which principle determines whether a contested item is a fixture or personal property when the buyer and seller disagree?
- In Ohio, 'riparian rights' are associated with property that:
- Which of the following is an example of a 'specific lien' in Ohio?
- In Ohio, personal property located in a home sale is considered included in the sale unless:
- In Ohio, the process by which property reverts to the grantor (or their heirs) when a fee simple defeasible condition is violated is called:
- In Ohio, which document creates legal title in a grantee and is used to convey ownership at a real estate closing?
- An Ohio property owner who donates a conservation easement to a land trust may be eligible for:
- In Ohio, the recording of a deed protects the grantee by providing:
- In Ohio, which of the following is NOT an essential element required to convey real property by deed?
- Under Ohio law, a deed is considered 'delivered' when:
- In Ohio, a 'cooperative' (co-op) housing arrangement differs from a condominium because:
- In Ohio, a 'dedication' of land occurs when an owner:
- In Ohio, subsurface rights (below the surface of the land) include rights to:
- In Ohio, the term 'fee tail' is:
- In Ohio, which document establishes the legal boundaries of a subdivision lot?
- Under Ohio law, an owner of a condominium unit who fails to pay condo association dues may face:
- In Ohio, 'intestate succession' for a married person with children typically provides:
- Which of the following is an example of 'personal property' in an Ohio real estate transaction?
- In Ohio, which of the following creates a valid lien against real property without the owner's consent?
- In Ohio, 'collateral' in a mortgage transaction is:
- In Ohio, which of the following is TRUE about a 'homestead exemption' for qualifying seniors?
- Which of the following statements about Ohio's CAUV (Current Agricultural Use Valuation) program is TRUE?
- Under Ohio's Planned Community Act (ORC Chapter 5312), homeowner associations have the authority to:
- In Ohio, a 'remainderman' in a life estate is the person who:
- Ohio's Marketable Title Act helps protect property owners by:
- In Ohio, which of the following statements about ORC Chapter 5302 (standard forms of conveyances) is true?
- Under Ohio law, which of the following is a 'general lien' that affects all property owned by the debtor?
- In Ohio, the 'covenant of quiet enjoyment' in a deed warrants that:
- In Ohio, a real estate investor who holds title to multiple investment properties in their personal name may expose themselves to greater risk than holding in an LLC because:
- In Ohio, a 'cemetery lot' deed conveys:
- Which of the following is a 'general' warranty deed covenant included in an Ohio warranty deed under ORC Chapter 5302?
- In Ohio, 'adverse possession' cannot be established against property owned by:
- Under Ohio law, which of the following would cause a joint tenancy to be severed (converted to tenancy in common)?
- In Ohio, when a grantee records a deed, what benefit does this provide to the grantee?
- In Ohio, a 'tax deed' is issued when:
- Ohio's 'Conveyance Fee Statement' (DTE 100) filed with the county auditor at the time of a property transfer is used to:
- In Ohio, which of the following BEST explains why title insurance is purchased at closing?
- In Ohio, which of the following is TRUE about condominium association 'rules and regulations' versus 'CC&Rs' (declaration)?
- In Ohio, which of the following is an example of 'encroachment'?
- In Ohio, 'color of title' in an adverse possession claim refers to:
- In Ohio, a 'leasehold estate' is best described as:
- In Ohio, the seller's property disclosure obligations extend to:
- In Ohio, which of the following statements about the Ohio Condominium Property Act (ORC Chapter 5311) is TRUE?
- In Ohio, a 'deed restriction' or 'restrictive covenant' differs from a zoning ordinance because:
- In Ohio, a homestead exemption for seniors may be applied to the property where the senior:
- In Ohio, 'accretion' is the process by which:
- In Ohio, 'avulsion' in real property law refers to:
- In Ohio, when joint tenants hold property with right of survivorship and one tenant dies, their interest:
- Under Ohio law, a 'license coupled with an interest' is different from an ordinary license in that:
- In Ohio, a 'conservation easement' donated to a land trust benefits the donor by:
- In Ohio, a deed that contains a 'habendum clause' ('to have and to hold') serves to:
- In Ohio, which of the following is TRUE about a property placed in a revocable living trust?
- In Ohio, a homeowner who constructs a fence that encroaches on a neighbor's property by 2 feet may be subject to a court order requiring:
- In Ohio, which of the following best describes the 'right of possession' as part of the bundle of rights?
- In Ohio, the 'right of exclusion' in the bundle of rights allows an owner to:
- In Ohio, which of the following is an example of a 'statutory lien' that is created by law without the owner's agreement?
- In Ohio, a seller who intentionally fails to disclose a known material defect on the Residential Property Disclosure Form may face:
- In Ohio, the 'habendum clause' starting with 'to have and to hold' in a general warranty deed defines:
- Under Ohio law, which type of ownership interest is created when a property is held by an irrevocable trust?
- In Ohio, property held by an LLC is protected from personal creditors of the LLC's members through:
- In Ohio, a 'profit à prendre' is:
- In Ohio, a 'trust deed' in real estate differs from a 'trustee's deed' in that:
- Which Ohio deed type guarantees title only against claims arising during the grantor's period of ownership?
- Under Ohio law, what is the effect of a Transfer on Death (TOD) deed during the grantor's lifetime?
- What distinguishes a fixture from personal property in an Ohio real estate transaction?
- What is the Ohio Homestead Exemption and who qualifies?
- Under the Ohio Condominium Property Act (ORC 5311), what does a unit owner typically own?
- What is the difference between a life estate and a fee simple estate?
- What is adverse possession and what are Ohio's requirements?
- What is the key difference between joint tenancy and tenancy in common?
- What is a deed restriction (restrictive covenant)?
- What is an easement appurtenant?
- What is Ohio's CAUV (Current Agricultural Use Valuation) program?
- What is a ground lease?
- What is a prescriptive easement in Ohio?
- What is the bundle of rights in real estate?
- What is the Ohio Planned Community Act (ORC 5312)?
- What is the doctrine of merger in Ohio real estate?
- What is a tenancy by the entirety in Ohio?
- What is the difference between a license and an easement in property law?
- What are CC&Rs in a homeowners association?
- What is an encroachment in real estate?
- What is a real estate investment trust (REIT)?
- What is the difference between surface rights and subsurface rights in Ohio real estate?
- What is the significance of the Ohio Revised Code Chapter 5309 (Torrens system)?
- What is a homeowners association (HOA) and what authority does it have?
- What is the principle of accretion in real estate?
- What is the doctrine of waste in Ohio real estate?
- What is the Ohio Statute of Limitations for real estate actions?
- What is Ohio's Marketable Title Act (ORC 5301.47-5301.56) and its effect on old encumbrances?
- What is a riparian right in Ohio real estate?
- What is a partition action in Ohio?
- What is a cooperative (co-op) housing and how does it differ from a condominium?
- What is Ohio's right of redemption in foreclosure?
- What is the significance of the recording act in Ohio?
- What is Ohio's treatment of oil and gas rights in real estate transactions?
- What is the difference between actual possession and constructive possession in adverse possession?
- What is the difference between a covenant running with the land and a personal covenant?
- What is a condominium special assessment?
- What is the meaning of 'fee simple defeasible' as compared to 'fee simple absolute'?
- What is the concept of water rights in Ohio's Great Lakes coastal communities?
- What is the legal effect of a quitclaim deed in Ohio?
- What is a condominium association's authority under Ohio law?
- What is the Ohio Agricultural Lease Act and what protections does it provide?
- What is Ohio's statutory right to redeem a property after a tax lien sale?
- What is the Ohio Manufactured Homes Act and how does it differ from regular real property ownership?
Finance
143 questions- Under the Dodd-Frank Act, a Qualified Mortgage (QM) generally prohibits:
- The Ohio Housing Finance Agency (OHFA) assists:
- A buyer in Ohio pays 2 discount points on a $250,000 loan. How much does the buyer pay in discount points?
- Which of the following describes 'assumption of mortgage'?
- A home sells for $340,000 with a 15% down payment. What is the LTV ratio and loan amount?
- In Ohio, which type of mortgage clause requires the entire loan balance to become due upon sale of the property?
- What is the primary purpose of private mortgage insurance (PMI) in Ohio conventional loans?
- An Ohio buyer obtains a VA loan. Which of the following is TRUE about VA loans?
- Under RESPA, a 'kickback' or unearned fee in a real estate transaction settlement is:
- What does the annual percentage rate (APR) include that the stated interest rate does not?
- A buyer in Columbus, Ohio wants to use an FHA loan. What is the minimum credit score generally required by FHA guidelines for the minimum down payment?
- Under the Truth-in-Lending Act (TILA), a borrower's right of rescission applies to:
- In Ohio, a mortgage is legally created when:
- What is the difference between a mortgage and a promissory note?
- Ohio is a 'lien theory' state. This means that when a borrower gives a mortgage:
- What is the primary purpose of an escrow account held by a mortgage lender?
- In Ohio, which document pledges the real property as collateral for a loan?
- A balloon mortgage in Ohio is characterized by:
- What is the debt-to-income (DTI) ratio used for in mortgage underwriting?
- A seller in Ohio agrees to carry back a second mortgage to help the buyer purchase the home. This is known as:
- Under Ohio law, how is a mortgage foreclosure typically carried out?
- In Ohio, a borrower who loses their home at a sheriff's sale but the proceeds don't fully cover the loan balance may face:
- What does 'amortization' mean in the context of an Ohio mortgage?
- Which loan type is guaranteed by the U.S. Department of Agriculture and is available for rural properties in qualifying Ohio counties?
- A borrower in Ohio pays 'discount points' at closing. Each point equals:
- What does the loan-to-value (LTV) ratio measure?
- Under Ohio mortgage law, a 'satisfaction of mortgage' should be recorded when:
- A buyer assumes the seller's existing mortgage in an Ohio transaction. This means the buyer:
- In Ohio, a 'conforming loan' is one that:
- What is the purpose of the secondary mortgage market?
- An adjustable-rate mortgage (ARM) in Ohio includes a 'cap' provision that:
- A 'bridge loan' in Ohio real estate is typically used to:
- Under the Community Reinvestment Act (CRA), federally regulated lenders are required to:
- An Ohio buyer wants to purchase a $400,000 home with a conventional loan and 10% down. What is the loan amount and will PMI be required?
- Which federal law requires lenders to provide borrowers with a Loan Estimate (LE) within three business days of receiving a mortgage application?
- In Ohio, which type of mortgage allows the borrower to pay only interest for a specified period, after which payments increase to include principal?
- A reverse mortgage in Ohio is designed primarily for:
- In Ohio, which of the following is an example of a 'hard money' loan?
- A 'construction loan' in Ohio is designed to:
- Under Ohio law, a buyer who 'takes title subject to' an existing mortgage:
- Which Ohio state agency administers the Ohio Housing Finance Agency (OHFA) programs for first-time homebuyers?
- The Truth-in-Lending Act (TILA) primarily protects consumers by:
- In Ohio, which entity purchases FHA-insured and VA-guaranteed loans on the secondary market?
- Which of the following is NOT a federally related mortgage under RESPA?
- A mortgage that includes both the land and the building as collateral is called a:
- An Ohio lender who originates a mortgage and immediately sells it to an investor on the secondary market is acting as a:
- Under Ohio law, a 'purchase money mortgage' given by a seller to help the buyer purchase property has priority over:
- What is the purpose of Fannie Mae's Uniform Residential Loan Application (URLA, Form 1003)?
- In Ohio, a 'wraparound mortgage' involves:
- A mortgage that allows the borrower to borrow additional funds up to the original loan amount after partial repayment is called a(n):
- A 'participation mortgage' in Ohio commercial lending involves:
- In Ohio, a 'home equity line of credit' (HELOC) is secured by:
- Under HMDA (Home Mortgage Disclosure Act), lenders are required to:
- Under Ohio law, a lender who imposes a prepayment penalty on a residential mortgage must disclose this to the borrower:
- An Ohio borrower has a 5/1 ARM. What does '5/1' mean?
- In Ohio, which type of lending institution is a 'thrift' (savings and loan association)?
- The 'underwriting' process in Ohio mortgage lending involves:
- A 'non-recourse loan' in Ohio means that if the borrower defaults:
- In Ohio, a 'jumbo loan' is a mortgage that:
- Under RESPA, a 'yield spread premium' (YSP) paid by a lender to a broker for placing a borrower in a higher-rate loan than the borrower qualifies for:
- What is 'private label' mortgage-backed security (MBS) in the context of Ohio real estate finance?
- In Ohio, a 'contract for deed' (installment land contract) means the:
- Under Ohio law, a lender who refuses to provide a loan because the house is in 'need of repair' without considering the borrower's creditworthiness may be engaging in:
- The 'note rate' on a mortgage refers to:
- In Ohio, 'mortgage insurance premium' (MIP) is associated with which loan type?
- A borrower in Ohio wants to refinance their current mortgage. The primary benefit of refinancing is typically to:
- In Ohio, a 'portfolio loan' is one that the lender:
- Under TRID, the Loan Estimate must be provided to the borrower no later than:
- In Ohio, which government entity insures deposits in member savings banks and credit unions up to $250,000?
- An Ohio lender charges a borrower 3 points to buy down the interest rate on a $240,000 loan. What is the cost of the buydown?
- In Ohio, a 'swing loan' (bridge loan) allows a homeowner to:
- Under RESPA Section 9, a seller in Ohio who requires the buyer to use a specific title company may be:
- An Ohio homebuyer qualifies for the Ohio Housing Finance Agency (OHFA) first-time homebuyer program. A key benefit of OHFA programs is:
- What is the 'debt coverage ratio' (DCR) used to evaluate in Ohio commercial lending?
- Under the Dodd-Frank Act, an Ohio lender making a 'qualified mortgage' (QM) must ensure the borrower has:
- In Ohio, a 'purchase money mortgage' given by the buyer to a third-party lender (not the seller) is:
- In Ohio, which document serves as evidence of the borrower's personal obligation to repay the mortgage debt?
- Under Ohio law, a lender who violates TILA disclosure requirements may face:
- In Ohio, a 'participation loan' in commercial real estate financing typically involves:
- What is a 'due-on-encumbrance' clause in an Ohio mortgage?
- In Ohio, 'graduated payment mortgage' (GPM) loans feature:
- In Ohio, a 'warehouse line of credit' used by mortgage banks is:
- An Ohio lender's 'lock-in' of an interest rate for a borrower means that:
- Under Ohio law, which of the following is TRUE about an FHA streamline refinance?
- In Ohio, a 'home equity loan' is typically structured as:
- Under RESPA, a settlement service provider who pays a kickback to a real estate agent for referring clients is:
- In Ohio, a 'blanket mortgage' is commonly used by:
- Under Dodd-Frank, the Consumer Financial Protection Bureau (CFPB) has authority over which of the following Ohio mortgage activities?
- In Ohio, a 'mortgage servicer' is responsible for:
- In Ohio, a 'conforming loan limit' is set annually by:
- In Ohio, a 'mortgage banker' differs from a 'mortgage broker' in that a mortgage banker:
- Under Ohio's mortgage law, which party has the right to foreclose when the borrower defaults?
- In Ohio, a 'loan modification' differs from a refinance in that a loan modification:
- In Ohio, a 'certificate of eligibility' (COE) is required to obtain which type of mortgage loan?
- What does the Truth in Lending Act (TILA) require lenders to disclose?
- What is the purpose of private mortgage insurance (PMI)?
- What is the purpose of the Qualified Mortgage (QM) rule under Dodd-Frank?
- What is the conforming loan limit's significance in mortgage lending?
- What is a balloon mortgage?
- What is the maximum loan-to-value (LTV) ratio for most FHA purchase loans?
- What does the Equal Credit Opportunity Act (ECOA) prohibit?
- What is a 1031 exchange in real estate?
- What is the debt-to-income (DTI) ratio used for in mortgage lending?
- What is the difference between a fixed-rate and adjustable-rate mortgage (ARM)?
- What is the role of the Federal Reserve in mortgage markets?
- What is a home equity line of credit (HELOC)?
- What is a buydown in mortgage financing?
- What is HMDA (Home Mortgage Disclosure Act)?
- What is a reverse mortgage and who qualifies in Ohio?
- What is the secondary mortgage market?
- What is a hard money loan in real estate?
- What is the difference between recourse and non-recourse debt in real estate?
- What is a VA-guaranteed home loan and who qualifies?
- What is an interest rate cap on an adjustable-rate mortgage?
- What is a construction loan and how does it convert to a permanent mortgage?
- What is a mortgage contingency (financing contingency) in a purchase contract?
- What is a USDA Rural Development loan?
- What is a mortgage assumption and what does it mean for the original borrower?
- What is loan origination and what does it involve?
- What is a purchase money mortgage?
- What is a negative amortization loan?
- What is a bridge loan in real estate?
- What is the loan-to-value (LTV) ratio and why does it matter?
- What is the role of Ginnie Mae (GNMA) in the mortgage market?
- What is a home warranty and how does it differ from homeowner's insurance?
- What is an ARM initial adjustment period?
- What is a mortgage note (promissory note) in real estate?
- What is an FHA 203(k) loan?
- What is a private placement mortgage in real estate?
- What is an acceleration clause in a mortgage?
- What is the purpose of a survey requirement by mortgage lenders?
- What is a loan modification and how does it differ from a refinance?
- What is a prepaid expense (impound/escrow account) in mortgage lending?
- What is a portfolio loan in mortgage lending?
- What is a gap indemnity in mortgage lending?
- What is debt coverage ratio (DCR/DSCR) in commercial lending?
- What is a loan estimate (LE) and when must it be provided?
- What is an FHA mortgage insurance premium (MIP)?
- What is the Community Development Block Grant (CDBG) program and how does it affect Ohio real estate?
- What is a convertible ARM mortgage?
- What is a down payment assistance (DPA) program and how does it work in Ohio?
- What is the Ohio Housing Finance Agency (OHFA) and what programs does it offer?
- What is the Home Mortgage Disclosure Act (HMDA) and who must comply?
Real Estate Math
142 questions- An Ohio property is appraised at $280,000. The county auditor assesses it at 35% for tax purposes. The millage rate is 60 mills. What is the annual tax? (1 mill = $0.001 per $1 of value)
- A broker earns a 6% commission on a $390,000 sale and splits it 60/40 with the co-op broker. How much does the listing broker receive?
- A buyer purchases a $310,000 home with an FHA loan requiring 3.5% down. What is the buyer's down payment?
- A seller accepts an offer of $425,000. After paying a 5.5% commission and $4,200 in other closing costs, what does the seller net?
- A Cleveland home sells for $185,000. The county conveyance fee is $4 per $1,000 (including the state portion). What is the total conveyance fee?
- A property has a gross rent multiplier (GRM) of 120 and monthly rent of $1,800. What is the estimated property value?
- An Ohio property's assessed value is $84,000. The millage rate is 75 mills. What is the annual property tax?
- A salesperson earns a 2.5% co-op commission on a $320,000 sale. The broker takes 30% of the salesperson's commission. How much does the salesperson keep?
- A buyer puts 20% down on a $260,000 home. The lender charges 2 points as an origination fee. What is the dollar amount of the points?
- A property's net operating income is $28,000. If the capitalization rate is 8%, what is the property's estimated value?
- A rectangular lot is 120 feet wide and 180 feet deep. What is the lot's area in acres? (1 acre = 43,560 sq ft)
- An Ohio home is assessed at 35% of its $320,000 market value. The millage rate is 80 mills. What is the annual property tax?
- A seller wants to net $200,000 after paying a 6% commission. What must the property sell for?
- A borrower's monthly principal and interest payment is $1,250. Their gross monthly income is $5,000. What is their front-end (housing) debt-to-income ratio?
- A property generates annual gross rents of $36,000 and has a 5% vacancy rate. What is the effective gross income?
- If a property's effective gross income is $34,200 and operating expenses are $14,200, what is the net operating income (NOI)?
- An Ohio broker earns 6% of the first $100,000 and 4% of the balance on a $350,000 sale. What is the total commission?
- A buyer's loan has a balance of $180,000 at an annual interest rate of 6%. What is the monthly interest payment for the first month?
- A Cincinnati property was purchased for $200,000 and sold for $240,000. What was the percentage gain on the original investment?
- A property sold for $410,000. The listing broker charges 3% and the buyer's broker charges 2.5%. What is the total commission?
- An Ohio property appraised at $180,000 has a county auditor assessed value of 35% of appraised value. The millage rate is 65 mills. What is the annual tax?
- A salesperson is paid 55% of the commission earned by the broker. The broker earns $14,000. How much does the salesperson receive?
- A 40-acre parcel in rural Ohio is for sale at $8,500 per acre. What is the total price?
- A property's annual gross income is $60,000 and the owner pays 40% in operating expenses. What is the annual NOI?
- A 30-year mortgage for $200,000 at 7% has a monthly payment of approximately $1,331. After 12 months, roughly how much principal has been paid if interest was $13,952?
- A Dayton-area investor purchases a 4-unit building. Each unit rents for $800/month. At 95% occupancy, what is the annual effective gross income?
- An Ohio seller agrees to pay 5% commission on the first $200,000 and 3% on amounts above $200,000. The property sells for $350,000. What is the total commission?
- A building was purchased for $500,000. The land value is $100,000. Using straight-line depreciation over 39 years (commercial), what is the annual depreciation deduction for the building?
- A property was appraised at $250,000. The county uses 35% assessment. The tax rate is 55 mills. What is the semiannual tax bill?
- If a home in Columbus sells for $375,000 and the state conveyance fee is $1/$1,000 plus a county add-on of $2/$1,000, what is the total conveyance fee?
- A buyer makes a 5% down payment on a $290,000 home. What is the loan amount?
- An Ohio appraiser uses a 7.5% cap rate to value a property with $45,000 NOI. What is the indicated value?
- A Cincinnati property's market value is $420,000. At 35% assessment and 70 mills, what is the annual tax?
- A commercial property generates $120,000 annual gross income. Operating expenses are 45%. What is the NOI?
- A seller receives $310,000 for their home. After paying a 5% commission, what are the net proceeds before other closing costs?
- A home is purchased with an 80% conventional loan at $350,000. What is the down payment?
- A broker earns a 7% commission on a commercial sale of $1,200,000. How much is the commission?
- A property has a monthly NOI of $3,500. At a 7% annual cap rate, what is the estimated value?
- An Ohio property's taxes are paid in arrears. The annual tax is $4,800. If the property closes on April 30, how much does the seller owe in tax proration (using a 360-day year, 30-day months)?
- An Ohio property has a list price of $350,000 and sells for 97% of list price. What is the actual sale price?
- A buyer in Cleveland purchases a $220,000 home with a 3.5% FHA down payment. How much is the down payment?
- An Ohio office building has 15,000 square feet of rentable space. The owner charges $18 per sq ft annually. At 90% occupancy, what is the annual income?
- A mortgage of $150,000 has an annual interest rate of 6%. The monthly P&I payment is $899.33. How much of the first month's payment goes to interest?
- An Ohio property sells for $460,000. After paying off a $290,000 mortgage, a 5.5% commission, and $4,500 in closing costs, what does the seller net?
- A property's lot is 75 feet wide and 140 feet deep. What is the lot area in square feet?
- A building was constructed for $400,000 and depreciates at 2% per year (straight-line). What is the depreciated value after 10 years?
- A rental property generates $18,000 annual NOI. If comparable properties sell at a 6% cap rate, what is its estimated value?
- An Ohio buyer qualifies for a maximum monthly housing payment of $1,500. Taxes and insurance are $350/month. What is the maximum monthly P&I payment?
- A home sells for $380,000 and the buyer makes a 20% down payment. The lender charges 1.5 points. What is the dollar cost of points?
- An Ohio seller needs to net $240,000 after paying a 6% commission. What must the property sell for?
- A commercial property is valued at $750,000 with a cap rate of 8.5%. What is the annual NOI?
- An Ohio tenant's monthly rent is $1,400. The lease says rent increases 3% annually. What is the monthly rent in year 2?
- A property has a lot measuring 200 feet by 300 feet. How many acres is this? (1 acre = 43,560 sq ft)
- An Ohio triplex has three units each renting for $900/month. Annual operating expenses are $12,600. What is the annual NOI?
- A buyer makes an offer of $268,000 on a $280,000 asking price. What percentage of asking price is the offer?
- An Ohio property has a tax assessment of $105,000 and a millage rate of 72 mills. What is the annual property tax?
- A 6% mortgage on a $200,000 loan has an annual interest cost of $12,000 in the first year. What is the approximate monthly interest?
- An Ohio investment property was purchased for $400,000 and sold 5 years later for $490,000. What is the total dollar appreciation?
- An Ohio seller owes $195,000 on their mortgage. The property sells for $285,000. After a 5.5% commission, what are the seller's net proceeds before other closing costs?
- A property in Columbus was appraised at $325,000. At 35% assessment, the assessed value is $113,750. At 68 mills, what is the annual tax?
- A buyer purchases a home for $430,000, putting 10% down and financing the rest. The lender requires PMI at 0.8% annually of the loan amount. What is the annual PMI cost?
- A parcel of land is described as the NW 1/4 of the SW 1/4 of Section 12. How many acres does this contain? (A section = 640 acres)
- An Ohio property is assessed at $96,000. The millage rate is 55 mills. What is the annual property tax?
- An Ohio broker's office collected $650,000 in gross commissions over the year. The broker's operating expenses were $280,000. What is the net income?
- A property generates monthly rents of $2,200. Using a GRM of 130, what is the estimated market value?
- An Ohio home sold for $395,000. The listing agent receives 3% and the buyer's agent receives 2.5%. How much does the listing agent earn?
- A buyer makes an earnest money deposit of 2% of the $315,000 purchase price. How much is the earnest money?
- A buyer in Cleveland puts 15% down on a $275,000 home. What is the down payment and loan amount?
- A property in Dayton has a market value of $198,000 and is assessed at 35%. The combined millage rate is 90 mills. What is the annual tax?
- A home sold for $355,000 and the buyer made a 20% down payment. The lender charges an origination fee of 1% plus a $495 appraisal fee. What is the total loan origination cost?
- An Ohio apartment building has 8 units. Each unit rents for $750/month with a 6% vacancy rate. Annual operating expenses are $22,000. What is the annual NOI?
- An Ohio property is listed at $425,000 and sells for 98% of asking price. After paying a 5% commission, how much does the seller net?
- A commercial property is listed for $1,500,000. The buyer offers 95% of asking price. What is the offer amount?
- A building is 50 years old with a total economic life of 75 years. Using straight-line depreciation, what percentage of value has been depreciated?
- An Ohio closing occurs on June 15. The annual property tax is $3,600 (paid in arrears). How much does the seller owe in tax proration? (Use 365-day year)
- A property generates $6,500 per month NOI. At a 6% cap rate, what is the market value?
- An Ohio investor pays $520,000 for a property and sells it 3 years later for $598,000. What is the total percentage gain on the original investment?
- An Ohio property sold for $525,000 with a 5.5% commission. The listing broker takes 60% of the total commission. What does the listing broker earn?
- A buyer puts 3.5% down on a $242,000 FHA loan. What is the loan amount?
- If a property's NOI is $55,000 and the annual debt service is $38,500, what is the debt service coverage ratio (DSCR)?
- A salesperson earns 2.8% of the sale price. The property sold for $375,000. How much commission does the salesperson earn?
- A 6,000 sq ft retail building rents for $22 per sq ft annually. At 92% occupancy, what is the annual effective gross income?
- An Ohio property's annual tax is $7,200. The property's assessed value is $120,000. What is the effective mill rate?
- A property manager charges 8% of collected rents. In a month where gross rents are $12,500 and 2 units are vacant ($1,200 total vacancy), what is the management fee?
- An Ohio buyer closes on September 30. Annual property taxes are $5,400 (paid in arrears). How much is the seller's tax proration credit to the buyer? (Using 360-day year, 30-day months)
- A property has monthly rents of $3,800. At a 7.5% annual cap rate, what is the estimated property value?
- A buyer in Toledo purchases a $195,000 home with an FHA loan (3.5% down) and pays a 1.75% upfront MIP. What is the upfront MIP dollar amount?
- An Ohio investor's property has a net operating income of $42,000 and an annual debt service of $30,000. What is the 'equity dividend' if the investor's equity position is $140,000?
- A commercial lease requires the tenant to pay $18/sf base rent on 2,500 sf plus 15% of the tenant's gross sales above $400,000. If annual sales are $480,000, what is the total annual rent?
- An Ohio apartment has a potential gross income (PGI) of $84,000. Vacancy and credit loss is 7%. Operating expenses are $28,000. What is the NOI?
- A property sold for $650,000. The buyer put 25% down. At closing, the lender charged 0.5 points. What was the cost of points?
- A seller's property is on the market for 45 days and receives an offer at 94% of the $340,000 list price. What is the offer amount?
- An Ohio investor buys a 6-unit apartment for $480,000. Each unit rents for $650/month. What is the annual gross rent multiplier (GRM)?
- An Ohio homeowner's property tax bill is $4,500 semiannually. If the assessed value is $100,000, what is the mill rate?
- A 1,200 sq ft office suite in Columbus rents for $24/sf annually, NNN. The tenant's pro-rata share of common areas adds $3/sf. What is the total annual rent?
- An Ohio property appraises at $295,000. After 35% assessment, the millage rate is 62 mills. The semiannual tax bill is:
- A buyer offers $425,000 with a 10% earnest money deposit. What is the earnest money amount?
- A property generates $75,000 annual NOI. Using a 7% cap rate, what is the property value? If the cap rate increases to 8%, what is the new value?
- A property sells for $280,000. The Ohio conveyance fee is $1 per $1,000 of sale price. What is the state conveyance fee?
- An investor purchases a rental property for $200,000 with $40,000 down. The property generates $18,000 annual net operating income and has $12,000 annual debt service. What is the cash-on-cash return?
- A building has an economic life of 40 years and is 10 years old. Using straight-line depreciation, what percentage of value has been depreciated?
- A listing agent earns 3% commission and the buyer's agent earns 3% on a $350,000 sale. How much does the listing broker keep if the listing agent splits 60/40 with the broker (agent gets 60%)?
- A property's assessed value is $180,000. The tax rate is 45 mills. What is the annual property tax?
- A property owner wants to net $225,000 after paying a 6% commission. What must the property sell for?
- A 40-unit apartment complex has a potential gross income of $432,000 annually. At 95% occupancy, what is the effective gross income?
- A buyer obtains a 30-year $200,000 mortgage at 6% annual interest. What is the monthly interest for the first payment?
- A property sells for $325,000. The buyer makes a 20% down payment. What is the loan amount?
- A buyer's monthly housing expenses include: mortgage payment $1,400, property taxes $250, insurance $80. Their gross monthly income is $6,500. What is the front-end DTI?
- A property has 150 front feet and 200 feet deep. At $8 per square foot, what is the land value?
- A home sells for $410,000. The listing agent's broker charges a 6% total commission split 50/50 between listing and buying brokers. The listing agent receives 70% of their broker's commission. How much does the listing agent receive?
- An income property has a GRM of 120. Monthly rent is $1,800. What is the estimated property value?
- A property manager charges 8% of collected rents. Monthly collected rents are $14,500. What is the monthly management fee?
- A property's net operating income is $48,000. Operating expenses are $22,000. What is the effective gross income?
- An investment property is purchased for $500,000. Annual NOI is $42,500. What is the cap rate?
- A property was purchased for $180,000 five years ago and sold for $240,000. What is the percentage increase in value?
- A house appreciates at 4% per year. If it is worth $300,000 today, what will it be worth in 3 years?
- A property has annual gross income of $84,000, vacancy/credit loss of 5%, and operating expenses of $31,500. What is the NOI?
- A property sells for $195,000. The deed transfer tax is $1 per $1,000 (state) plus $0.50 per $1,000 (county). What is the total transfer tax?
- An Ohio property has an assessed value of $135,000 (35% of market value). What is the estimated market value?
- A property manager collects $12,000 per month in rents, 6% vacancy rate, and management fee is 9% of collected rents. What is the monthly management fee?
- A commercial property has annual NOI of $95,000. Market cap rates for similar properties are 7.5%. What is the indicated property value?
- A property is listed for $265,000 and sells for $252,000. What is the sale price as a percentage of the list price?
- A borrower takes a $180,000 mortgage at 5.5% for 30 years. The monthly payment factor is $5.68 per $1,000. What is the monthly P&I payment?
- An investor requires a 12% return on investment. The property generates $24,000 annual cash flow after debt service. What is the maximum they should invest in equity?
- A seller paid $175,000 for a property 8 years ago. It appreciated at 5% per year simple interest. What is the current value?
- A property has a potential gross income of $120,000. Vacancy and collection loss is 8%. Operating expenses are $45,000. What is the NOI?
- A property has monthly gross income of $8,500. Annual operating expenses total $48,000. What is the annual NOI assuming no vacancy?
- If a property depreciates $5,000 per year and was built 15 years ago, what is the total accumulated depreciation?
- A home was purchased for $220,000, and the buyer made a 10% down payment. After 2 years, the property is worth $240,000 and the mortgage balance is $190,000. What is the owner's equity?
- A commercial property has 8,000 sq ft leased at $22/sq ft annually NNN. Annual taxes are $28,000, insurance is $6,000, and maintenance is $14,000. What is the property's annual NOI?
- A property is assessed at $165,000. The county charges a 2.5% effective tax rate on assessed value. What is the annual property tax?
- A listing expires with a protection period clause. During the 90-day protection period, a buyer the agent introduced purchases the property. The commission is 5% on $310,000. How much commission is owed?
- A property sells for $430,000. Seller's closing costs include: 6% commission, $1,200 title policy, $500 attorney fee, and $430 recording fee. The seller has a $280,000 mortgage payoff. What are the seller's net proceeds?
- A property is under contract for $285,000. The appraisal comes in at $270,000. The lender will loan 80% of appraised value. How much additional cash must the buyer bring to the table beyond their planned 20% down on the contract price?
- A property has 3 rental units. Unit 1 rents for $850/month, Unit 2 for $900/month, Unit 3 for $775/month. The vacancy rate is 10%. What is the effective annual gross income?
- An investor pays $485,000 for a building and the land is worth $85,000. The IRS allows 27.5-year straight-line depreciation on residential buildings. What is the annual depreciation deduction?
- An investor buys a property for $350,000 and gets a $280,000 mortgage. The annual NOI is $31,500. What is the equity dividend (cash-on-cash) rate before debt service vs. after assuming debt service of $20,160?
- A commercial property sells for $1.8 million with a 1.5% buyer's agent commission and 1.5% listing agent commission. Both agents split 60/40 with their respective brokers (agents get 60%). How much does the buyer's agent receive?
- A property has a gross rent multiplier (GRM) of 100 for monthly rent. The annual gross income is $36,000. What is the estimated property value?
- An office building has 25,000 rentable sq ft at $18/sq ft NNN with a 10% vacancy rate. Annual operating expenses for the landlord are $35,000. What is the NOI?
- A buyer financing $220,000 at 7% for 30 years has a monthly payment of $1,464. How much of the first payment is principal?
- An Ohio property has market value of $375,000. Ohio properties are assessed at 35% of market value. The tax rate is 68 mills. What is the annual property tax?
Ohio License Law
141 questions- Which state agency regulates real estate licenses in Ohio?
- How many hours of pre-license education are required to sit for the Ohio real estate salesperson exam?
- How many questions are on the Ohio real estate salesperson licensing exam?
- What is the minimum passing score on the Ohio real estate salesperson licensing exam?
- In Ohio, a newly licensed salesperson must be affiliated with:
- Ohio's Residential Property Disclosure Form is required to be provided by the seller in the sale of:
- When must an Ohio seller provide the Residential Property Disclosure Form to a buyer?
- What is the license renewal period for Ohio real estate salesperson licenses?
- How many hours of continuing education must Ohio salesperson licensees complete per three-year renewal period?
- Under Ohio law, a real estate licensee who pays an unlicensed person a portion of their commission for referrals is:
- Under Ohio law, a broker must deposit earnest money into a trust account within:
- Which of the following is grounds for the Ohio Division of Real Estate to revoke a license?
- Under ORC Chapter 4735, how long does a newly issued Ohio real estate salesperson license remain valid before first renewal?
- How many hours of continuing education must an Ohio real estate salesperson complete each two-year renewal cycle?
- The Ohio Real Estate Commission (OREC) has the authority to:
- A licensed Ohio salesperson wishes to transfer to a new brokerage. What must happen for the transfer to be effective?
- Which of the following activities requires a real estate license in Ohio?
- In Ohio, a broker's license may be placed on 'inactive' status when:
- Under ORC 4735, the Ohio Real Estate Recovery Fund compensates:
- What is the maximum amount the Ohio Real Estate Recovery Fund will pay per transaction?
- Under ORC Chapter 4735, a real estate licensee who is found to have violated license law may face which of the following penalties?
- Which of the following is an exemption from Ohio real estate licensing requirements?
- Which document must a licensee provide to all parties before entering an agency agreement in Ohio?
- Under ORC 4735, a 'broker' license in Ohio allows the holder to:
- What is the minimum experience requirement to apply for an Ohio broker's license?
- In Ohio, the 'pocket listing' practice — advertising or selling a property before entering it into MLS — can be problematic because:
- An Ohio licensee who pays a referral fee to an unlicensed person is:
- Under ORC 4735, which of the following activities by an Ohio licensee constitutes 'commingling'?
- A real estate salesperson in Ohio wishes to receive a referral fee from a lender for sending clients to that lender. Under RESPA, this is:
- In Ohio, an unlicensed personal assistant working for a real estate broker may legally:
- When must an Ohio real estate salesperson disclose that they are a licensed real estate professional when buying or selling property for themselves?
- Under Ohio law, a real estate broker must keep all transaction records for a minimum of:
- The Ohio Real Estate Commission is composed of how many members?
- A real estate salesperson in Ohio must complete which mandatory continuing education topic each renewal cycle?
- Under ORC 4735.18, which of the following actions by a licensee may result in license revocation?
- An Ohio licensee is required to disclose to a prospective buyer that a property is:
- An Ohio real estate license is automatically suspended when a licensee:
- Which Ohio statute primarily governs the licensing and regulation of real estate brokers and salespersons?
- An Ohio broker who operates a real estate team must ensure that:
- Which of the following is TRUE about Ohio's net listing arrangement?
- In Ohio, advertising a property for sale without disclosing the brokerage name is:
- A reciprocal license in Ohio allows a real estate licensee from another state to:
- An Ohio licensee who represents a buyer in a transaction involving a property listed by the licensee's own brokerage must:
- Which of the following must an Ohio salesperson disclose in all advertising?
- Under Ohio law, a real estate broker who opens a branch office must:
- Under Ohio license law, an 'associate broker' is:
- Under ORC 4735, a licensee is prohibited from practicing real estate while their license is:
- Under ORC 4735, the Ohio Real Estate Commission may issue a 'cease and desist' order to:
- An Ohio real estate salesperson who operates under an assumed name (DBA) must:
- An Ohio broker's trust account may hold which of the following?
- Under ORC 4735, the Ohio Superintendent of Real Estate has the authority to:
- An Ohio real estate broker must maintain an office that is:
- Under Ohio license law, all of the following activities are prohibited EXCEPT:
- An Ohio real estate licensee who sells business opportunities (going-concern businesses) without also conveying real estate:
- Under ORC 4735, an Ohio real estate license application requires the applicant to disclose:
- In Ohio, a real estate broker may pay a commission to an out-of-state broker if:
- Under Ohio law, a salesperson who receives an earnest money check from a buyer must:
- What is the primary purpose of Ohio's Residential Property Disclosure Form?
- An Ohio licensee who discovers during a showing that the property has undisclosed major structural damage should:
- An Ohio licensee who is a party to a lawsuit involving real estate must disclose this on their license renewal if:
- Under ORC 4735, an Ohio broker who abandons their brokerage without properly notifying affiliated agents and clients may be subject to:
- Which of the following is TRUE about Ohio's Residential Property Disclosure Form?
- Under Ohio's license law, 'misrepresentation' by a licensee includes:
- An Ohio broker who has their license revoked must notify affiliated salespersons:
- In Ohio, a licensee found guilty of 'conversion' of client funds may face:
- Which of the following statements about Ohio's 'limited service listing' is correct?
- An Ohio broker must supervise affiliated salespersons by:
- In Ohio, a real estate licensee who violates the state's antitrust laws by engaging in price-fixing of commission rates faces:
- Under ORC 4735, which of the following is a valid reason for OREC to deny a real estate license application?
- Under Ohio law, an escrow agent who is not a licensed broker must be:
- Under Ohio law, which of the following transactions requires a real estate license?
- Ohio requires that the Agency Disclosure Statement be provided to consumers in real estate transactions. This document must be provided:
- In Ohio, a real estate licensee who is found to have engaged in 'blockbusting' may face which consequence?
- An Ohio real estate licensee who wants to operate a real estate team under a team name must ensure:
- Under ORC 4735, an Ohio salesperson who continuously works for more than one broker at the same time is:
- Under Ohio license law, when a real estate broker retires or becomes incapacitated, salespersons affiliated with the broker:
- Under ORC 4735, an Ohio real estate broker who supervises a salesperson who commits fraud in a transaction may be held:
- Under Ohio law, 'earnest money' in a transaction must be placed in the broker's trust account:
- An Ohio licensee who wants to use a virtual office must ensure that the virtual office:
- An Ohio real estate licensee who is convicted of a felony during the license period should:
- Under Ohio administrative law, when OREC schedules a hearing on a license disciplinary matter, the licensee has the right to:
- Under ORC 4735, an Ohio real estate broker who accepts a listing must disclose to the seller in writing:
- In Ohio, a licensee who 'farms' a neighborhood by sending unsolicited marketing materials must comply with which restriction?
- Under Ohio license law, a licensee may perform which of the following without obtaining a real estate license?
- In Ohio, a real estate broker who accepts compensation from both the buyer and the seller in the same transaction must:
- Under ORC 4735.18, which of the following constitutes a ground for disciplinary action against an Ohio licensee?
- In Ohio, which of the following is an example of 'practicing real estate without a license'?
- Under Ohio license law, if a broker dies while holding client funds in trust, what must happen?
- An Ohio licensee who is under investigation by OREC should:
- In Ohio, which of the following is considered a 'prohibited act' under ORC 4735.18?
- Under ORC 4735, what is the minimum continuing education requirement for Ohio real estate salespersons to renew their license?
- When must an Ohio real estate licensee disclose their license status when purchasing property for personal use?
- What is the Ohio Real Estate Recovery Fund used for?
- What action must an Ohio broker take when a salesperson's license is suspended?
- What is the purpose of the Ohio Real Estate Commission (OREC)?
- What is the penalty for practicing real estate without a license in Ohio?
- What happens to a real estate salesperson's listings when they change brokers in Ohio?
- What is a referral fee in Ohio real estate, and when is it permissible?
- What is the requirement for an Ohio broker to maintain a trust account?
- Under ORC 4735, which of the following activities requires an Ohio real estate license?
- What is a pocket listing, and what concerns does it raise under Ohio license law?
- What is an Ohio broker's responsibility for the actions of their associated salespersons?
- What must Ohio's seller's disclosure form include under ORC 5302.30?
- What is the Ohio Marketable Title Act and its significance?
- What is an affiliated business arrangement (AfBA) in Ohio real estate?
- What is a sole proprietor broker in Ohio?
- What is the role of ODREPL in Ohio real estate licensing?
- What is an unlicensed assistant allowed to do in Ohio real estate?
- What is a team name in Ohio real estate and what does ODREPL require?
- What is the Ohio Canons of Ethics for real estate licensees?
- What is a disclosed dual agent in Ohio and what duties are owed?
- What is the Ohio requirement for property management trust accounts?
- What is the Ohio requirement for a management-level licensee in a real estate company?
- What is a showing agreement in Ohio real estate?
- Under ORC 4735, which of the following requires a real estate broker's license (rather than salesperson)?
- What must an Ohio salesperson do within the first year of licensure?
- What is the Ohio requirement for a foreign broker (broker from another state) wishing to co-broker an Ohio transaction?
- What is the minimum broker experience requirement before an Ohio salesperson may apply for a broker's license?
- What disclosure must Ohio licensees make regarding their compensation?
- What are the requirements for Ohio real estate license renewal?
- What is the role of the Ohio Association of Realtors (OAR)?
- What does 'earnest money commingling' mean and why is it prohibited?
- Under ORC 4735, what is 'commingling of funds' and what penalty does Ohio impose?
- What is a licensee's obligation when they discover a material defect in a property they are selling?
- What is the Ohio requirement for maintaining records of real estate transactions?
- What is Ohio's law regarding the use of an assumed name (DBA) by a broker?
- Under Ohio law, when must a real estate licensee provide the Residential Property Disclosure Form to a buyer?
- What is Ohio's definition of a 'licensed broker' vs. a 'principal broker'?
- What is the requirement for Ohio licensees to use state-approved or promulgated contract forms?
- What is an Ohio broker's obligation regarding advertising of properties?
- What is Ohio's treatment of internet advertising by real estate licensees?
- What is a designated managing broker in Ohio?
- What is Ohio's requirement for agency disclosure to sellers?
- What does Ohio law require when a salesperson transfers to a new broker?
- What is Ohio's law regarding licensee signatures on documents?
- What is the Ohio real estate salesperson pre-licensing education requirement?
- What must be included in every Ohio real estate listing agreement?
- What is the Ohio broker pre-licensing education requirement?
- What is the Ohio real estate license renewal period?
- Under ORC 4735, what are the consequences of a broker failing to supervise their licensees?
- Ohio real estate salesperson applicants must complete how many hours of pre-license education before taking the state exam?
Property Valuation
141 questions- In Ohio, the county auditor's assessed value is used to determine:
- Which principle states that the value of an improvement is only worth the amount it adds to the total property value?
- An Ohio appraiser is using the cost approach. The land value is $60,000 and the depreciated value of improvements is $175,000. What is the estimated property value?
- A property's annual NOI is $42,000 and similar properties are selling at a 7% cap rate. What is the estimated value?
- Which appraisal approach is considered MOST reliable for single-family homes in Ohio's active residential markets?
- In Ohio, CAUV stands for Current Agricultural Use Valuation. Under CAUV, farmland is taxed based on:
- The principle of 'regression' in real estate valuation states that:
- An Ohio appraiser makes a '+$5,000' adjustment to a comparable sale. This means the comparable:
- In Ohio, which professional is licensed to perform appraisals for federally related transactions over $400,000?
- Which type of depreciation in the cost approach is considered incurable because it is caused by factors external to the property?
- An Ohio home sold for $340,000. The listing broker claims a 6% commission. What is the total commission dollar amount?
- Which of the following BEST describes 'market value' in Ohio real estate appraisal?
- An Ohio appraiser is completing a URAR (Uniform Residential Appraisal Report). What is the minimum number of comparable sales typically required?
- The income capitalization approach is MOST appropriate for valuing which type of Ohio property?
- What does 'effective age' mean in an appraisal?
- When an Ohio appraiser reconciles multiple value indications, the FINAL value conclusion is:
- Which type of value is most relevant for an Ohio property tax assessment?
- Functional obsolescence in the cost approach refers to a loss in value due to:
- The cost approach is MOST reliable for which type of Ohio property?
- An Ohio appraiser identifies a comparable sale that is superior to the subject property in garage size (+$3,000 adjustment). The appraiser should:
- In Ohio, who may challenge a county auditor's property valuation?
- An Ohio property has a gross income of $50,000, a 10% vacancy loss, and operating expenses of $20,000. What is the NOI?
- Highest and best use in Ohio appraisal is defined as the use that is:
- Which of the following is an example of 'plottage' (assemblage value) in Ohio real estate?
- An Ohio appraiser uses the 'direct capitalization' method. They divide the property's NOI by the market cap rate to arrive at:
- What does 'arm's-length transaction' mean in the context of Ohio comparable sales?
- The gross rent multiplier (GRM) is calculated by dividing the:
- An Ohio appraiser identifies that a comparable sale closed 6 months ago and market values have risen 3% since then. The appraiser should make a:
- In Ohio, the county auditor performs a mass appraisal of all properties every:
- A commercial property in Dayton, Ohio generates $90,000 NOI at a 9% cap rate. If the cap rate drops to 7.5%, the property value would:
- When an Ohio appraiser finds very few recent sales in the subject's market area, they may:
- An Ohio appraiser needs to determine the value of a 20-unit apartment building. Which approach would typically receive the most weight?
- The 'reproduction cost' in appraisal refers to the cost of:
- What is meant by 'paired sales analysis' in Ohio appraisal?
- In Ohio, which of the following factors does NOT affect property value?
- Which of the following BEST describes 'economic life' of a building in Ohio appraisal?
- When appraising an older historic home in a Cleveland neighborhood, the appraiser finds significant physical deterioration. This is classified as:
- An Ohio appraiser uses the sales comparison approach. Which of the following adjustments is made to the COMPARABLE sale, not the subject?
- In Ohio, which principle states that value is created and maintained when property uses conform to existing neighborhood patterns?
- Which appraisal principle states that a buyer will pay no more for a property than the cost of acquiring an equally desirable substitute?
- If an Ohio property's NOI is $50,000 and it sells at a 6.25% cap rate, what is the sale price?
- Ohio's triennial update process requires county auditors to review property values:
- What is 'entrepreneurial profit' in the cost approach to appraisal?
- An Ohio property's market value increases because a new highway interchange is built nearby, improving access. This increase is attributed to:
- The 'income multiplier' method in Ohio real estate is used primarily for:
- Under Ohio appraisal standards, an appraiser's certification of value means the appraiser:
- An Ohio appraiser identifies three comparable sales. After adjustments, the indicated values are $310,000, $315,000, and $308,000. The final value opinion could be reconciled to:
- An Ohio appraiser is appraising a property for a 1031 exchange. The appraisal is used to determine:
- In Ohio, the principle of 'anticipation' states that value is influenced by:
- In Ohio, a property's value is negatively affected by a nearby industrial facility. An appraiser would classify this as:
- An Ohio residential appraiser's report must contain a certification that they:
- Under Ohio appraisal law, an 'appraisal review' is defined as:
- In Ohio, which principle holds that value is maximized when land use is in balance with all contributing factors of production?
- In Ohio, what does an appraiser do during the 'scope of work' determination?
- An Ohio commercial property appraiser uses a discounted cash flow (DCF) analysis. This method involves:
- Ohio's USPAP compliance requires all appraisers to:
- In Ohio, the phrase 'as of the date of value' in an appraisal means:
- When an Ohio appraiser makes a 'size adjustment' in the sales comparison approach, what are they accounting for?
- In Ohio, a 'desk review' appraisal is a type of appraisal review that:
- Under Ohio appraisal standards, an appraiser who is asked to 'hit a number' (produce a predetermined value) must:
- In Ohio, which of the following BEST describes a 'fee appraiser'?
- An Ohio bank orders an appraisal review on a residential appraisal. The reviewer finds the original appraiser made an error in selecting comparables. The reviewer should:
- In Ohio, which of the following is NOT typically included in the gross living area (GLA) of a residential property?
- Under Ohio appraisal practice, 'market rent' is defined as:
- An Ohio appraiser's value conclusion is $310,000. Their client (a lender) wants a value of $330,000 to approve the loan. The appraiser should:
- In Ohio, the county Board of Revision (BOR) has jurisdiction to hear:
- An Ohio commercial appraiser calculates a terminal cap rate for the DCF analysis. The terminal cap rate is used to:
- Which of the following properties would be MOST difficult to appraise using the sales comparison approach in Ohio?
- In Ohio, a 'retrospective appraisal' is one where the effective date of value is:
- An Ohio appraiser is tasked with determining the 'insurable value' of a property. This is most relevant for:
- In Ohio, an appraiser is required to use USPAP's 'Competency Rule,' which requires the appraiser to:
- In Ohio, which type of property would MOST likely be appraised using the 'land residual technique'?
- An Ohio appraiser identifies that a neighborhood is experiencing 'gentrification.' This would likely result in:
- In Ohio, the 'gross income multiplier' (GIM) differs from the 'gross rent multiplier' (GRM) in that:
- In Ohio, an appraiser using the 'extraction method' to estimate land value is:
- In Ohio, a 'certified residential appraiser' may appraise:
- An Ohio appraiser determines a comparable sale involved seller financing at below-market rates, making the price higher than it would have been with typical financing. The appraiser should:
- Which of the following BEST describes 'functional utility' of a building in Ohio appraisal?
- In Ohio, 'personal property' items included in a commercial sale should be:
- Under Ohio appraisal standards, an appraiser is prohibited from accepting a 'contingent fee' that is based on:
- In Ohio, the 'gross living area' (GLA) as used by appraisers for residential properties includes:
- Which of the following factors would MOST increase the capitalization rate for an Ohio investment property?
- In Ohio, the 'land residual technique' and 'building residual technique' are used in the income approach to:
- In Ohio, an appraisal for a divorce property settlement typically uses:
- In Ohio, which principle states that adding a 5th bedroom to a 4-bedroom home may not increase the property's value proportionally because the neighborhood doesn't support it?
- In Ohio, when appraising new construction, the cost approach is often most reliable because:
- In Ohio, the 'before and after method' is used in appraisals for:
- Under Ohio appraisal practice, which of the following items is an 'extraordinary assumption'?
- In Ohio, a 'hypothetical condition' in an appraisal is when the appraiser:
- In Ohio, which of the following is NOT a typical characteristic of 'market value'?
- In Ohio, the 'capitalization of income' method converts what into a value estimate?
- In Ohio, which of the following BEST describes 'market conditions' as used in the sales comparison approach?
- In Ohio, which type of commercial property is most commonly valued using the sales comparison approach in a market with sufficient sales activity?
- In Ohio, an appraiser finds a 'stabilized vacancy rate' of 6% for an apartment market. This means the appraiser will:
- In Ohio, an appraiser must report the 'as-is' value of a property. If the property has deferred maintenance, the appraiser should:
- When an Ohio appraiser identifies a sale as 'non-arm's-length' (e.g., a family sale at below-market price), the appraiser should:
- Under Ohio appraisal guidelines, an 'exterior-only inspection' appraisal (drive-by) is:
- In the cost approach, what term describes the loss in value from all causes?
- When using the income approach for residential property, which method is most commonly applied?
- What is the principle of substitution in real estate appraisal?
- What is functional obsolescence in an appraisal context?
- What is the income capitalization formula?
- What is an adjustment in the sales comparison approach?
- What is external obsolescence in real estate appraisal?
- What is the highest and best use of a property?
- What is the purpose of a comparative market analysis (CMA)?
- What is the relationship between interest rates and real estate values?
- What is reconciliation in the appraisal process?
- What is the difference between market value and market price?
- What is paired sales analysis in real estate appraisal?
- What is economic rent vs. contract rent in real estate?
- What is an automated valuation model (AVM)?
- What is the land residual technique in real estate appraisal?
- What is the cost to cure in appraisal?
- What is entrepreneurial profit (incentive) in the cost approach to appraisal?
- What is effective age vs. actual age in appraisal?
- What is the principle of anticipation in real estate valuation?
- What is the income multiplier method for valuing small residential rental properties?
- What is a mass appraisal as used in Ohio property taxation?
- What is an before and after analysis used for in appraisal?
- What is a comparable sale (comp) in real estate appraisal?
- What is the difference between replacement cost and reproduction cost in the cost approach?
- What is market exposure time in real estate appraisal?
- What is a capitalization rate (cap rate) and how is it determined?
- What is a drive-by appraisal?
- What is a discounted cash flow (DCF) analysis in real estate?
- What is a scope of work problem in appraisal?
- What is an assemblage premium in real estate valuation?
- What is an appraisal review and who typically performs it?
- What is the before-tax cash flow (BTCF) in real estate investment analysis?
- What is a neighborhood life cycle in real estate market analysis?
- What is the profit (markup) on resale calculation in real estate investment?
- What is yield in real estate investment?
- What is an impact study in real estate appraisal?
- What is a going concern value in real estate?
- What is an extraordinary assumption in appraisal?
- What is the significance of land residual in highest and best use analysis?
- What is a market rent analysis for new developments?
- What is the principle of progression and regression in real estate value?
- What is a restricted appraisal report vs. an appraisal report?
- What is a feasibility study in real estate development?
Contracts
125 questions- In Ohio, a purchase agreement becomes binding when:
- An Ohio seller receives an offer with a financing contingency. This contingency means:
- In Ohio, if a seller rejects a buyer's offer outright without making a counteroffer, the buyer's offer:
- Which of the following BEST describes an 'as-is' clause in an Ohio purchase contract?
- An exclusive agency listing in Ohio means:
- In Ohio, which of the following describes a 'net listing'?
- Under Ohio law, which of the following is required for a real estate contract to be enforceable?
- In Ohio, a real estate purchase contract becomes binding when:
- A buyer submits an offer and the seller responds with different terms. Under Ohio contract law, this is:
- Which clause in an Ohio purchase contract allows the buyer to cancel if they cannot obtain financing?
- Under Ohio law, which of the following is TRUE about earnest money?
- What is the Statute of Frauds' primary requirement for real estate contracts in Ohio?
- An Ohio purchase contract contains an 'as-is' clause. This means the buyer:
- In Ohio, which of the following voids a real estate contract?
- A seller in Ohio decides to accept an offer after the buyer's stated deadline has passed. Under contract law, this is:
- Which type of Ohio listing agreement gives the broker the exclusive right to earn a commission regardless of who sells the property?
- What is the legal effect of inserting 'time is of the essence' in an Ohio real estate contract?
- In Ohio, an option contract gives the optionee:
- The parol evidence rule in Ohio contract law generally means:
- Which remedy allows a party to an Ohio real estate contract to demand the other party fulfill the exact terms of the agreement?
- In Ohio, an addendum to a purchase contract is:
- A buyer and seller have a fully executed purchase contract. The buyer then asks for contract terms to change. This is called:
- In Ohio, a contract is considered 'void' if:
- A 'voidable' contract in Ohio is one that:
- Which of the following BEST describes 'mutual assent' in an Ohio contract?
- An Ohio real estate contract signed by a person who was adjudged legally incompetent is:
- Under Ohio law, a buyer who breaches a real estate purchase contract without justification may lose their earnest money as:
- An 'escalation clause' in an Ohio purchase offer allows:
- In Ohio, a 'kick-out clause' in a real estate contract allows the seller to:
- Which of the following BEST describes 'consideration' in an Ohio real estate contract?
- A buyer in Ohio makes an offer on a property and includes a $2,000 earnest money check. The seller accepts the offer. What should the listing broker do with the earnest money?
- A home inspection contingency in an Ohio purchase contract typically gives the buyer the right to:
- What is a 'novation' in Ohio contract law?
- In Ohio, an 'as-is' sale does NOT relieve the seller of the duty to:
- An Ohio real estate contract that is 'unconscionable' may be:
- A buyer's right to assign an Ohio purchase contract to a third party requires:
- What is the legal significance of a listing agreement's 'protection period' clause in Ohio?
- Under Ohio law, a minor (under 18) who signs a real estate contract may:
- An Ohio listing agreement must contain which of the following to be enforceable?
- What does 'rescission' of an Ohio contract mean?
- In Ohio, which of the following is an example of 'unilateral contract' in real estate?
- A real estate contract in Ohio can be discharged by all of the following EXCEPT:
- In Ohio, an 'earnest money deposit' in a real estate transaction is NOT required by law but serves to:
- An Ohio purchase contract states the buyer's obligation to purchase is 'contingent upon the buyer selling their current home.' This is called a:
- Under Ohio contract law, 'fraudulent misrepresentation' requires all of the following EXCEPT:
- In Ohio, a 'right of redemption' allows a foreclosed property owner to:
- In Ohio, which of the following is true about a 'backup offer'?
- An Ohio purchase contract contains both a home inspection contingency and a financing contingency. The buyer waives the inspection but the loan is denied. The buyer is entitled to:
- Under Ohio contract law, a contract under duress is:
- Which of the following listing agreements gives the seller the RIGHT to sell the property themselves without paying a commission?
- In Ohio, a seller who accepts an offer and then receives a higher offer cannot simply cancel the first contract because:
- A buyer in Ohio submits an offer on a Saturday with a Monday 5:00 PM acceptance deadline. The seller signs on Sunday afternoon but the buyer is not notified until Tuesday. Is there a contract?
- An Ohio purchase contract provides for a 15-day 'due diligence period.' During this period, the buyer typically has the right to:
- In Ohio, a 'release of liability' in a real estate transaction typically occurs when:
- Under Ohio law, the doctrine of 'merger' in real estate means that:
- In Ohio, which of the following BEST describes a 'bilateral contract'?
- A 'contingency' in an Ohio real estate contract is:
- In Ohio, the term 'closing date' in a purchase contract is typically defined as:
- In Ohio, a 'concurrent condition' in a real estate contract means:
- Under Ohio law, an 'executed contract' is one that:
- In Ohio, a 'lease with option to purchase' gives the tenant:
- In Ohio, the 'four corners' doctrine in contract interpretation means that:
- An Ohio buyer submits an offer that is contingent on the property appraising at or above the purchase price. If the appraisal comes in lower, the buyer may:
- In Ohio, a 'right of first refusal' in a real estate contract gives one party the right to:
- Under Ohio law, an 'executed deed' that is not delivered has what effect?
- In Ohio, a 'novation' in a real estate loan assumption occurs when:
- In Ohio, a 'right of rescission' for a consumer in certain real estate transactions under TILA allows the borrower to cancel:
- In Ohio, which of the following BEST describes the 'merger of title' that occurs when the owner of a dominant estate buys the servient estate?
- In Ohio, an 'irrevocable offer' means that the offeror:
- In Ohio, a 'waiver' in a real estate contract means one party has:
- In Ohio, an oral real estate listing agreement is:
- In Ohio, when can a seller legally back out of a signed purchase contract without penalty?
- Which of the following is an example of 'constructive fraud' in an Ohio real estate transaction?
- In Ohio, a real estate purchase contract becomes 'executory' when:
- In Ohio, a deed that is delivered but not accepted by the grantee:
- In Ohio, a 'release deed' (deed of reconveyance) is used to:
- Under Ohio contract law, which element is NOT required for a valid real estate contract?
- What is a contingency in a real estate purchase contract?
- What is the Statute of Frauds requirement for Ohio real estate contracts?
- What is the difference between assignment and novation of a contract?
- What is an option contract in real estate?
- When is an offer considered accepted in an Ohio real estate transaction?
- What is specific performance as a remedy in a real estate contract dispute?
- What is earnest money in a real estate transaction?
- What is the parol evidence rule in contract law?
- What is a right of first refusal in real estate?
- What is a material fact in real estate disclosure?
- What is the difference between liquidated damages and actual damages in a real estate contract?
- What is rescission of a contract?
- What is a counterproposal (counteroffer) in a real estate transaction?
- What is a time is of the essence clause in a real estate contract?
- What is an addendum vs. an amendment in real estate contracts?
- What is a bilateral contract in real estate?
- What is substantial performance in contract law?
- What is an 'as-is' clause in an Ohio real estate contract?
- What is the difference between void and voidable contracts in Ohio?
- What is the difference between a warranty deed and a grant deed?
- What is the legal concept of 'meeting of the minds' in contract formation?
- What is the significance of the phrase 'time is of the essence' in real estate contracts?
- What happens to an offer if the offeror dies before acceptance?
- What is a memorandum of contract (memorandum of agreement) in Ohio real estate?
- What is a due diligence period in a commercial real estate contract?
- What is a right of first refusal and how does it differ from an option?
- What is a land contract (contract for deed) in Ohio?
- What is the 'mirror image' rule in contract law?
- What is a completion bond vs. a performance bond in construction?
- What is a buyer's right of inspection in Ohio real estate contracts?
- What is a sale and leaseback transaction?
- What is a holdover tenant (tenant at sufferance) in Ohio?
- What is the difference between an executed and an executory contract?
- What is an exculpatory clause in a real estate contract or lease?
- What is an as-is contract vs. a standard purchase contract in Ohio?
- What is an as-is sale with right to cancel in Ohio?
- What is the doctrine of equitable conversion in real estate?
- What is a 'time is of the essence' notice in the context of a defaulting party?
- What is a backup offer in a real estate transaction?
- What is a rescission right under the federal Consumer Credit Protection Act?
- What is an earnest money dispute resolution in Ohio?
- What is an addendum for inspection contingency in Ohio?
- What is an escalation clause in a real estate purchase offer?
- What is a buyer's representation agreement and what does it establish?
- What is the difference between a bilateral and unilateral contract in Ohio real estate?
- What is an interpleader action in Ohio real estate?
- What is a material breach vs. a minor breach in Ohio contract law?
- What is an Ohio home sale contingency and how does it affect the seller?
Property Management
118 questions- Under Ohio landlord-tenant law (ORC Chapter 5321), a landlord must return a security deposit within:
- Under the Ohio Landlord-Tenant Act, which of the following is a landlord's statutory obligation?
- In Ohio, a residential lease for more than one year must be:
- A property manager in Ohio who collects rents and manages properties for others must:
- Which of the following is a tenant's right under the Ohio Landlord-Tenant Act?
- A gross lease in commercial property management means:
- A net lease requires the tenant to pay, in addition to base rent:
- Under Ohio law, how much written notice must a landlord give a month-to-month residential tenant before terminating the tenancy?
- Which of the following is TRUE about a property manager's fiduciary duty in Ohio?
- In Ohio, security deposits for residential properties are limited to:
- Under Ohio law, what notice must a tenant give to terminate a month-to-month tenancy?
- A property manager in Ohio must keep tenant security deposits in:
- An Ohio landlord may lawfully enter a tenant's unit without notice in which of the following situations?
- The Americans with Disabilities Act (ADA) requires that commercial properties:
- In Ohio, a 'triple net' (NNN) lease in commercial property management means the tenant pays:
- An Ohio property manager who misappropriates client funds is guilty of:
- In Ohio, a written property management agreement between a broker and a property owner must contain:
- Under ORC Chapter 5321, a landlord who retaliates against a tenant for a complaint to housing authorities by raising rent may be held liable for:
- A 'percentage lease' used in Ohio retail properties requires the tenant to pay:
- In Ohio, what is 'constructive eviction'?
- Under Ohio's Landlord-Tenant Act, which of the following is a tenant's obligation?
- Which of the following BEST describes the role of an Ohio property manager in collecting rents?
- In Ohio, an 'eviction' proceeding (Forcible Entry and Detainer) is initiated when a tenant:
- Under Ohio law, a landlord who wrongfully withholds a tenant's security deposit may be liable for:
- In Ohio, a 'lease renewal' clause automatically extends the lease if:
- In Ohio commercial leasing, a 'base year' in an expense stop lease means:
- A 'right of first refusal' in an Ohio lease allows the tenant to:
- Ohio's Lead Disclosure Rule for rental housing requires landlords of pre-1978 buildings to:
- An Ohio property manager who collects late fees from tenants must:
- In Ohio commercial property management, 'usable area' differs from 'rentable area' in that:
- Under Ohio law, a residential tenant who wants to make a minor cosmetic change to their rental unit (like painting a wall) should:
- In Ohio, what is the '3-day notice to leave' (3-day notice) used for?
- In Ohio, a landlord who locks out a tenant without court order is engaging in:
- A property management company in Ohio that manages a building with 50+ units must comply with which additional federal requirement?
- In Ohio commercial leasing, a 'tenant improvement allowance' (TIA) is:
- An Ohio industrial property is leased on a 'triple-net' basis. A new roof is needed. Under a true NNN lease, who pays for the roof replacement?
- Under Ohio landlord-tenant law, a tenant who abandons the property mid-lease:
- In Ohio, a 'subordination, non-disturbance, and attornment' (SNDA) agreement in commercial leasing provides that:
- In Ohio, a property manager has a conflict of interest when they:
- An Ohio commercial lease contains a 'relocation clause.' This allows the landlord to:
- In Ohio, a 'management fee' for residential property management is typically calculated as:
- In Ohio, a 'co-tenancy clause' in a retail lease allows a tenant to:
- Under Ohio's landlord-tenant law, a landlord who is informed of a broken furnace in winter must:
- In Ohio, who is responsible for maintaining fire safety equipment (smoke detectors, CO detectors) in a rental property?
- In Ohio, a 'holdover tenant' who continues to occupy commercial space after lease expiration may be treated as:
- Under Ohio commercial leasing, a 'build-to-suit' development means:
- Under Ohio landlord-tenant law, a 'rent escrow' allows a tenant to:
- In Ohio, a property manager who receives a referral fee from a maintenance contractor without disclosing it to the property owner is:
- Which of the following BEST describes 'net net net' (NNN) lease in Ohio commercial real estate?
- In Ohio, a 'gross lease' is distinguished from a 'net lease' primarily because:
- In Ohio, a property manager's responsibility for 'risk management' includes:
- Which of the following is an 'on-site' property management activity in Ohio?
- In Ohio, a landlord must give a tenant at least how much notice before increasing the rent on a month-to-month residential lease?
- In Ohio, which type of commercial lease arrangement provides the most predictable occupancy cost for the tenant?
- In Ohio, which type of commercial lease is most favorable to the landlord during periods of rising operating costs?
- Under Ohio law, a 'surety bond' in property management is used to:
- In Ohio, a commercial lease 'estoppel certificate' is used to:
- In Ohio, a property manager's 'management agreement' should specify the manager's authority to:
- In Ohio, a 'move-in inspection' in residential property management serves to:
- In Ohio, 'Section 8' (Housing Choice Voucher Program) allows low-income tenants to:
- In Ohio, a 'casualty loss' clause in a commercial lease typically provides that:
- Under Ohio law, a property manager who advertises a rental unit for $950/month in a non-discriminatory ad, but then tells minority applicants the unit is already rented when it isn't, is engaged in:
- In Ohio, which of the following is a landlord's right under ORC Chapter 5321?
- In Ohio, a commercial landlord who fails to maintain common areas (lobbies, parking lots, hallways) in a safe condition may face:
- In Ohio, which type of commercial lease provides the landlord with the most protection against rising operating costs?
- Under Ohio law, which of the following is a tenant's right if the landlord fails to make repairs after proper notice?
- In Ohio, a property management firm that discriminates in tenant selection based on protected class characteristics may be held liable under:
- In Ohio, 'property management fees' for commercial properties are often structured differently from residential, commonly based on:
- In Ohio, an 'operating agreement' for an LLC that owns rental property typically addresses:
- In Ohio, which of the following is considered 'normal wear and tear' for which a landlord CANNOT deduct from a security deposit?
- In Ohio, which of the following is a landlord's remedy for a tenant who refuses to vacate after a properly terminated tenancy?
- In Ohio, a 'recapture clause' in a commercial lease allows the landlord to:
- In Ohio, which of the following is TRUE about habitability standards for rental housing under ORC Chapter 5321?
- In Ohio, when a tenant's lease expires and the landlord accepts another month's rent, the tenancy automatically becomes:
- Under Ohio's landlord-tenant law (ORC 5321), how much notice must a month-to-month tenant provide to terminate the tenancy?
- What is the purpose of a security deposit under Ohio law?
- What is a gross lease?
- Under ORC 5321, when can an Ohio landlord enter a rental unit without prior notice?
- What is the purpose of a rent roll in property management?
- What is the difference between a property manager and a real estate broker in Ohio?
- What is a net lease in commercial real estate?
- What is a property manager's fiduciary duty to the property owner?
- What is a CAM charge in a commercial lease?
- What is the difference between a residential and commercial lease in Ohio?
- What is a lease option (lease with option to purchase)?
- What is a property management agreement?
- What is a triple net (NNN) lease?
- What is the eviction process for a non-paying tenant in Ohio?
- What is the purpose of a move-in/move-out inspection checklist in property management?
- What is a lease abstract in commercial property management?
- What is deferred maintenance and why does it matter to property investors?
- What is a certificate of occupancy (CO) and when is it relevant?
- What is the duty to mitigate damages in Ohio landlord-tenant law?
- What is a turnover cost in property management?
- What is a habitability standard in Ohio residential rentals?
- What is a subordination, non-disturbance, and attornment (SNDA) agreement?
- What is a capital expenditure (CapEx) reserve in property management?
- What is an operating budget for an investment property?
- What is a percentage lease and where is it typically used?
- What is the Americans with Disabilities Act (ADA) and how does it apply to commercial property?
- What is an annual property inspection's purpose in residential property management?
- What is a management fee structure for a residential property manager?
- What is a vacancy rate and how is it calculated?
- What is a lease renewal vs. a lease extension in property management?
- What is a lease abstract file in commercial property management?
- What is a vacancy factor in an income property proforma?
- What is the Fair Labor Standards Act (FLSA) and how does it apply to property management?
- What is a tenant improvement allowance (TI allowance) in commercial leasing?
- What is a loss-to-lease in property management analysis?
- What is a cap rate yield in property management investment analysis?
- What is a tenant screening process and what Ohio fair housing laws apply?
- What is preventive maintenance in property management?
- What is a build-out (tenant improvement construction) in commercial leasing?
- What is a property management annual report and what does it include?
- What is a month-to-month tenancy vs. a periodic tenancy in Ohio?
- What is a subordination clause in a commercial lease?
- What is a notice to quit in Ohio landlord-tenant law?
- What is a smart home technology implication for property management?
Fair Housing
113 questions- Ohio's fair housing law is found in the Ohio Civil Rights Act, which provides protections that are:
- Under the Fair Housing Act, which of the following statements about handicap (disability) accessibility is TRUE?
- Which of the following is an example of illegal discrimination under Ohio fair housing law?
- The federal Equal Credit Opportunity Act (ECOA) prohibits discrimination in lending based on:
- Ohio's Civil Rights Commission (OCRC) is the state agency responsible for:
- Under the federal Fair Housing Act, 'familial status' protects:
- Which of the following is a permitted exemption under the federal Fair Housing Act?
- Blockbusting is best defined as:
- Steering in real estate is best described as:
- A person who files a fair housing complaint with HUD must do so within:
- Ohio has fair housing regional offices that handle complaints. Where can an Ohio resident file a state fair housing complaint?
- The federal Fair Housing Act covers which of the following protected classes?
- Redlining in real estate finance refers to:
- The Americans with Disabilities Act (ADA) primarily applies to:
- A real estate agent who advertises a property as being in a 'good school district' in a coded way to attract or discourage families of a certain background may be:
- Which of the following is a permissible distinction under Ohio and federal fair housing laws?
- Under Ohio law, housing for older persons (55+ communities) may restrict occupancy to seniors and thereby be exempt from which protected class?
- An Ohio landlord requires a higher security deposit from tenants who use wheelchairs because of potential floor damage. This is:
- A real estate agent in Ohio who only shows buyers listings in neighborhoods that match the buyers' apparent race or ethnicity is engaged in:
- Under the Ohio Civil Rights Act, how many days does a respondent typically have to respond to a fair housing complaint after being notified?
- Which of the following is an example of 'disparate impact' discrimination in Ohio fair housing law?
- An Ohio apartment complex refuses to accommodate a tenant's request to install a grab bar in the bathroom at the tenant's own expense. The landlord is likely:
- Under Ohio civil rights law, which of the following is a protected class in housing that is NOT a protected class under the federal FHA?
- In Ohio, the maximum civil penalty for a first fair housing violation under the FHA (charged by HUD) is approximately:
- Which of the following advertising phrases potentially violates the federal Fair Housing Act?
- HUD's Office of Fair Housing and Equal Opportunity (FHEO) is responsible for:
- Under the Fair Housing Act, a property owner who rents only two units in an owner-occupied duplex is:
- An Ohio real estate agent who posts 'white families preferred' in a listing ad is violating:
- In Ohio, which entity has authority to investigate and resolve fair housing complaints at the state level?
- A lender in Ohio charges higher interest rates to minority applicants with the same credit profile as white applicants. This is an example of:
- An Ohio housing provider asks a prospective tenant about their national origin on a rental application. Under the Fair Housing Act, this is:
- In Ohio, the federal Fair Housing Act applies to which of the following transactions?
- Under Ohio law, a landlord who refuses to allow a tenant with a disability to keep an emotional support animal (ESA) in a no-pet building is likely:
- A real estate agent in Ohio who refuses to show homes to a buyer because of the buyer's religion is:
- Under the Affirmatively Furthering Fair Housing (AFFH) obligation, Ohio recipients of federal housing funds must:
- Which of the following scenarios involves illegal 'source of income' discrimination in Ohio municipalities that have adopted local ordinances prohibiting it?
- Which of the following actions by an Ohio real estate agent would NOT violate fair housing laws?
- In Ohio, 'testers' used by fair housing organizations are individuals who:
- In Ohio, a landlord who charges a higher security deposit to tenants based on their national origin is engaging in:
- Under the Fair Housing Act, a lender who denies a mortgage solely because the property is in a predominantly minority neighborhood is engaging in:
- Which of the following is TRUE about the 'Mrs. Murphy' exemption under the federal Fair Housing Act?
- Under the Fair Housing Act, which of the following is considered an acceptable reason for denying a rental application?
- In Ohio, the 'Inclusive Communities' standard (established by the Supreme Court in Texas Department of Housing v. Inclusive Communities Project) allows fair housing claims based on:
- Under the Fair Housing Act, housing for persons with HIV/AIDS must be treated:
- In Ohio, which protected class under fair housing law covers an individual's sexual orientation in municipalities that have adopted local ordinances?
- A real estate agent in Ohio uses social media to advertise properties. Under the Fair Housing Act, the agent must:
- In Ohio, which of the following is an example of 'familial status' discrimination?
- Under the Fair Housing Act, a real estate developer who creates a subdivision and includes deed restrictions that exclude certain races is:
- Under Ohio fair housing law, sexual harassment in housing involves:
- Which of the following is TRUE about the 55+ housing exemption under HOPA in Ohio?
- In Ohio, which of the following is NOT an example of prohibited discrimination under the federal Fair Housing Act?
- In Ohio, which of the following is an example of a 'reasonable accommodation' under the Fair Housing Act for a person with a disability?
- Under the Fair Housing Act, which of the following statements about disability is TRUE?
- An Ohio municipality's zoning ordinance restricts group homes for persons with disabilities to only one per neighborhood. Under the Fair Housing Act, this ordinance:
- Under Ohio fair housing law, which of the following is an example of an 'affirmative obligation' placed on covered entities?
- A real estate agent in Columbus, Ohio advertises a rental unit as 'no Section 8.' In Columbus, which has local protections, this advertisement is:
- Under the federal Fair Housing Act, which of the following is a required 'equal housing opportunity' posting obligation for real estate offices?
- An Ohio property manager who drafts a lease that contains discriminatory terms (e.g., limiting occupancy based on national origin) is:
- Ohio's Fair Housing Equity Assessment (FHEA) helps identify:
- In Ohio, which organization provides fair housing testing and advocacy services to help identify and address housing discrimination?
- Under the Fair Housing Act, which of the following is a lawful basis for denying a rental application?
- In Ohio, which of the following BEST describes the 'interactive process' for reasonable accommodations under the Fair Housing Act?
- Under the Fair Housing Act, which of the following is TRUE about 'harassment' as a form of housing discrimination?
- In Ohio, which of the following constitutes 'panic peddling' (blockbusting)?
- In Ohio, an owner of a commercial office building must comply with which accessibility law for persons with disabilities?
- In Ohio, which of the following is TRUE about the 'reasonable modification' versus 'reasonable accommodation' distinction under the FHA?
- Under Ohio fair housing law, which of the following individuals would be protected under the 'handicap/disability' protected class?
- Under Ohio and federal fair housing law, which of the following is TRUE about 'associational discrimination'?
- Which of the following represents a 'systemic' fair housing violation that would most concern the Ohio Civil Rights Commission?
- Which protected class was added to the federal Fair Housing Act by the Fair Housing Amendments Act of 1988?
- What practice involves directing buyers of certain protected classes to specific neighborhoods?
- What is the Ohio Civil Rights Commission (OCRC) responsible for?
- Which activity is permitted under the Fair Housing Act's exemptions?
- What is the concept of 'disparate impact' in fair housing law?
- What is 'source of income' discrimination in housing?
- What is blockbusting in fair housing law?
- What is the accessibility requirement for newly constructed multifamily housing under the Fair Housing Act?
- What is the penalty for a first violation of the federal Fair Housing Act?
- What is the significance of the Supreme Court case Jones v. Mayer (1968) for fair housing?
- What does the Ohio Fair Housing law (ORC 4112) add beyond federal protections?
- What is the concept of reasonable accommodation under the Fair Housing Act?
- What is an affirmatively furthering fair housing (AFFH) obligation?
- What does 'testers' mean in fair housing enforcement?
- What is the Housing for Older Persons Act (HOPA) and how does it affect familial status protections?
- What is the significance of the Fair Housing Act's application to advertising?
- What is 'redlining' in the context of fair housing and lending?
- What is a BONA FIDE occupational qualification (BFOQ) equivalent in housing?
- What is a reasonable modification under the Fair Housing Act?
- What is the Fair Housing Act's position on assistance animals?
- What is 'source of funds' discrimination and how does it relate to fair housing in Ohio?
- What is the role of HUD (Department of Housing and Urban Development) in fair housing enforcement?
- What are the seven protected classes under the federal Fair Housing Act?
- What is the difference between disparate treatment and disparate impact in fair housing?
- What is a conciliation agreement in fair housing enforcement?
- What is 'predatory lending' and how does it relate to fair housing?
- What is the Affirmatively Furthering Fair Housing (AFFH) requirement for HUD grant recipients?
- What is the Ohio Supreme Court's role in fair housing?
- What is the Community Reinvestment Act (CRA) and how does it relate to fair housing?
- What is a protected class in fair housing law?
- What is the statute of limitations for filing a fair housing complaint?
- What is the National Association of Realtors' Code of Ethics and how does it relate to fair housing?
- What is a 'welcome' clause exemption under the Fair Housing Act?
- What is the definition of 'handicap' under the Fair Housing Act?
- What is a discriminatory covenant and are they enforceable in Ohio?
- What is the Civil Rights Act of 1866 and its significance for fair housing?
- What is a fair housing organization (FHO) and what role does it play?
- What is a housing counseling agency and what services does it provide?
- What is the Unruh Civil Rights Act and does it apply in Ohio?
- What is a disparate treatment claim and what must be proven?
- What is an inclusive design in housing?
- What is a fair housing audit and what does it reveal?
- What is a 'welcome to the neighborhood' letter and what fair housing concerns does it raise?
- What is an Ohio anti-discrimination law beyond federal protections in housing?
Agency
111 questions- In Ohio, which document must a licensee provide to a consumer to explain agency relationships?
- In Ohio, a licensee who represents the seller but works with the buyer is called a:
- Dual agency in Ohio is permitted only when:
- The Ohio concept of 'disclosed dual agency' means the agent:
- Which of the following is a VIOLATION of an Ohio seller's agent's fiduciary duty?
- In Ohio, the Consumer Guide to Agency Relationships (CGAR) must be provided:
- In Ohio, when a licensee represents the seller in a transaction, the licensee owes the buyer:
- Ohio's agency disclosure law requires that a licensee provide the Agency Disclosure Statement:
- Under Ohio law, a 'dual agent' is one who:
- Which fiduciary duty requires an agent to place the client's interests above the agent's own personal interests?
- A buyer's agent in Ohio has a duty to disclose to the buyer:
- In Ohio, a 'designated agency' arrangement means:
- An Ohio listing agreement creates an agency relationship between the seller and:
- Which of the following BEST describes a 'subagent' in Ohio real estate?
- The fiduciary duty of 'confidentiality' in Ohio agency law means the agent must:
- Under Ohio law, an agent's authority to act on behalf of a principal is terminated by:
- Under Ohio agency law, the duty of 'obedience' requires the agent to:
- In Ohio, a 'transaction broker' or 'facilitator' (non-agent) assists the parties in a transaction but:
- Material facts that an Ohio seller's agent must disclose to buyers include:
- When does an implied agency most commonly arise in Ohio?
- An Ohio buyer's agent discovers the seller has accepted a higher backup offer. The agent should:
- In Ohio, a buyer's agent discovers that their client is a convicted felon. The agent should:
- Which of the following is a seller's agent's duty to the seller?
- An Ohio buyer's agent should advise their client to:
- A listing agent who learns that the seller's property has a leaking roof must:
- When a real estate agent represents only the buyer, they are working under a(n):
- Under Ohio agency law, the duty to 'account' requires the agent to:
- Under Ohio law, a licensee representing both a buyer and seller in the same transaction without consent is engaging in:
- A seller tells their listing agent they will accept $280,000 even though the listing price is $299,000. The agent must:
- Under Ohio agency law, 'ratification' occurs when a principal:
- In an Ohio in-house transaction where the same brokerage represents both buyer and seller, the broker may choose to:
- An Ohio buyer's agent who helps a client draft an offer to purchase is exercising:
- The duty of 'reasonable care and diligence' requires an Ohio agent to:
- Which of the following would create an 'apparent authority' for an Ohio real estate agent?
- An Ohio listing agent who presents only selected offers to the seller is:
- In Ohio, an agent's fiduciary duties run to the:
- A listing agent in Ohio learns the seller has accepted a bankruptcy petition that affects their ability to transfer clear title. The agent should:
- In Ohio, a 'buyer representation agreement' should include all of the following EXCEPT:
- An Ohio licensee who discovers during a listing presentation that the seller has significant deferred maintenance on the roof should:
- Under Ohio agency law, which of the following would NOT create an agency relationship?
- Ohio's Residential Property Disclosure Form must be provided to the buyer:
- If a buyer's agent learns that their buyer-client is planning to demolish a home after purchase to build a car dealership, the agent should:
- In Ohio, which situation BEST represents an agent who has gone 'outside the scope of authority'?
- Under Ohio agency law, an agent's duty of 'disclosure' to the principal includes disclosing:
- In Ohio, a 'seller's concession' granted in negotiations is:
- Under Ohio agency law, an agent who receives 'secret profits' from a transaction without the principal's knowledge and consent is:
- In Ohio, a licensee may represent both buyer and seller in the same transaction as a dual agent ONLY if:
- In Ohio, when a seller's listing agent presents an offer to the seller, the agent's primary responsibility is to:
- In Ohio, which statement is TRUE about a seller's agent in a transaction where the buyer is unrepresented?
- Under Ohio law, a real estate agent's authority to act for a principal is typically created by:
- When an Ohio real estate agent receives an offer on their listing, they must present it to the seller:
- Which of the following is a 'material fact' that an Ohio licensee must disclose to all parties?
- Under Ohio agency law, a listing agent who is also the buyer of the listed property must:
- Under Ohio agency law, an agent's 'express authority' is created by:
- An Ohio buyer's agent who learns from MLS that a listed property has had 3 price reductions should:
- In Ohio, a listing agent may ethically advertise a property as 'must sell' or 'seller motivated' when:
- An Ohio buyer's agent who learns the property they are about to show has a serious defect the seller has not disclosed should:
- In Ohio, the duty of 'reasonable care' owed by an agent to a non-client (customer) includes which of the following?
- In Ohio, an agent's duty of 'disclosure' does NOT require the agent to disclose which of the following?
- Under Ohio agency law, the 'principal' in a real estate agency relationship is:
- In Ohio, the 'procuring cause' doctrine helps determine which broker is entitled to a commission when:
- An Ohio broker represents the seller in a transaction. The buyer is unrepresented. What must the broker provide to the buyer?
- What is the primary duty of a transaction broker in Ohio?
- When does an agency relationship typically terminate in a listing agreement?
- What is subagency in real estate?
- What must an Ohio licensee do before showing a property to a prospective buyer?
- What is the difference between express and implied agency?
- What are the fiduciary duties owed by an Ohio agent to their client?
- What is ratification in agency law?
- What is puffing in real estate sales?
- What is the difference between a client and a customer in real estate agency?
- What is a net listing and why is it generally discouraged in Ohio?
- What is ostensible (apparent) authority in real estate agency?
- What is the duty of loyalty an Ohio agent owes to their client?
- What is the duty of confidentiality in Ohio real estate agency?
- What is the duty of disclosure an Ohio agent owes to their client?
- What is the duty of obedience in real estate agency?
- What is the duty of accounting in real estate agency?
- What is informed consent in Ohio dual agency?
- What is the concept of 'working with buyers' without a buyer agency agreement in Ohio?
- What is agency by estoppel in Ohio?
- What is apparent authority and how can Ohio brokers protect against it?
- What are the minimum duties Ohio licensees owe ALL parties (clients and customers)?
- What is the concept of 'gratuitous agency' in real estate?
- What is a buyer's exclusive agency agreement in Ohio?
- What is the significance of Ohio's agency disclosure requirements?
- What is a single agent in Florida's agency terminology, and how does Ohio compare?
- What is vicarious liability in real estate brokerage?
- What is the 'dual agent' restriction regarding confidential information?
- What is a universal agent vs. a general agent vs. a special agent in real estate?
- What is an exclusive right to sell listing vs. exclusive agency listing?
- What is a 'coming soon' listing in Ohio real estate and what are the ethical considerations?
- What is an agency coupled with an interest in real estate?
- What is the difference between a listing agent and a selling agent in Ohio?
- What is a designated agency in Ohio?
- What is a listing presentation and what should it include for Ohio sellers?
- What is a procuring cause in real estate commission disputes?
- What is a safety (protection) clause in a listing agreement?
- What is a multiple listing service (MLS) and what are a member's obligations?
- What is an agency relationship in Ohio and how is it created?
- What is a non-exclusive buyer agency agreement in Ohio?
- What is an open listing and when might a seller use one?
- What is the concept of 'procuring cause' in determining commission entitlement?
- What is the difference between a fiduciary and a non-fiduciary relationship in real estate?
- What is the principal's duty to the agent in an agency relationship?
- What is the duty of care in Ohio real estate agency?
- What is a power of attorney in Ohio real estate and when is it used?
- What is the Ohio broker's duty of supervision over associated salespersons?
- What is the significance of the National Association of Realtors (NAR) ethics enforcement for Ohio members?
- What is a notice of buyer's agency to sellers and why is it important in Ohio?
- What distinguishes Ohio's real estate agency law from some other states?
Escrow & Title
111 questions- In Ohio, a Closing Disclosure (CD) must be provided to the buyer at least:
- In Ohio, which type of deed is most commonly used to convey residential property in a typical arm's-length sale?
- Which of the following BEST describes what ALTA title insurance protects against?
- In Ohio, property taxes are paid:
- In Ohio, the county conveyance fee is calculated based on:
- Ohio's state conveyance fee rate is $1 per $1,000 of consideration. If a property sells for $275,000, what is the state conveyance fee?
- A sheriff's deed in Ohio is typically issued in connection with:
- In Ohio's judicial foreclosure process, what happens after the lender obtains a foreclosure judgment?
- What is a 'lis pendens' in the context of an Ohio real estate transaction?
- What does an owner's title insurance policy protect against?
- In Ohio, who is typically responsible for paying the conveyance fee (transfer tax)?
- In Ohio, which method is used to determine property ownership history — the chain of title?
- A 'cloud on title' in Ohio refers to:
- What is the purpose of recording a deed in Ohio's county recorder's office?
- Ohio follows the 'race-notice' recording statute, which means a subsequent purchaser is protected if they:
- The Closing Disclosure (CD) replaced which prior document in federally related mortgage transactions?
- In Ohio, an 'abstract of title' is a:
- A 'quiet title action' in Ohio is a lawsuit filed to:
- In Ohio, which party typically selects the title insurance company in a residential sale?
- Which type of survey in Ohio establishes the exact boundaries of the property, including corners, encroachments, and easements?
- In Ohio, property taxes collected by the county become a lien on the property on:
- A 'deed in lieu of foreclosure' in Ohio is when a borrower:
- What is the difference between a 'lien' and an 'encumbrance' in Ohio real estate?
- In Ohio, a general warranty deed contains the covenant of 'seisin,' which means the grantor warrants that:
- In Ohio, a quitclaim deed:
- Under Ohio law, which lien has the HIGHEST priority when multiple liens exist on a property?
- A short sale in Ohio is one in which:
- A 'prorated' item on an Ohio closing statement means:
- On an Ohio closing statement, property taxes that have accrued but not yet been paid are typically:
- In Ohio, a 'mechanics lien' must typically be filed within how many days of completing work or furnishing materials?
- Which of the following BEST describes 'constructive notice' in Ohio real estate?
- In Ohio, 'actual notice' differs from 'constructive notice' in that actual notice means:
- In Ohio, a 'marketable title' is one that:
- A 'title commitment' issued by an Ohio title company is:
- In Ohio, the recording priority rule (race-notice statute) protects:
- In Ohio, which document is used to transfer ownership of personal property at a real estate closing?
- In Ohio, earnest money deposited in a broker's trust account and later disputed between buyer and seller should be:
- Which of the following is a 'voluntary lien' on Ohio real property?
- An Ohio property goes to sheriff's sale following a foreclosure judgment. If no adequate bids are received, the lender may:
- An Ohio buyer's lender requires a survey before closing. The survey reveals an encroachment by the neighbor's fence onto the subject property. This must be:
- In Ohio, which party is responsible for confirming that the title is marketable before closing?
- In Ohio, a 'limited warranty deed' (also called a special warranty deed) warrants title only against claims arising:
- In Ohio, a 'satisfaction piece' (discharge of mortgage) must be filed by the lender within how many days of loan payoff?
- In Ohio, 'acknowledgment' of a deed means that:
- Under Ohio law, a buyer who discovers a defect in title after closing that was not disclosed may pursue:
- In Ohio, which of the following items is typically prorated at closing in the seller's favor?
- In Ohio, a 'fixture filing' under the Uniform Commercial Code (UCC) is used to perfect a security interest in:
- In Ohio, a 'HUD-1 Settlement Statement' was historically used to:
- Under Ohio law, a title insurance company may refuse to insure title if:
- In Ohio, a 'ground lease' is an arrangement where:
- In Ohio, a 'leasehold mortgage' is used when:
- In Ohio, which of the following would NOT be covered by a standard owner's title insurance policy?
- In Ohio, a buyer's lender requires a 'lender's title policy.' What does this cover?
- In Ohio, 'priority' among competing liens on the same property is generally determined by:
- In Ohio, the term 'good funds' law requires that:
- In Ohio, a 'subordination agreement' in real estate lending allows:
- In Ohio, a deed must include which of the following to be legally valid?
- In Ohio, a seller's 'net sheet' provided by a real estate agent prior to listing helps the seller understand:
- In Ohio, which type of deed gives the grantee the LEAST protection?
- In Ohio, a 'title exception' in a title insurance commitment refers to:
- In Ohio, a 'purchaser's certificate' in a tax lien sale process gives the purchaser:
- In Ohio, which type of closing is most common for residential real estate transactions?
- In Ohio, a 'proforma' title policy commitment for a large commercial transaction is typically:
- In Ohio, which of the following recording errors would be most likely to create a 'cloud on title'?
- In Ohio, a 'satisfaction of lien' filed after a mechanic's lien is paid releases the lien from the property and:
- In Ohio, 'subrogation' in title insurance means the title company, after paying a claim, has the right to:
- In Ohio, which of the following is TRUE about 'insured closing protection' in a title transaction?
- What is an abstract of title in Ohio?
- What type of title insurance policy protects the lender's interest in the property?
- What is a quiet title action in Ohio?
- What is a lis pendens notice in Ohio?
- What is the purpose of a Closing Disclosure under TRID rules?
- What is a chain of title?
- What is a title commitment (binder)?
- What is RESPA (Real Estate Settlement Procedures Act)?
- What is the difference between a general warranty deed and a quitclaim deed?
- What is a mechanics lien in Ohio?
- What is a deed of trust and how does it differ from a mortgage?
- What is a survey in real estate and why is it important?
- What is subrogation in title insurance?
- What is the Ohio Conveyance Fee and who typically pays it?
- What is a subordination agreement in real estate?
- What is an estoppel certificate in commercial real estate?
- What is a title plant and how is it used in Ohio?
- What is a priority dispute between liens and how is it resolved?
- What is a title insurance endorsement?
- What is the difference between actual notice and constructive notice in Ohio?
- What is gap coverage in a title insurance commitment?
- What is a deed in lieu of foreclosure?
- What is a judicial foreclosure in Ohio?
- What is escrow and how does it work in Ohio real estate?
- What is a title opinion in Ohio?
- What is a satisfaction of mortgage and when is it recorded?
- What is a lis pendens foreclosure notice in Ohio?
- What is a title exception in a title insurance policy?
- What is a prepayment penalty and how should it be handled at closing?
- What is a buyer's walk-through (final inspection) before closing?
- What is a warranty of title in Ohio deeds?
- What is a deed recording and why is it important in Ohio?
- What is Ohio's race-notice recording system?
- What is a closing statement and what does it contain?
- What is a buyer's net cost at closing vs. a seller's net proceeds?
- What is a short sale in real estate and how does it affect the title process?
- What is the Ohio conveyance fee affidavit (DTE 100)?
- What is a lender's closing instructions and why are they important?
- What is a commitment letter from a lender and when is it issued?
- What is the significance of the property's legal description in a deed?
- What is an Ohio affidavit of title and when is it used?
- What is a lien release in Ohio real estate?
- What is an Ohio boundary dispute and how can it be resolved?
- What is proration at closing and give an example?
Land Use & Zoning
107 questions- In Ohio, zoning regulations are typically enacted by:
- A 'variance' in Ohio zoning law is best described as:
- A nonconforming use in Ohio is one that:
- Under Ohio law, eminent domain gives government entities the right to:
- A 'special use permit' (conditional use permit) in Ohio zoning allows:
- Ohio's Farmland Preservation program (CAUV) is designed to prevent:
- In Ohio, a deed restriction (restrictive covenant) that 'runs with the land' means it:
- Which government power allows Ohio municipalities to require developers to follow building codes?
- A 'buffer zone' in Ohio zoning is typically used to:
- Which government body typically handles appeals of zoning decisions in Ohio municipalities?
- A developer in Ohio wants to build a mixed-use development with retail on the first floor and residential units above. This would likely require:
- A 'taking' under the Fifth Amendment requires the government to pay just compensation when it:
- In Ohio, 'spot zoning' is generally disfavored because it:
- A 'moratorium' on development in an Ohio municipality means:
- Ohio's Brownfield Redevelopment program assists in the cleanup and reuse of:
- In Ohio, a 'comprehensive plan' (master plan) is:
- In Ohio, a 'planned unit development' (PUD) allows:
- Ohio's floodplain regulations generally prohibit or restrict development in:
- A 'setback' in Ohio zoning requires that:
- In Ohio, which government power allows the state to take title to property when an owner dies without a will and no heirs?
- A 'covenant not to build' on a parcel of land in Ohio is an example of a:
- In Ohio, a 'use variance' allows a property owner to:
- In Ohio, a 'conservation easement' allows a landowner to:
- In Ohio, a 'development impact fee' is charged by municipalities to:
- Under Ohio law, an 'annexation' occurs when:
- A 'cluster development' in Ohio zoning is designed to:
- Ohio's 'Transfer of Development Rights' (TDR) programs allow landowners to:
- In Ohio, 'urban renewal' or 'urban redevelopment' programs allow municipalities to:
- In Ohio, a 'tax increment financing' (TIF) district allows a municipality to:
- Which Ohio statute governs the subdivision of land and platting requirements?
- In Ohio, a 'community reinvestment area' (CRA) provides:
- In Ohio, a 'nuisance' that affects real estate value is considered either private or public. A private nuisance involves:
- In Ohio, a 'form-based code' as an alternative to traditional zoning focuses on:
- In Ohio, which of the following is NOT a valid use of eminent domain?
- In Ohio, a 'conditional rezoning agreement' allows a municipality to:
- In Ohio, 'inclusionary zoning' requires developers to:
- In Ohio, a 'historic overlay district' may require property owners to:
- Ohio's 'enterprise zones' are designated areas where:
- In Ohio, a 'development agreement' between a municipality and a developer typically:
- In Ohio, 'Transit-Oriented Development' (TOD) refers to:
- In Ohio, 'spot zoning' challenges are typically based on the argument that the rezoning:
- In Ohio, which of the following best describes 'corridor zoning'?
- In Ohio, a 'subdivision plat' must be approved by:
- Ohio's 'Urban Redevelopment Land Reutilization Program' (land bank) allows counties to:
- Which Ohio law (ORC 519) governs zoning in:
- In Ohio, a 'density bonus' in zoning is typically offered to developers who:
- In Ohio, a 'special flood hazard area' (SFHA) designation by FEMA means the area has at least a:
- Ohio law allows counties to create 'agricultural security areas' (ASAs) to protect farmland from:
- Under Ohio's ORC Chapter 519 (township zoning), which board has original jurisdiction over zoning applications in townships?
- In Ohio, which of the following would be considered a 'public use' justifying eminent domain under the Fifth Amendment?
- Ohio's Article I, Section 19a of the Ohio Constitution (passed in 2006) was a response to the U.S. Supreme Court's decision in:
- In Ohio, a 'rezoning' requires at minimum:
- Ohio's 'New Community Authority' (NCA) allows developers to:
- A 'design review' process in Ohio historic preservation districts requires property owners to:
- Under Ohio's ORC Chapter 713 (municipal planning and zoning), the planning commission's role includes:
- In Ohio, 'infill development' refers to:
- Ohio's 'Downtown Revitalization' programs and tax abatements aim to:
- In Ohio, a 'light pollution' ordinance affecting real estate might require that:
- Under Ohio law, a municipality may use 'interim development controls' (temporary zoning) to:
- In Ohio, which of the following is TRUE about a 'deed-restricted covenant' and zoning?
- Ohio's 'Opportunity Zones' (federal program in Ohio) incentivize investment by offering:
- Ohio's 'New Community Authority' mechanism (ORC Chapter 349) primarily enables:
- Under Ohio law, a 'consent agreement' in a zoning case allows a municipality and a property owner to:
- A property owner wants to use their property in a way not permitted by current zoning. Which approval allows a permanent exception to zoning rules?
- What is Euclidean zoning?
- What is eminent domain?
- What is a planned unit development (PUD)?
- What is a buffer zone in land use planning?
- What is spot zoning?
- What is a nonconforming use?
- What is a conservation easement?
- What is a conditional use permit?
- What is inclusionary zoning?
- What is a subdivision in Ohio real estate development?
- What is an overlay district in zoning?
- What is the police power in land use regulation?
- What is a master plan (comprehensive plan) in Ohio land use?
- What is a setback requirement in zoning?
- What is a special assessment in Ohio real estate?
- What is transfer of development rights (TDR)?
- What is agricultural zoning in Ohio?
- What is an infill development?
- What is the 'taking' doctrine in constitutional land use law?
- What is an impact fee in land development?
- What is a mixed-use development?
- What is Ohio's Farmland Preservation program?
- What is a downzone?
- What is an annexation and how does it affect property in Ohio?
- What is Ohio's township zoning authority?
- What is agricultural district registration in Ohio?
- What is a density bonus in land use planning?
- What is a floor area ratio (FAR) in zoning?
- What is a development agreement between a developer and Ohio municipality?
- What is Ohio's township zoning appeal process?
- What is urban sprawl and how do Ohio communities address it?
- What is a transit-oriented development (TOD) in Ohio urban planning?
- What is a height restriction in zoning?
- What is Ohio's Opportunity Zone program and how does it affect real estate investment?
- What is a form-based code in zoning?
- What is a building code and how does it differ from zoning?
- What is Ohio's authority for municipalities to regulate short-term rentals?
- What is a community benefit agreement (CBA) in Ohio development?
- What is Ohio's Homeport program and how does it relate to real estate?
- What is a solar access ordinance in Ohio zoning?
- What is the difference between a regular variance and an area variance in Ohio zoning?
- What is the distinction between primary and secondary uses in Ohio zoning?
- What is the Ohio Environmental Protection Agency's role in land development?
Environmental
90 questions- Ohio EPA is primarily responsible for:
- A Phase I Environmental Site Assessment (ESA) is conducted to:
- Under federal law, sellers of homes built before 1978 must:
- Which environmental hazard is a naturally occurring radioactive gas that is the leading cause of lung cancer among non-smokers in Ohio?
- Asbestos is most dangerous when it is:
- CERCLA (Superfund) holds which parties potentially liable for cleanup of contaminated sites?
- Underground storage tanks (USTs) are regulated primarily because they pose the risk of:
- An Ohio property is found to contain polychlorinated biphenyls (PCBs). This is most likely associated with:
- Mold in a residential property is most commonly caused by:
- Which federal law requires disclosure of known lead-based paint hazards in housing built before 1978?
- In Ohio, properties located in a FEMA-designated Special Flood Hazard Area (SFHA) are required to:
- The presence of urea-formaldehyde foam insulation (UFFI) in an Ohio home is significant because:
- Which Ohio environmental law authorizes the state EPA to oversee cleanup of contaminated properties through the Voluntary Action Program (VAP)?
- An Ohio property has wetlands on part of its acreage. Development of wetland areas typically requires:
- Ohio law requires sellers of residential property to disclose the presence of known hazardous materials on the Ohio Residential Property Disclosure Form. This includes:
- The purpose of a Phase II Environmental Site Assessment (ESA) is to:
- In Ohio, 'sick building syndrome' is associated with which environmental concern?
- An Ohio homebuyer learns the previous owner stored pesticides in the garage for many years. The buyer should be most concerned about:
- Ohio's Voluntary Action Program (VAP) certificate of completion benefits property owners by:
- Which of the following describes the 'innocent landowner' defense under CERCLA?
- Which of the following Ohio properties would be MOST likely to require an environmental assessment before purchase?
- Which federal law established the National Priorities List (Superfund sites) for contaminated property cleanup?
- In Ohio, homes built before which year are most likely to contain asbestos insulation around pipes and heating systems?
- Carbon monoxide (CO) is dangerous in residential properties primarily because it is:
- A residential property in Ohio is found to have a radon level of 5.0 pCi/L. According to EPA guidelines, the recommended action is to:
- Ohio's Solid Waste Management Districts are responsible for:
- In Ohio, 'environmental due diligence' for commercial real estate transactions typically begins with a:
- Chlorinated solvents like tetrachloroethylene (PCE) and trichloroethylene (TCE) are most commonly found as contaminants at:
- In Ohio, a seller's disclosure of a known underground storage tank (UST) on the property is required because:
- Which federal law requires the registration and monitoring of underground storage tanks in Ohio?
- Ohio's 'Brownfields Initiative' provides assistance to local governments and developers to:
- In Ohio, which of the following materials found in older homes was banned from residential use by the EPA in 1978?
- Ohio EPA's 'No Further Action' (NFA) letter for a brownfield site means:
- In Ohio, which property type is most commonly associated with petroleum hydrocarbon contamination?
- Which Ohio EPA program provides 'prospective purchaser agreements' (PPAs) to protect buyers of contaminated property?
- Which federal program offers Brownfields Assessment Grants to Ohio communities?
- In Ohio, a LUST (Leaking Underground Storage Tank) site requires:
- In Ohio, a homebuyer discovers that their new home is in a watershed protection area. This means that:
- Ohio requires that well and septic system disclosures be made on the Residential Property Disclosure Form because:
- Under Ohio law, which of the following is a seller's obligation regarding a known defective septic system?
- Ohio EPA's 'Total Maximum Daily Load' (TMDL) program affects Ohio real estate because it:
- In Ohio, which of the following is the MOST likely environmental concern when purchasing a dry-cleaning business property?
- Ohio's 'Solid Waste Disposal' regulations (ORC Chapter 3734) govern:
- Which Ohio statute authorizes the Ohio EPA to regulate hazardous waste disposal and cleanup?
- In Ohio, a seller's failure to complete the Residential Property Disclosure Form for a covered transaction is:
- In Ohio, the presence of 'clandestine lab contamination' (methamphetamine production) in a home is:
- What federal law governs the cleanup of contaminated sites and holds past and present owners liable for cleanup costs?
- What is a Phase I Environmental Site Assessment designed to identify?
- What does LUST stand for in environmental real estate contexts?
- What is radon and why is it a concern in Ohio real estate?
- What is an environmental indemnification agreement?
- What is the Voluntary Action Program (VAP) administered by Ohio EPA?
- What environmental hazard is commonly associated with homes built before 1978?
- What is asbestos and when does it pose a health risk?
- What is the Ohio EPA's role in real estate transactions involving contaminated properties?
- What is a wetland and why does it matter in Ohio real estate?
- What is a brownfield in Ohio real estate?
- What is a flood zone designation and how does it affect Ohio real estate?
- What is a Phase II Environmental Site Assessment?
- What is the purpose of an environmental lien in Ohio?
- What disclosure is required for lead-based paint under federal law?
- What is a Recognized Environmental Condition (REC) in environmental site assessments?
- What is an underground storage tank (UST) and what are the concerns for Ohio real estate?
- What is mold and what are an Ohio landlord's obligations regarding it?
- What is the National Environmental Policy Act (NEPA) and when does it apply?
- What is the purpose of the EPA's Brownfields Program in Ohio?
- What is a Superfund site (NPL site)?
- What is electromagnetic field (EMF) exposure and how does it relate to Ohio real estate?
- What is an environmental covenant in Ohio?
- What is carbon monoxide (CO) and why is it a disclosure concern in Ohio real estate?
- What is an environmental indemnity clause in a commercial purchase agreement?
- What is polychlorinated biphenyl (PCB) and its significance in Ohio real estate?
- What is a 'known hazardous substance' disclosure in Ohio?
- What is a percolation test (perc test) and when is it needed in Ohio?
- What is a environmental lien and how does it affect a property in Ohio?
- What is an environmental impact statement (EIS) and when is it required in Ohio?
- What is a 'no further action' (NFA) letter in Ohio environmental law?
- What is chlorinated solvent contamination and why is it significant in Ohio?
- What is 'sick building syndrome' and how does it relate to Ohio real estate?
- What is a brownfield's 'stigma' in real estate valuation?
- What is an environmental audit and how does it differ from a Phase I ESA?
- What is the Toxic Substances Control Act (TSCA) and its relevance to Ohio real estate?
- What is air quality testing and when is it relevant in Ohio real estate?
- What is 'vapor intrusion' as an environmental concern in Ohio real estate?
- What is the Resource Conservation and Recovery Act (RCRA)?
- What is indoor air quality (IAQ) and what are common pollutants in Ohio buildings?
- What is Ohio's Safe Drinking Water Act compliance for real estate?
- What is a natural attenuation approach to environmental cleanup?
- What is a deed notice in Ohio environmental law?
- What is an environmental due diligence checklist for Ohio commercial acquisitions?
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