A broker receives a check for earnest money from a buyer and deposits the money in an escrow account to protect herself from the charge of:

commingling.

novation.

lost or stolen funds.

embezzlement.

A parcel of vacant land has an assessed valuation of $$74,550.$ If the assessment is $35$ percent of market value, what is the market value?

$$114,692\mathrm{.}31$

$$220,000\mathrm{.}00$

$$213,000\mathrm{.}00$

$$123,007\mathrm{.}65$

The purpose of an appraisal is to

Estimate the value of a property

Set the market price of a property

Determine the cost of a property

Set the amount of consideration the seller should accept from a purchaser

A longer mortgage loan term will

decrease the number of loans being made.

result in lower monthly mortgage payments.

prevent many individuals from owning homes.

cause interest rates to increase.

Which of the following is true of an option?

It requires the optionee to complete the purchase.

It gives the optionee an easement on the property.

It keeps the agreement open for a specified time.

It makes the seller liable for a commission.

A mortgage broker generally offers which of the following services?

Handling the closing procedures

Bringing the borrower and the lender together

Servicing loans after the loans are made

Granting real estate loans using their own funds

What is the statute of limitations for written contracts in Ohio?

$1$ year

$7$ years

$10$ years

$8$ Years

Which of the following is a voluntary lien?

Mortgage lien

Estate tax lien

Real estate tax lien

Judgment lien

The selling price of a property is $$184,000.$ It can be financed if the buyer can put $10$ percent down, pay a loan origination fee of $1\mathrm{.}5$ percent, and pay $$3,500$ in closing cost. How much cash must the buyer produce to complete this transaction?

$$21,160$

$$24,384$

$$24,660$

$$21,900$

This loan type allows a borrower to obtain additional financing while retaining the first loan on the property

Blanket loan

Wraparound loan

Open$-$end loan

Package loan

Anthony is a salesperson working for Broker Bob. Anthony sells a $$150,000$ home. The listed commission is $6\mathrm{.}5\%$ of the selling price. Out of this amount, $5\%$ is payable to the referral network that referred the buyer, $35\%$ goes to the listing agent Tom, and $60\%$ belongs to the cooperating broker. Broker Bob and Anthony agreed that Anthony would receive $55\%$