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 $55\%$ of any commission that he generated for the office. Anthony is entitled to receive.

$$2,632\mathrm{.}50$

$$3,217\mathrm{.}50$

$$3,412\mathrm{.}50$

$$5,850\mathrm{.}00$

Which of the following statements is not true regarding land contracts?

Land contracts need not be recorded.

The seller is known as the vendor and the buyer is known as the vendee.

Ohio offers some legal protection to a defaulting buyer under a land contract.

The vendor retains legal title during the contract term.

A salesperson may advertise a property for sale if he or she

Personally listed the property

Uses the employing broker$$s name in the advertisement

Personally pays for the advertisement

Is a member of the local real estate board

In a typical agency relationship between the broker and the client, the broker$$s commission must be in the form of

A percentage of the sale price

A flat fee

An hourly rate

All of the above

It is the duty of an agent to disclose to the principal every step taken during the principal$$s transaction. This is because the

Commission can be adjusted up or down according to the agent$$s efforts

Agent has a fiduciary obligations to the principal

Terms of the listing contracts require it

Terms of the purchase contract require the agent to do so$.$

A Broker, who represents a seller under an exclusive right to sell listing receives two offers for the property at the same time, the first from one of the broker$$s salespeople and the second from a cooperating broker. What should the broker do$?$

Submit the offer from the broker$$s salesperson first

Submit the offer from the other broker first

Submit the higher offer first

Submit both offers at the same time

If the appraised value of a property is $$145,000,$ what is its assessed value in Ohio?

$$40,050$

$$45,500$

$$100,857$

$$50,750$

A property owner contracted to have a swimming pool installed on her property. When the pool was completed, she refused to pay for the improvement, and the contractor filed a lien for nonpayment. This lien was most likely a

General lien.

Equitable lien.

Statutory lien.

Voluntary lien.

The type of listing agreement that provides the least protection for the listing broker is the

Exclusive$-$right$-$to$-$sell listing

Exclusive$-$agency listing

Open listing

Net listing

A real estate broker was responsible for a chain of events that resulted in the sale of one of his client$$s properties. This referred to as a$($an$)$

Arbitrable action

Procuring cause

Abandoned transaction

Proffered offer

The amount of earnest money deposit is determined by

the real estate licensing statutes.

an agreement between the parties.

the broker$$s office policy on such matters.

statute: the acceptable minimum is $5$ percent of the pur