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Ohio Real Estate Salesperson Exam Lesson 1
This is the 1st sample lessons that we will be sharing with you which will help you prepare for the Ohio real estate salesperson exam.
These Ohio real estate salesperson exam lessons are meant to be a supplement and not a substitute for classroom learning or other requirements of the Ohio real estate department for licensure.
The Full Table of contents may be found HERE
Real Estate Governing Bodies
Regulated by two agencies: the Ohio Real Estate Commission and the Ohio Division of Real Estate
The Real Estate Commission
• Five member appointed by the governor
• Four are active real estate agents with 10+ years of experience
• One non-real estate professional who represents the public
• No more than three members can be from one political party.
• Each member serves for five years.
Duties of the Commission
• Create the Code of Ethics for real estate professionals
• Reviews any appeals
• Administers the real estate education/research fund
• Notifies licensees of changes to state/federal laws
Duties of the Ohio Division of Real Estate
• Led by the Superintendent of Real Estate
• The Superintendent is appointed by the Director of Commerce for an indefinite term from an approved list of six people
• Carry out state law
• Administer exams
• Review records
• Enforce license laws
• Grant, refuse and revoke licenses
Disciplinary Actions
• Misrepresentations
• Dual agency without disclosure
• Mishandling of funds
• Compensates an unlicensed person with a commission
• Hiding a criminal conviction
• Practicing real estate without a license
• Practicing real estate while impaired
• Discrimination
• Commingles funds
• Breaking fiduciary duties
• Charges hidden fees
Complaints are heard by the Ohio Division of Real Estate
Licensed Activities
• Sales
• Exchanges
• Purchases
• Loan negotiation
• Advertising real property
• Offers
• Listing
• Rentals
Unlicensed Activities
• For sale by owner
• Property manager employed by an owner
• Trustee
• Public servants on official business
• Power of attorney
• Court appointees
• Employees of financial institutions