Free Ohio Real Estate Practice Exam

Q1.Which of the following is an example of proper harassment documentation?

• A.'He was clearly harassing her — it was obvious to everyone present.'
• B.'There seemed to be an inappropriate interaction at the open house.'
• C.'I believe a fair housing violation may have occurred based on what I observed.'
• D.'He told her she had a great smile and asked if she was single while standing close enough that she stepped back.'

Q2.An email announces changed wire instructions and supplies a new phone number. What is the best next step?

• A.Call the number in the email.
• B.Reply and ask whether it is genuine.
• C.Verify through a previously known or independently obtained official channel.
• D.Forward it to the buyer without comment.

Q3.Under the Equal Credit Opportunity Act (ECOA), a lender is prohibited from discriminating against a credit applicant based on which of the following?

• A.The applicant's current employment status as part-time
• B.The applicant's debt-to-income ratio exceeding lender guidelines
• C.The applicant's receipt of public assistance income
• D.The applicant's lack of an established credit history

Q4.A lender quotes a buyer an interest rate of 6.5% but the Annual Percentage Rate (APR) disclosed on the Loan Estimate is 6.9%. What federal law requires this APR disclosure, and why does the APR differ from the stated interest rate?

• A.RESPA; the APR is higher because it includes the lender's required reserve escrow contributions.
• B.ECOA; the APR reflects the borrower's creditworthiness score and is always higher than the note rate.
• C.The Truth-in-Lending Act (TILA); the APR is higher because it incorporates the interest rate plus certain fees and costs of credit, providing a true cost-of-borrowing figure.
• D.The Fair Housing Act; the APR difference reflects a risk premium the lender may charge based on the property's location.

Q5.A lender denies a loan application from a married couple but approves a nearly identical application from a single applicant with similar financials. Under the Equal Credit Opportunity Act (ECOA), which basis for discrimination does this scenario most likely illustrate?

• A.Race
• B.Religion
• C.Marital status
• D.National origin

Q6.Which type of encumbrance is a non-financial restriction on how property may be used?

• A.A mortgage or deed of trust
• B.A deed restriction or CC&R (covenant, condition, and restriction)
• C.A mechanic's lien filed by a contractor
• D.An IRS federal tax lien

Q7.A newly licensed salesperson in Ohio begins working for a broker who rarely reviews the salesperson's contracts, does not establish written office policies, and permits the salesperson to deposit earnest money without oversight. Under Ohio law, which party is primarily responsible for this supervisory failure?

• A.The salesperson, because licensees are solely responsible for their own conduct
• B.The Ohio Division of Real Estate and Professional Licensing, which must audit the office
• C.The broker, who has a statutory duty to actively supervise affiliated licensees
• D.The Ohio Real Estate Commission, which must assign a supervising agent to the office

Q8.Which document serves as evidence of a borrower's debt and promise to repay a mortgage loan?

• A.Deed of trust
• B.Mortgage
• C.Promissory note
• D.Security agreement

Q9.A salesperson representing a seller as a client is contacted directly by an unrepresented buyer who wants to tour the property. Before the showing begins, the salesperson hands the buyer a copy of the Ohio Consumer Guide to Agency Relationships and has the buyer sign an acknowledgment. The buyer later argues that the salesperson owed her fiduciary duties during the negotiation because she signed the form. Which statement BEST reflects Ohio law under ORC 4735.51–4735.75?

• A.The buyer is correct because signing any agency disclosure document creates an implied agency relationship under Ohio law.
• B.The buyer is incorrect; the Consumer Guide to Agency Relationships is a disclosure document, and providing it to an unrepresented buyer establishes her status as a customer, not a client, meaning the salesperson owes her only the statutory duties owed to customers under ORC 4735.63.
• C.The buyer is correct because ORC 4735.55 requires a salesperson to treat any party who receives the Consumer Guide as a client once they acknowledge receipt.
• D.The buyer is incorrect, but only because the Consumer Guide should have been provided before—not at the time of—the showing, making the disclosure procedurally defective and unenforceable.

Q10.A salesperson lists a home for $415,000 and it sells for $400,000. The listing broker and selling broker each receive 50% of a 6% total commission. The listing salesperson receives 60% of the listing broker's share. How much does the listing salesperson earn?

• A.$7,200
• B.$12,000
• C.$7,440
• D.$14,400

Q11.Under Ohio law, when must a licensee provide the Consumer Guide to Agency Relationships to a prospective buyer who calls the office to inquire about a listed property and then immediately schedules an in-person showing?

• A.Before the first substantive contact, meaning before discussing the buyer's specific needs, financial qualifications, or motivation
• B.At the time the buyer signs a buyer agency agreement, because no agency relationship exists before that point
• C.At or before the first showing of the property, because the showing itself constitutes the first substantive contact
• D.Within three business days of the first in-person meeting with the prospective buyer

Q12.An agent repeatedly shows buyers of one ethnicity only properties in certain neighborhoods and never shows them properties in other areas of equal value. This is an example of:

• A.Appropriate neighborhood specialization
• B.Blockbusting, which requires active misrepresentation
• C.Redlining, which is limited to lenders and insurers
• D.Illegal steering under the Fair Housing Act

Q13.A lender issues a Loan Estimate to a buyer on Monday. Three business days later, the buyer receives the Closing Disclosure. Under TRID (RESPA/TILA integrated disclosure rules), what is the minimum waiting period the buyer must observe after receiving the Closing Disclosure before the loan can consummate?

• A.One business day after receipt of the Closing Disclosure
• B.Three business days after receipt of the Closing Disclosure
• C.Seven business days after receipt of the Loan Estimate
• D.Five business days after the Closing Disclosure is mailed

Q14.Under CERCLA (the Superfund law), a real estate investor purchases a contaminated commercial site without conducting any environmental due diligence. The seller had previously used the property as a chemical storage facility. Which of the following BEST describes the investor's potential liability?

• A.The investor has no liability because CERCLA only holds the original polluter responsible for cleanup costs.
• B.The investor may be held jointly and severally liable for cleanup costs as a current owner, even if they did not cause the contamination.
• C.The investor is only liable up to the purchase price of the property under CERCLA's liability cap provisions.
• D.The investor is shielded from liability because the contamination occurred prior to their ownership.

Q15.Which provision would make a property-management agreement noncompliant?

• A.A defined maintenance-approval threshold
• B.Assignment to another licensee without the owner's express written consent
• C.A stated compensation schedule
• D.A beginning and ending date