Ohio Real Estate Salesperson Exam — All Questions

All Property Ownership Land Use Controls Valuation & Market Analysis Financing General Principles of Agency Property Condition & Disclosures Contracts Transfer of Title Practice of Real Estate Real Estate Calculations Specialty Areas State Governance Licensing Requirements Ohio License Law & Rules Brokerage Relationships (Agency)

2 questions

Valuation & Market Analysis

A comparative market analysis (CMA) prepared by a licensee to help a seller set a listing price:

a.Is the same as a formal appraisal
b.Is based on comparable recent sales and is not a formal appraisal✓
c.Must be performed only by a licensed appraiser
d.Determines the exact loan amount

A CMA estimates likely market value from comparable recent sales to help price a listing, but it is not a formal appraisal and does not carry the same legal weight. Formal appraisals must be prepared by licensed or certified appraisers.

Valuation & Market Analysis

Loss in value due to outdated design or features that are no longer desirable is called:

a.Physical deterioration
b.External obsolescence
c.Functional obsolescence✓
d.Appreciation

Functional obsolescence is a loss in value caused by outdated design, poor layout, or features that no longer meet market expectations. External obsolescence instead results from negative influences outside the property, such as a nearby nuisance.