Ohio Real Estate Salesperson Exam — All Questions

Ohio law requires an 'Agency Disclosure Statement' to be provided so that:

• a.The seller can avoid disclosing defects
• b.The commission is guaranteed
• c.The parties understand which party each licensee represents✓
• d.The buyer can waive the home inspection

Ohio's Agency Disclosure Statement informs the parties which brokerage and agent represent whom in the transaction, promoting transparency about agency relationships. It must be provided at the appropriate time under Ohio agency law.

Who creates the agency disclosure statement Ohio licensees are required to use?

• a.Each brokerage drafts its own, subject to division audit
• b.The superintendent, with the commission's approval✓
• c.The Ohio Association of REALTORS, by a vote of members
• d.The Ohio supreme court's real property advisory committee

ORC 4735.57(A) directs the superintendent of real estate, with the approval of the Ohio Real Estate Commission, to develop and make available the agency disclosure statement, and fixes what the form must contain. Cite: ORC 4735.57(A) (eff. 1/1/2005, SB 106, 125th G.A.).

When must an Ohio purchaser's agent present the agency disclosure statement to the purchaser?

• a.At the first showing of any property whatsoever
• b.Within three days after the seller accepts the offer
• c.No later than the preparation of an offer to purchase✓
• d.At the closing table, before the deed is handed over

ORC 4735.58(A) requires the purchaser's agent or the seller's subagent working with a purchaser to present the statement and ask the purchaser to sign and date it 'no later than the preparation of an offer to purchase,' then deliver the signed statement to the seller's agent or to an unrepresented seller. Cite: ORC 4735.58(A) (eff. 9/29/2011, HB 153, 129th G.A.).

Ohio's agency disclosure statement requirement does not reach the leasing of residential premises when:

• a.the rental or lease can be performed in eighteen months or less✓
• b.the tenant is related to the owner by blood, marriage or adoption
• c.the monthly rent is under one thousand dollars a month
• d.the landlord owns fewer than four rental units in total

ORC 4735.58 exempts 'the rental or leasing of residential premises' where the rental or lease agreement can be performed in eighteen months or less, along with foreign real estate, cemetery lots, and referrals of prospective buyers or sellers. Cite: ORC 4735.58 (eff. 9/29/2011, HB 153, 129th G.A.).

Under ORC 4735.56, when must an Ohio licensee give a seller the brokerage's written policy on agency?

• a.Within ten days after the listing reaches the MLS
• b.Only if the seller asks to see the brokerage policy
• c.At the same moment the purchase offer is presented
• d.When the licensee and seller enter the agency agreement✓

ORC 4735.56 requires the brokerage policy to be given to the seller at the time the licensee and seller enter into an agency agreement, or before the licensee advertises or shows the property, with the seller signing an acknowledgement of receipt. Cite: ORC 4735.56 (eff. 9/30/2025, HB 96, 136th G.A.).

Before an Ohio brokerage may act as a dual agent, ORC 4735.71 requires:

• a.oral consent, noted by the agent in the file
• b.written consent from both the seller and the purchaser✓
• c.the written approval of the superintendent of real estate
• d.a court order blessing the dual representation

ORC 4735.71(A) forbids dual representation without the written consent of both parties, and requires the licensee first to disclose 'all relevant information necessary to enable each party to make an informed decision.' A later material change reopens the right to withdraw consent. Cite: ORC 4735.71(A) (eff. 9/29/2011, HB 153, 129th G.A.).

Which of these is a dual agency under Ohio's ORC 4735.70?

• a.A brokerage representing both purchaser and seller in one deal✓
• b.Two separate brokerages cooperating on one transaction
• c.A licensee referring a client out to another brokerage
• d.A broker representing only the seller in a cash sale

ORC 4735.70 defines dual agency as a licensee representing both purchaser and seller as clients in the same transaction, a brokerage representing both, or a management-level licensee representing a client in an in-company transaction (with the exceptions in division (C)). Cite: ORC 4735.70 (eff. 1/1/2005, SB 106, 125th G.A.).

An Ohio licensee holds a 20% interest in the company that owns the listed property. May the licensee act as a dual agent in its sale?

• a.Yes, provided both parties sign the consent form
• b.Yes, if the brokerage's written policy permits it
• c.No; a licensee with an interest in the property cannot✓
• d.Yes, with a written waiver from the superintendent of real estate

ORC 4735.71(C) bars a licensee from dual agency where the licensee has a personal interest in the property, or is affiliated with an entity holding such an interest or intending to buy, lease or exchange it. Party consent cannot cure that bar. Cite: ORC 4735.71(C) (eff. 9/29/2011, HB 153, 129th G.A.).

Which is NOT among the fiduciary duties ORC 4735.62 places on an Ohio licensee representing a client?

• a.Exercising reasonable skill and care for the client
• b.Following the client's lawful instructions promptly
• c.Accounting in a timely manner for money received
• d.Guaranteeing that the seller's statements are true✓

ORC 4735.62(A) to (I) lists reasonable skill and care, performing the written agency agreement, lawful instructions, loyalty, fair housing compliance, disclosure of non-confidential material facts, advising the client to get expert advice, timely accounting, and confidentiality. ORC 4735.67(B) expressly relieves the licensee of verifying the seller's statements unless the licensee knows of contradicting information. Cite: ORC 4735.62 (eff. 9/29/2011, HB 153, 129th G.A.) and ORC 4735.67(B) (eff. 12/13/1996, HB 354, 121st G.A.).

After an Ohio transaction closes, which duties does the licensee still owe the former client?

• a.Every fiduciary duty in ORC 4735.62, without end
• b.An accounting, and continued confidentiality✓
• c.None at all; the agency relationship ends at closing
• d.Only the duty to keep the transaction file three years

ORC 4735.74 ends the licensee's duties on completion or termination except for (A) providing the client an accounting of all moneys and property relating to the transaction and (B) keeping confidential the information learned during it, subject to the listed exceptions. Cite: ORC 4735.74 (eff. 9/10/2012, HB 487, 129th G.A.).

ORC 4735.67(A) requires an Ohio licensee to disclose to a purchaser:

• a.any remark the seller ever made about the neighbourhood
• b.the lowest price the seller has authorised the agent to take
• c.material physical-condition facts the licensee actually knows✓
• d.the seller's personal reason for moving out of the property

ORC 4735.67(A) requires disclosure of 'all material facts of which the licensee has actual knowledge pertaining to the physical condition of the property,' with knowledge inferred if the licensee acts with reckless disregard. The seller's price floor and motivation are confidential information under the agency statutes, not required disclosures. Cite: ORC 4735.67(A) (eff. 12/13/1996, HB 354, 121st G.A.).