Property + Title
17%of exam
Value + Finance
19%of exam
Agency + Contracts
29%of exam
Practice + Disclosure
22%of exam
Ohio Licensing Law
13%of exam
Quick Facts
- Exam
- Salesperson
- Owner
- Ohio Division
- Vendor
- PSI
- Scored
- 80 national; 40 state
- Pretest
- 5-10 unscored
- Time
- 180 minutes
- Pass
- 70% each portion
- Education
- 100 prelicense hours
- Application
- $81
- Exam fee
- $63 both portions
Property Picker
- Movable item→Personal property
- Attached item→Fixture
- Tenant business item→Trade fixture
- Use another land→Easement
- Title defect→Quiet title
- Seller keeps title→Land contract
Property Basics
- Real property
- Land plus rights
- Personal property
- Movable property
- Fixture
- Attached personal property
- Trade fixture
- Tenant removable item
- Emblements
- Annual cultivated crops
- Attachment
- Personal becomes real
- Severance
- Real becomes personal
- Bundle rights
- Possess/use/exclude/transfer
Ownership Forms
- Severalty
- One owner
- Tenancy common
- Default co-ownership
- Survivorship tenancy
- Ohio survivorship form
- Joint tenancy
- Unities plus survivorship
- Life estate
- Ends at death
- Remainder
- Future third-party interest
- Reversion
- Returns to grantor
- Leasehold
- Possession without title
Title Transfer
- Deed
- Transfers ownership
- Grantor
- Gives title
- Grantee
- Receives title
- Warranty deed
- Broad covenants
- Quitclaim
- No warranties
- Recording
- Constructive notice
- Cloud title
- Title defect
- Quiet title
- Court clears title
Ohio Property
- Land contract
- Seller retains title
- Recording
- Land contract required
- Equitable conversion
- Buyer equitable owner
- Mortgage
- Common security instrument
- Foreclosure
- Usually judicial
- Conveyance fee
- Transfer tax
- Homestead
- Tax reduction program
- Adverse possession
- 21 years
Value vs Price
Market value
- Probable price
- Typical buyer/seller
Market price
- Actual amount
- Specific transaction
Probable differs from actual
Math Picker
- Need loan amount→Value x LTV
- Need cash down→Price minus loan
- Need commission→Price x rate
- Need value→NOI / cap
- Need equity→Value minus debt
- Need proration→Daily rate
Value Concepts
- Market value
- Probable sale price
- Market price
- Actual sale amount
- Cost
- Amount spent
- Utility
- Usefulness
- Scarcity
- Limited supply
- Demand
- Buyer desire
- Transferability
- Clear ownership transfer
- Substitution
- Value ceiling
Appraisal Methods
- Sales comparison
- Comparable sales
- Cost approach
- Land plus improvements
- Income approach
- Income capitalized
- Reproduction
- Exact duplicate cost
- Replacement
- Equivalent utility cost
- Depreciation
- Value loss
- CMA
- Broker price analysis
- Cap rate
- NOI over value
Finance Terms
- Note
- Debt promise
- Mortgage
- Security lien
- Deed trust
- Trustee security
- LTV
- Loan over value
- Points
- Prepaid interest
- Alienation
- Due on sale
- Acceleration
- Full balance due
- Defeasance
- Lien defeated
Math Formulas
- Area
- Length times width
- Commission
- Price times rate
- Loan
- Value times LTV
- Equity
- Value minus debt
- Interest
- Principal times rate
- NOI
- Income minus expenses
- Value
- NOI over cap
- GRM
- Price over rent
Client Duties
OLD CAR still works for Ohio clients.
ObedienceLoyaltyDisclosureConfidentialityAccountingReasonable care
Customer vs Client
Customer
- Honesty owed
- Material facts disclosed
Client
- Fiduciary duties
- Confidentiality owed
Client gets loyalty
Agency Picker
- Represents seller→Seller agent
- Represents buyer→Buyer agent
- Both sides→Dual agency(Written consent)
- Cooperates for seller→Subagent
- Client secrets→Confidentiality
- All parties→Honesty
Agency Duties
- Loyalty
- Client first
- Obedience
- Lawful instructions
- Disclosure
- Material facts
- Confidentiality
- Protect client information
- Accounting
- Money/documents tracked
- Care
- Skillful diligence
- Honesty
- All parties
- Fair dealing
- All parties
Exclusive Right vs Agency
Exclusive right
- Broker paid regardless
- Seller sale included
Exclusive agency
- Owner sale exception
- Broker sale paid
Owner exception decides
Agency Disclosure
- Seller agent
- Represents seller
- Buyer agent
- Represents buyer
- Dual agency
- Both sides consent
- Subagency
- Seller fiduciary duties
- Policy guide
- Brokerage agency policy
- Agency statement
- Transaction disclosure form
- Own property
- License status disclosed
- Confidential facts
- Stay protected
Policy vs Statement
Policy guide
- Brokerage explanation
- Prospective consumer
Agency statement
- Transaction disclosure
- Offer timing
Guide precedes transaction form
Contract Status
- Valid
- Enforceable agreement
- Void
- No legal effect
- Voidable
- One party may cancel
- Unenforceable
- Court will not enforce
- Executed
- Fully performed
- Executory
- Performance remains
- Assignment
- Rights transferred
- Novation
- New party/contract
Listings
- Exclusive right
- Broker paid regardless
- Exclusive agency
- Owner sale exception
- Open listing
- Procuring broker paid
- Net listing
- Conflict risk
- Buyer agreement
- Buyer representation
- Protection clause
- Post-expiration commission
- Procuring cause
- Cause of sale
- Commission
- Through broker only
Ohio Fair Housing
Federal seven plus Ohio military ancestry.
Federal sevenMilitary statusAncestryOCRC
RPDF vs Lead
RPDF
- Ohio seller form
- Known property conditions
- 1-4 units
Lead
- Federal form
- Pre-1978 housing
- 10-day inspection
Different disclosure systems
Disclosure Picker
- 1-4 unit sale→RPDF
- Built before 1978→Lead disclosure
- Known physical defect→Material disclosure
- Death or crime→Usually no RPDF
- Contamination exists→Disclose hazard
- Agency begins→Agency documents
Trust Accounts
- Trust account
- Client funds account
- Special account
- Escrow account
- Deposit deadline
- 2 business days
- Broker funds
- Fees/minimum only
- Commingling
- Funds improperly mixed
- Conversion
- Funds misused
- Reconciliation
- Monthly balance check
- Records
- 3 years retained
Trust Rhythm
Two days, monthly check, three years.
2 business daysMonthly reconcile3-year records
Commingling vs Conversion
Commingling
- Funds mixed
- Trust account violation
Conversion
- Funds used
- More severe violation
Mixing is not spending
Disclosures
- RPDF
- Seller condition form
- 1-4 units
- RPDF covered property
- Known defects
- Seller discloses
- Material facts
- Licensee discloses
- Lead paint
- Pre-1978 federal
- Meth lab
- Physical contamination
- Stigma
- Not physical defect
- Foreclosure
- RPDF exempt transfer
Fair Housing
- Race
- Protected class
- Color
- Protected class
- Religion
- Protected class
- Sex
- Protected class
- National origin
- Protected class
- Familial status
- Protected class
- Disability
- Protected class
- Military status
- Ohio protected class
- Ancestry
- Ohio protected class
- OCRC
- Ohio enforcement agency
Advertising
- Brokerage name
- Equal prominence required
- Web page
- Brokerage shown
- Outdated info
- Update within 14 days
- Team ad
- Brokerage still required
- False ad
- Disciplinary risk
- Puffing
- Opinion statement
- Listing alteration
- Owner permission needed
- Social media
- Advertising rule applies
Education Hours
Practice and law are forty each.
Practice 40Ohio law 40Appraisal 10Finance 10
National vs State
National
- 80 scored
- 120 minutes
- General law
State
- 40 scored
- 60 minutes
- Ohio law
Pass each portion separately
Status Picker
- Lose broker→Inactive status
- Fail one portion→Retake failed portion
- Miss postlicense→Automatic suspension
- Complete CE→Renew license
- Trust shortage→Discipline risk
- Fund pays claim→Suspension until repaid
License Path
- Age
- 18 minimum
- Education
- 100 prelicense hours
- Practice
- 40 hours
- Ohio law
- 40 hours
- Appraisal
- 10 hours
- Finance
- 10 hours
- Broker sponsor
- Application recommendation
- Exam window
- 12 months
Division Powers
- Superintendent
- Division leader
- Commission
- 5 appointed members
- Rules
- OAC 1301:5
- License law
- ORC 4735
- Audit
- Records inspection
- Investigation
- Complaint review
- Hearing
- Due process
- Recovery fund
- Consumer compensation
Renewal + Discipline
- Initial term
- Ends first birthday
- Renewal
- Every 3 years
- CE
- 30 hours
- Postlicense
- 20 hours first year
- Inactive
- No licensed activity
- Retake
- Failed portion only
- Fine
- Up to $2,500
- Revocation
- Most severe discipline
Common Traps
Education Changed
100 current hours ≠ 120 old materials
One Portion Passed
Retake failed portion ≠ Not both portions
Salesperson Pay
Broker pays salesperson ≠ Client pays broker
Advertising Names
Brokerage equal prominence ≠ Team name alone
Material Facts
Known defects disclosed ≠ Seller silence ignored
Trust Dispute
Hold disputed funds ≠ Broker decides alone
Ohio Classes
Military status protected ≠ Federal only list
Land Contract
Seller keeps legal title ≠ Buyer gets deed now
Last Minute
- 1.Exam = 80 national, 40 state
- 2.Pass = 70% each portion
- 3.Education = 40+40+10+10
- 4.Application fee = $81
- 5.Exam window = 12 months
- 6.Postlicense = 20 first-year hours
- 7.CE = 30 hours every cycle
- 8.Trust deposit = 2 business days
- 9.Brokerage name in every ad
- 10.Ohio adds military and ancestry
- 11.RPDF covers 1-4 unit sales
- 12.Commissions flow through broker
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