Under ORC Chapter 4735, Broker Adams wants to form a real estate partnership with Broker Lee. Which licensing requirement applies to the partnership entity?
Correct Answer
D) The partnership must obtain its own partnership broker license from the Division of Real Estate, in addition to each partner maintaining their individual broker licenses
Under ORC §4735.07, a partnership operating as a real estate brokerage must obtain its own partnership broker license from the Division of Real Estate. Each partner who actively participates must also maintain their own individual broker license.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Broker supervision is the legal obligation of a designated or managing broker to oversee and be accountable for the real estate activities of all salespersons and associate brokers operating under their license.
Commingling is the illegal act of mixing client funds with a broker's personal or business operating funds, while conversion is the unauthorized use of client funds for the broker's own benefit. Both are serious violations that can result in license revocation.
Commingling is the illegal act of mixing client trust funds with a broker's personal or business operating funds; conversion is the misappropriation of those funds.
More Oh License Law Orc 4735 Questions
Under ORC Chapter 4735, what is the minimum period an Ohio broker must retain trust account records after a transaction is completed or terminated?
Under ORC Chapter 4735, what happens to an Ohio real estate license if the licensee does not renew it by the expiration date?
Under ORC §4735.141, how are Ohio's 30 continuing education hours structured for active salespersons and brokers?
Under ORC Chapter 4735, which entity approves continuing education providers and courses for Ohio real estate licensees?
Under ORC Chapter 4735, which of the following best describes the required content of post-license education for newly licensed Ohio salespersons during their initial licensing period?
- → Under ORC Chapter 4735, continuing education for Ohio real estate licensees must be completed how often?
- → Under ORC §4735.14, what is the continuing education obligation for an Ohio salesperson who reactivates a license that has been on inactive status?
- → Under ORC Chapter 4735, which entity has the authority to establish renewal fees for Ohio real estate licenses, and how may those fees be changed?
- → Under ORC §4735.141, which outcome does Ohio's continuing education requirement for real estate licensees primarily serve?
- → Under ORC Chapter 4735, which of the following correctly describes a requirement that applies to continuing education courses completed by Ohio real estate salespersons?
- → Under ORC Chapter 4735, Ohio real estate licenses are renewed on what cycle?
- → Under ORC Chapter 4735, how many hours of continuing education must an Ohio salesperson complete during each three-year license period?
- → Under ORC Chapter 4735, which accommodation is available to an Ohio licensee who is on active duty with the U.S. military regarding license renewal and continuing education?
- → Under ORC Chapter 4735, what is the total number of hours of pre-license education and post-license education that a new Ohio salesperson must complete during the first licensing period?
- → Under ORC Chapter 4735, what is the primary purpose of the Ohio Division of Real Estate auditing a licensee's continuing education records?
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Previous Question
Salesperson Klein represents a buyer in a residential transaction. During negotiations, Klein learns from the listing agent that the seller will accept $15,000 less than the asking price. Klein tells her buyer client the seller will not negotiate below the asking price, hoping to earn a higher commission. Under ORC Chapter 4735, what violations has Klein committed?
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Under ORC Chapter 4735, the Ohio Superintendent of Real Estate is appointed by which official?