Under ORC Chapter 4735, what type of body is the Ohio Real Estate Commission?
Correct Answer
B) An advisory body to the Superintendent of Real Estate
Under ORC §4735.02, the Ohio Real Estate Commission is an advisory body. It advises the Superintendent on matters related to real estate licensing but has no independent regulatory, enforcement, or judicial authority.
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Related Topics & Key Terms
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Related Concepts
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
More Oh License Law Orc 4735 Questions
Under ORC Chapter 4735, which statement most accurately describes the role of the Ohio Real Estate Commission in relation to the Superintendent of Real Estate?
Under ORC Chapter 4735, the name on an Ohio broker's trust account must include which identification?
Under ORC Chapter 4735, which of the following describes a broker's authority over funds held in a trust account?
Under ORC Chapter 4735, an offer is submitted with a $7,500 earnest money check and the seller rejects it the following morning. When may the broker release the earnest money to the buyer?
Under ORC Chapter 4735, all of the following activities require an Ohio real estate license EXCEPT:
- → An Ohio salesperson is found to have refused to show properties to a buyer based solely on the buyer's military status. Which of the following accurately describes the legal consequences that may result?
- → An Ohio salesperson's license lapsed 18 months ago. Under ORC Chapter 4735 and Ohio Administrative Code rules, what is required before the salesperson can reactivate the license?
- → Under ORC Chapter 4735, Broker Adams wants to form a real estate partnership with Broker Lee. Which licensing requirement applies to the partnership entity?
- → 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, who has the authority to impose a civil penalty (fine) on an Ohio real estate licensee for a licensing violation?
- → A salesperson receives a referral fee directly from a mortgage lender for directing clients to that lender. Under ORC Chapter 4735, which statement correctly describes the licensee's obligation?
- → Under ORC Chapter 4735, what is the minimum period an Ohio broker must retain trust account records after a transaction is completed or terminated?
- → The Ohio Division of Real Estate & Professional Licensing is auditing a brokerage and discovers multiple violations. A licensee challenges the Division's authority, arguing it lacks jurisdiction over one of the following actions. Under ORC Chapter 4735, which action is OUTSIDE the Superintendent's statutory authority?
- → Under ORC Chapter 4735, which of the following most accurately describes a broker's obligation when holding earnest money received from a buyer?
- → Under ORC §4735.141, how are Ohio's 30 continuing education hours structured for active salespersons and brokers?
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Under ORC Chapter 4735, the Superintendent of Real Estate has the authority to do all of the following EXCEPT:
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The Ohio Real Estate Commission votes 4-1 to recommend that the Superintendent revoke a specific broker's license. Under ORC Chapter 4735, what is the Superintendent's obligation?