ORES Ohio Real Estate Salesperson Examination - Set 2 - Part 1
Test your knowledge of technical writing concepts with these practice questions. Each question includes detailed explanations to help you understand the correct answers.
Question 1: A signed purchase agreement sits between signing and closing, with the seller still owing a deed and the buyer still owing payment. Which of the following describes it?
Question 2: Two parties state every term of their agreement in written words on a signed form rather than relying on conduct. Which of the following best describes this contract?
Question 3: An agreement requires something of legal value given by each party in exchange for the other's promise, such as money, a service, or a return promise. Which element is this?
Question 4: An agreement is formed to accomplish something the law forbids, so courts will give it no force or effect at all. Which of the following describes its status?
Question 5: A minor signs a contract to buy a condominium, and the law lets the minor cancel it while the adult party cannot. Which of the following describes this contract?
Question 6: Buyer and seller orally agree to sell a house, but neither will be able to force the other to perform in court because nothing was written. Which of the following describes it?
Question 7: Ohio law requires that a contract for the sale of land be in writing and signed by the party to be charged before a court will enforce it. Which doctrine is this?
Question 8: A seller responds to a buyer's written offer by raising the price. What happens to the buyer's original offer at that moment under contract law?
Question 9: Before the seller has accepted, a buyer communicates that the written offer to purchase is withdrawn. Which of the following describes the buyer's action?
Question 10: For acceptance to form a contract, the offeree's agreement must match the offer exactly, with no added or changed terms. Which rule states this requirement?
Question 11: A landowner gives a prospective buyer the right, but not the obligation, to purchase at a fixed price within six months in exchange for a fee. Which contract is this?
Question 12: An investor pays an option fee, then lets the option period expire without buying. What is the general rule about that fee under an option contract?
Question 13: In a real estate purchase agreement, the buyer promises to pay and the seller promises to convey, so both parties are bound by promises. Which of the following describes it?
Question 14: A contract binds only one party's promise, given in exchange for the other party's performance rather than a return promise. Which of the following is the classic real estate example?
Question 15: A holder cannot buy at will, but if the owner decides to sell and gets a third-party offer, the holder may match it. Which of the following describes this right?
Question 16: Which of the following is the borrower's signed, written promise to repay, serving as the actual evidence of the debt and the primary obligation in a loan?
Question 17: A loan uses two documents: one is the promise to repay, and the other pledges the property as collateral for that debt. Which of the following is the security instrument?
Question 18: A borrower pledges the home as collateral for the loan yet continues to live in it and keep possession. Which of the following terms describes this arrangement?
Question 19: Which of the following mortgage clauses lets the lender declare the entire unpaid balance immediately due once the borrower defaults, rather than suing payment by payment?
Question 20: Which of the following clauses in a mortgage allows the lender to demand the full balance if the borrower sells or transfers the property?
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