ORES Ohio Real Estate Salesperson Examination - Set 2 - Part 2
Test your knowledge of technical writing concepts with these practice questions. Each question includes detailed explanations to help you understand the correct answers.
Question 21: Which of the following mortgage clauses requires the lender to release the lien and return clear title once the borrower has fully paid the debt?
Question 22: In Ohio, the borrower keeps legal and equitable title while the lender holds only a lien against the property. Which of the following describes this approach?
Question 23: A seller refuses to close on a signed purchase agreement, and the buyer asks a court to compel conveyance because the property is unique. Which remedy is the buyer seeking?
Question 24: A purchase agreement states that if the buyer defaults, the earnest money is forfeited to the seller as a pre-agreed amount. Which of the following describes this provision?
Question 25: Both parties agree to end their contract and return all money and property exchanged, restoring each side to its pre-contract position. Which of the following describes this?
Question 26: A party transfers contract rights to a third person but is not released and remains liable if the new party fails. Which of the following best describes this transfer?
Question 27: With everyone's consent, a new party is substituted for an original party and the original is expressly released from all further obligation. Which of the following is this?
Question 28: A contract clause signals that every stated deadline is strictly binding, so a party even one day late may be in breach. Which of the following is this clause?
Question 29: Which of the following rules generally bars a party from using prior oral statements to contradict the terms of a final, written contract the parties signed?
Question 30: When a buyer submits an offer in Ohio, the good-faith deposit is generally placed with which party for safekeeping until the transaction proceeds?
Question 31: Buyer and seller dispute who is owed the earnest money the broker holds. Absent joint written instructions or a court order, what should the broker do with the funds?
Question 32: Under which listing agreement does the broker earn a commission no matter who finds the buyer, even if the seller sells the property without help?
Question 33: In which listing arrangement does the broker keep any sale proceeds above a net amount the seller specifies, a structure widely disfavored for its conflict of interest?
Question 34: Which of the following federal laws governs the settlement process for home loans and prohibits paying kickbacks or unearned fees for the referral of settlement-service business?
Question 35: Which of the following contracts engages a broker to represent a buyer in locating and acquiring a property, rather than engaging a broker to market a seller's home?
Question 36: A lease runs for a fixed term with a definite beginning and ending date and ends automatically on that date with no notice required. Which leasehold estate is this?
Question 37: A month-to-month tenancy has no fixed end date and automatically renews each period until one party gives proper notice to terminate. Which leasehold estate is this?
Question 38: In the secondary mortgage market, which of the following pair of government-sponsored enterprises buys conventional conforming loans from lenders and packages them into mortgage-backed securities?
Question 39: A tenant pays a fixed rent and the landlord covers the property's taxes, insurance, and maintenance. Which type of lease describes this arrangement?
Question 40: A tenant in a freestanding commercial building pays base rent plus all of the property's taxes, insurance, and maintenance costs. Which type of lease is this?
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