ORES - Ohio Real Estate Salesperson Examination

Question 21: Which of the following fiduciary duties under Ohio's agency statute requires the licensee to handle and report all the client's money and property received?

Loyalty

Obedience

Accounting

Confidentiality

Question 22: After an Ohio agency relationship ends, which of the following duties does the licensee still owe the former client?

Continued confidentiality and accounting

Ongoing loyalty and advocacy

A duty to find replacement representation

Continued obedience to instructions

Question 23: Ohio requires every listing and buyer-agency agreement to state which of the following so the relationship does not continue indefinitely by inaction?

An automatic renewal clause

A guaranteed commission floor

A waiver of fiduciary duties

A definite expiration date

Question 24: A seller fires the listing brokerage halfway through a valid listing period. Regarding the seller's ability to do so, which of the following best states the Ohio rule?

The seller lacks any power to revoke

The seller has the power, owing damages

Revocation is impossible before expiration

Only the Commission can end the listing

Question 25: Which of the following events terminates an Ohio real estate agency relationship by operation of law rather than by the parties' choice?

A price reduction on the listing

A new marketing photograph

Death or incapacity of the client

An open house with no offers

Question 26: Under Ohio's agency statute, which of the following is confidential information a licensee must protect because disclosing it would harm the client's bargaining position?

A known cracked foundation

The property's recorded easements

The home's square footage

The lowest price the client will accept

Question 27: A seller asks the agent to hide that the basement floods every spring, calling it confidential. Under Ohio law, which of the following must the agent do?

Disclose the flooding as a material fact

Honor the request as confidential

Reveal it only if a buyer asks

Delay disclosure until closing

Question 28: Years after a sale closes, a buyer asks the former listing agent what the past seller's bottom-line price had been. Under Ohio law, the agent must do which of the following?

Share it, since the agency ended

Reveal it only to a new client

Keep the information confidential

Disclose it if no harm results

Question 29: Under Ohio's confidentiality rule, a licensee may reveal a client's confidential information in which of the following situations?

When a curious buyer presses for it

When a court order compels it

When it might speed the sale

When another agent requests it

Question 30: Acting as a dual agent, a licensee learns the most the buyer will pay. Regarding the seller, which of the following must the dual agent do?

Share the figure to help the seller

Disclose it only in writing

Reveal it after acceptance

Not reveal the buyer's maximum price

Question 31: Which of the following best describes the purpose of Ohio's Agency Disclosure Statement in a real estate transaction?

It creates the agency relationship

It guarantees the commission

It discloses who represents whom

It transfers title to the buyer

Question 32: Under Ohio law, a purchaser's agent must present the Agency Disclosure Statement to the buyer and request a signature no later than which of the following points?

When preparing the offer to purchase

At the closing table

After the deed is recorded

Thirty days after the sale

Question 33: Under Ohio's agency statute, a seller's agent must present the Agency Disclosure Statement to the seller no later than which of the following points?

Only if the seller requests it

After the inspection is completed

At the listing's expiration date

Before presenting the seller a written offer

Question 34: Before a brokerage may act as a dual agent in one transaction, Ohio's agency statute requires which of the following from both the seller and the buyer?

A verbal acknowledgment

Prior informed written consent

Approval from the Commission

A signed listing extension

Question 35: A buyer's agent is paid out of the seller's sale proceeds at closing. Under Ohio law, which of the following best states whom that licensee represents?

The buyer, regardless of payment source

The seller, because the seller pays

Both parties as a dual agent

Neither party, due to the conflict

Question 36: Ohio requires every brokerage to adopt which of the following, stating the agency relationships it offers and its confidentiality procedures for affiliated licensees?

A federal disclosure waiver

A standard purchase agreement

A written company agency policy

A multiple listing membership

Question 37: A buyer refuses to sign the Agency Disclosure Statement the agent properly presented. Under Ohio law, the licensee should do which of the following?

Cancel the transaction immediately

Sign the form on the buyer's behalf

Report the buyer to the Commission

Note the refusal and proceed

Question 38: Regarding the nature of the Agency Disclosure Statement in a transaction, which of the following statements is correct under Ohio's agency statute?

It is a binding agency contract

It is a disclosure, not a contract

It sets the commission rate

It replaces the listing agreement

Question 39: When a licensee sells a property they personally own to a buyer, Ohio practice requires the licensee to disclose which of the following in writing?

Their personal financial statements

The original purchase price they paid

Their brokerage's commission split

That they hold a real estate license

Question 40: A licensee buying a home for their own account from an unrepresented seller is acting in which of the following capacities?

As a principal in the transaction

As the seller's fiduciary agent

As a dual agent for both

As a subagent of the seller

ORES Ohio Real Estate Salesperson Examination - Set 5 - Part 2