Ohio Real Estate Practice Test (Free)

Question 1

In Ohio, what is the key difference between an exclusive right-to-sell listing and an exclusive agency listing?

Accepted Answer

In an exclusive right-to-sell, the broker earns a commission no matter who sells the property; in an exclusive agency, the seller can sell it themselves without owing a commission

Answer

There is no difference; the terms are interchangeable

Answer

An exclusive agency listing can only be used for commercial property

Answer

An exclusive right-to-sell listing prohibits the seller from ever canceling the agreement

Question 2

Does Ohio offer blanket real estate license reciprocity with other states?

Accepted Answer

No, out-of-state licensees follow a separate application path through the Division

Answer

Yes, with every neighboring state automatically

Answer

Yes, but only for brokers, never salespersons

Answer

No, out-of-state licensees can never become licensed in Ohio

Question 3

What does the term 'appraisal' refer to in a real estate transaction?

Accepted Answer

An unbiased professional opinion of a property's market value

Answer

A legal document transferring ownership

Answer

A buyer's written offer

Answer

A home inspection report on structural condition

Question 4

What is the main difference between a general lien and a specific lien on real property?

Accepted Answer

A general lien attaches to all of a debtor's property, while a specific lien attaches only to a particular property

Answer

A specific lien can never be removed

Answer

A general lien only applies to personal property, never real estate

Answer

There is no legal distinction between the two

Question 5

In Ohio, which state agency oversees real estate salesperson and broker licensing?

Accepted Answer

Ohio Division of Real Estate and Professional Licensing

Answer

Ohio Department of Insurance

Answer

Ohio Construction Industry Licensing Board

Answer

State Board of Education of Ohio

Question 6

In Ohio, how many total hours of prelicensing education does a real estate salesperson candidate need, as of the requirement that took effect April 9, 2025?

Accepted Answer

100 hours

Answer

60 hours

Answer

80 hours

Answer

120 hours

Question 7

In Ohio, what must a real estate salesperson candidate secure before applying to take the licensing exam?

Accepted Answer

A sponsoring Ohio broker

Answer

A completed sale transaction

Answer

Membership in a local Realtor association

Answer

A surety bond

Question 8

How often must an Ohio real estate salesperson license be renewed?

Accepted Answer

Every 3 years

Answer

Every year

Answer

Every 2 years

Answer

Every 5 years

Question 9

In an amortizing fixed-rate mortgage, what happens to the proportion of principal versus interest in each payment over time?

Accepted Answer

Early payments are mostly interest, and later payments are mostly principal

Answer

The proportion never changes

Answer

Early payments are mostly principal, and later payments are mostly interest

Answer

Interest is paid entirely in the first year

Question 10

In real estate finance, what does the term 'points' refer to when discussing a mortgage loan?

Accepted Answer

Upfront fees paid to the lender at closing, each equal to 1 percent of the loan amount, often to reduce the interest rate

Answer

Credit score thresholds set by the lender

Answer

The number of years remaining on the loan

Answer

Penalties for late mortgage payments