Ohio Real Estate Exam Questions and answers. 100% proven pass rate, Graded A+
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Ohio Real Estate Exam Questions and
answers. 100% proven pass rate, Graded
A+
Which would a buyer prefer: Land installment contract or purchase money mortgage? - ✔✔purchase
money mortgage
- the buyer will receive the deed to the property on the day of closing.
-A purchase money mortgage does not transfer any title to the buyer; rather, it is a method by which the
seller finances the transaction.
-In a land installment contract, the buyer does not receive the deed until the final payment is made. A
land installment contract transfers only equitable title.
spot zoning - ✔✔illegal rezone that favors a particular property owner without justification
defeasance clause - ✔✔found in the mortgage that cancels the mortgagees right to the land title on the
payment of the debt
-THE BORROWER IS GIVEN TITLE TO THE LAND ONCE MORTGAGE IS PAID OFF
patent defect - ✔✔a visible, obvious defect and the agent has no duty to disclose it.
The listing agent is informed by the seller that the basement gets wet when it rains. The agent says
nothing to the buyer. Who is liable for the failure to disclose the latent defect? - ✔✔seller. The client is
always liable for the acts of her agent. The agent may be liable to the seller for breaching a fiduciary
duty
buyer-broker contract - ✔✔creates the agency relationship between buyer and broker
what title insurance policy insures the holder of the right to someone elses land? - ✔✔easement policy
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