Question 1

Closing Disclosure

Accepted Answer

A document that provides a detailed breakdown of the costs associated with a real estate transaction.

Question 2

Dual Agency

Accepted Answer

When a real estate agent represents both the buyer and the seller in a transaction.

Question 3

Escrow

Accepted Answer

A neutral third party that holds funds and documents during a real estate transaction.

Question 4

Condominium

Accepted Answer

A type of housing where individuals own their units and share ownership of common areas.

Question 5

Eminent Domain

Accepted Answer

The government's power to take private property for public use, with fair compensation.

Question 6

Title Insurance

Accepted Answer

A policy that protects against loss from defects in the title of a property.

Question 7

Appraisal

Accepted Answer

An assessment of a property's value conducted by a licensed appraiser.

Question 8

Multiple Listing Service (MLS)

Accepted Answer

A database used by real estate agents to list and find properties for sale.

Question 9

Earnest Money

Accepted Answer

A deposit made by the buyer to show their serious intent to purchase a property.

Question 10

Zoning

Accepted Answer

Local government regulations that dictate how land can be used within specific areas.

Question 11

Comparative Market Analysis (CMA)

Accepted Answer

An evaluation of similar properties to determine a home's market value.

Question 12

Lead-Based Paint Disclosure

Accepted Answer

A requirement for sellers to inform buyers of known lead-based paint hazards in a property.

Question 13

Deed

Accepted Answer

A legal document that transfers ownership of real estate from one party to another.

Question 14

Lease Option

Accepted Answer

A rental agreement that includes an option for the tenant to purchase the property.

Question 15

Counteroffer

Accepted Answer

A response to an offer that includes different terms and conditions than the original offer.

Question 16

Prequalification

Accepted Answer

An initial assessment of a buyer's financial capability to qualify for a mortgage.

Question 17

Homeowners Association (HOA)

Accepted Answer

An organization that manages common areas and enforces rules in a residential community.

Question 18

Radon

Accepted Answer

A colorless, odorless gas that can seep into homes and pose health risks.

Question 19

Listing Agreement

Accepted Answer

A contract between a seller and a real estate agent, outlining the terms of listing a property.

Question 20

Real Estate Owned (REO)

Accepted Answer

Properties that have been foreclosed upon and are now owned by a lender.

Question 21

Short Sale

Accepted Answer

The sale of a property for less than the amount owed on the mortgage, with the lender's approval.

Question 22

Contingency

Accepted Answer

A condition that must be met before a real estate contract becomes binding.

Question 23

Net Listing

Accepted Answer

A type of listing agreement where the seller receives the net proceeds from the sale.

Question 24

Assessed Value

Accepted Answer

The value placed on a property by a tax assessor for the purpose of taxation.

Question 25

Fair Housing Act

Accepted Answer

Federal law that prohibits discrimination in housing based on race, color, religion, sex, etc.

Question 26

Capitalization Rate

Accepted Answer

The rate of return on an investment property, calculated by dividing the net operating income by the purchase price.

Question 27

Broker Price Opinion (BPO)

Accepted Answer

An estimate of a property's value by a licensed real estate broker.

Question 28

Right of First Refusal

Accepted Answer

A provision that gives a party the first opportunity to purchase a property before it is sold to others.

Question 29

Contingent Offer

Accepted Answer

An offer to purchase a property that is dependent on certain conditions being met.

Question 30

Fiduciary Duty

Accepted Answer

The legal obligation of a real estate agent to act in the best interests of their client.

Question 31

Section 1031 Exchange

Accepted Answer

A tax-deferred exchange of like-kind properties used for investment or business purposes.

Question 32

Truth in Lending Act

Accepted Answer

Federal law that requires lenders to disclose the terms and costs of a loan to borrowers.

Question 33

Conveyance

Accepted Answer

The transfer of a property's ownership from one party to another.

Question 34

Comparative Market Analysis (CMA)

Accepted Answer

An evaluation of similar properties to determine a home's market value.

Question 35

Home Inspection

Accepted Answer

A thorough examination of a property's condition, typically performed by a certified inspector.

Question 36

Contingent upon Financing

Accepted Answer

A clause in a purchase agreement that makes the sale dependent on the buyer securing financing.

Question 37

Encumbrance

Accepted Answer

A claim, lien, or restriction on a property that affects its ownership or use.

Question 38

PITI

Accepted Answer

An acronym representing the components of a mortgage payment: Principal, Interest, Taxes, and Insurance.

Question 39

Pre-Approval

Accepted Answer

A lender's written commitment to finance a home purchase, based on a borrower's financial information.

Question 40

Right of Survivorship

Accepted Answer

The automatic transfer of a deceased owner's interest in a property to the surviving owner(s).

Question 41

Title Search

Accepted Answer

An examination of public records to verify a property's ownership history and uncover any liens or encumbrances.

Question 42

Lease Agreement

Accepted Answer

A legally binding contract between a landlord and a tenant, outlining the terms of a rental property.

Question 43

Radon Mitigation System

Accepted Answer

A system designed to reduce the concentration of radon gas in a building.

Question 44

Exclusive Right to Sell

Accepted Answer

A listing agreement that grants a real estate agent the sole right to sell a property for a specified period.

Question 45

Fair Credit Reporting Act

Accepted Answer

Federal law that regulates the collection and use of consumer credit information.

Question 46

Escrow Agent

Accepted Answer

An impartial third party responsible for facilitating the closing process and ensuring all conditions are met.

Question 47

Cloud on Title

Accepted Answer

An unresolved claim or defect that could affect the ownership of a property.

Question 48

Amortization

Accepted Answer

The process of gradually paying off a loan through regular installments, including both principal and interest.

Question 49

1033 Exchange

Accepted Answer

A tax-deferred exchange of real property that occurs as a result of an involuntary conversion, such as from condemnation or destruction.

Question 50

Seller's Disclosure

Accepted Answer

A document in which the seller discloses known defects and issues with a property.

Question 51

Chain of Title

Accepted Answer

A historical record of property ownership, showing the sequence of transfers from one owner to another.

Question 52

Option Period

Accepted Answer

A specified period during which a buyer has the right to terminate a contract without penalty.

Question 53

Rent Control

Accepted Answer

Government regulations that limit the amount landlords can increase rent on certain properties.

Question 54

Conveyancing

Accepted Answer

The legal process of transferring ownership of real estate from one party to another.

Question 55

Certificate of Occupancy

Accepted Answer

A document issued by a local government agency that confirms a property meets building and safety codes.

Question 56

Homeowner's Insurance

Accepted Answer

A policy that provides financial protection for a property owner against damage or loss.

Question 57

Fair Market Value

Accepted Answer

The price at which a willing buyer and seller would agree upon in an open and competitive market.

Question 58

Lis Pendens

Accepted Answer

A recorded notice indicating that a lawsuit affecting the title or ownership of a property is pending.

Question 59

Comparative Rent Analysis

Accepted Answer

An evaluation of rental rates for similar properties to determine a fair rental price.

Question 60

Dual Tracking

Accepted Answer

Simultaneously pursuing foreclosure proceedings while considering a homeowner's request for loan modification.

Question 61

Seller Financing

Accepted Answer

When the seller provides financing to the buyer instead of the buyer obtaining a traditional mortgage.

Question 62

Good Faith Estimate

Accepted Answer

An estimate of the closing costs and mortgage terms provided by a lender to a borrower.

Question 63

Quiet Enjoyment

Accepted Answer

The right of a tenant to peacefully and undisturbedly use and enjoy the rental property.

Question 64

Radon Disclosure

Accepted Answer

The requirement to inform buyers about the presence of radon gas in a property.

Ohio Real Estate Agent Flashcard Set