National Real Estate Exam Portion For Ohio Questions With Complete Solutions

Tenancy at Will {Ans: No written agreement, and can be terminated at any time by landlord or tenant}Lien Theory State (Ohio) {Ans: Banks or mortgage lenders never retain title to the property. Instead, the mortgage lender holds a lien against the property Foreclosure occurs with judicial methods (lawsuits)}Costs that can be deducted from gross income: {Ans: Mortgage loan interest, local property taxes, mortgage loan origination fees}Mortgage/Discount Points {Ans: Fees paid directly to the lender at closing in exchange for a reduced interest rate (1 point = 1% of the loan amount)}When a principal authorizes an agent to perform a particular act or transaction, it is an example of a {Ans: special agency}Escheat {Ans: The right of the government to take unclaimed property (person dies intestate)}Direct Assessments {Ans: Taxes posed after a district/city wide vote to make improvements to the area}When the sellers are lending part of the purchase price, they may secure the debt either with a deed of trust or a mortgage. For the seller, one benefit of the deed of trust is that {Ans: foreclosure is usually simpler and faster}Covenants Included in a General Warranty Deed {Ans: Seisin -