Ohio Real Estate – Principles & Practices | Hondros College

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Broker
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Any person, partnership, LLC, LLP, or corporation who, for a fee, sells, lists, leases, exchanges, negotiates, or otherwise deals in the real estate of others, or represents publicly that he does.
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Independent Contractor
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A self-employed sales person paid on jobs completed rather than ours work in responsible for setting their own hours and paying their own taxes. Independent contractors hired to perform a specific assignment or complete a specific project that is free to except or reject a particular assignment.
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Multiple Listing Service (MLS)
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A listing service whereby local member brokers agree to share listings and commissions on properties sold jointly. Members of the public may have access the multiple listing service but not all the features and content of the Board of REALTORS is able to access.
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Real Estate Licensee
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A person licensed to practice real estate in Ohio. Ohio law requires that any person, partnership, association, LLC, LLP or corporation who, for a fee, sells, lists leases, exchanges, negotiate, or otherwise deals in the real estate of others, or represents publicly that he or she does, must be licensed.
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Realtist
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Any real estate licensee who is a member of the national Association real estate brokers.
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REALTOR
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Any real estate licensee who is a member of the national Association of REALTORS and is affiliated state and local boards. only members may use the term real tour as it is a registered trademark of NAR. In Ohio, if a broker is a NAR member, than any sales person employed by the broker must also become members. typically a licensee is a member of the National Association o, the Ohio association, and the local board of choice.
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Salesperson
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Any licensed agent who is associated with a broker and, as such, may perform most of the acts of a broker, on the behalf of the broker. A salesperson has the same fiduciary duty to a broker's client that a broker does.
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8 exceptions to Ohio Real estate license requirements
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1.) A person who sells their own real estate including corporations dealing with property through a regular salaried employee. 2.) A fiduciary who is duly appointed and acting any fiduciary capacity (court appointed, not POA). 3.) A public official who acts in an official capacity (Sheriff sale official) 4.) An attorney at law who performs duties on behalf of his or her clients. 5.) A person selling manufactured homes or mobile homes, provided the sale does not include the real estate on which the home sits. 6.)A person Who engages in the programming of the sale of business assets, not including the negotiation of the sale, lease, exchange, or assignment of any interest in real estate. 7.) and out-of-state broker or agent who engages in the sale of commercial real estate pursuant to the requirements of the Ohio revised code. 8.) an individual who works with the residential rental property under the supervision of a broker and who's compensation for services primarily on a salary or hourly basis.
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10 areas of Real Estate Careers
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1.) Sales 2.) Finance 3.) appraisal 4.) property Management 5.)development 6.) construction 7.) title work 8.) trade association 9.) education 10.) government
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Auctioneer
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A person with an auctioneers license as well as a real estate license who can sell real estate through an auction.
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Education and Research fund
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A fun designed to offer scholarships and loans to students who are taking real estate-specific classes.
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Foreign real estate broker/salesperson
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Any real estate broker/salesperson license to engage exclusively and real estate sales for land situated outside the state of Ohio.
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Ohio Division of Real Estate
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Run by the superintendent who was appointed by the director of commerce.
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Ohio real estate commission
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Consist of by members appointed by the governor. Each serves a five-year term; four are practicing brokers; one is a non-broker, and no more than three can concurrently belong to the same political party.
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Reciprocity
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The belly of a state department to get a real estate license to an applicant he received a real estate license in another state. Under certain arrangements, license testing, course study, or other requirements maybe wait or modified.
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