FOREIGN REAL ESTATE DEALER / SALESPERSON EXAMINATION INFORMATION
Waiver Of Foreigh Real Estate Examination:
The foreign real estate dealer examination may be waived if the applicant
has been licensed as an active real estate broker by any state. The foreign real
estate salesperson examination may be waived if the applicant has been licensed
as an active real estate broker or salesperson by any state. Unless licensed in Ohio, an applicant
requesting a waiver of the examination must submit to the Division a certificate
of good standing from a state in which the applicant is licensed.
Testing Location & Dates:
The foreign real estate dealer examination is held in Columbus at the office of the Ohio Division of Real Estate
and Professional Licensing.
Examination dates are scheduled as necessary.
Your NOTICE TO APPEAR includes
a map directing you to the test site.
There is ample parking in various lots located near the site. Free parking areas are not available, so please plan accordingly. You are expected to appear on the date you are scheduled. If you cannot appear on your assigned date, you must reschedule prior to
the examination date by contacting the Division of Real Estate and Professional
When appearing for the examination you must bring the following items:
- The NOTICE TO APPEAR
- A POCKET CALCULATOR, which is cordless and does not use tape
No other materials will be
required. Any other materials needed will be supplied at the exam. Dress
comfortably and allow yourself plenty of time to arrive at the examination site.
Forfeiture Of Fees:
An applicant must take the
foreign real estate examination at the time and place appearing on the NOTICE TO
APPEAR. If the applicant fails to appear
for such examination, except as herein provided, the fee shall be forfeited and
a new application and fee must be filed.
If the applicant’s failure
to appear for the examination to which the applicant has been admitted is due to
illness evidenced by a Doctor’s certificate received by the Division within 15 days
of the date of such examination, the applicant will be admitted to the next scheduled
examination without additional fee.
No application will be excused from taking the scheduled examination for any reason
other than illness unless, in the Superintendent’s judgment, the applicant would
suffer undue hardship if not excused.
If an applicant fails to pass
the examination, the applicant will receive instructions for applying to re-take
the examination. Any applicant that
fails the foreign real estate dealer examination twice must wait six months before
re-applying to take the examination.
A $75.00 examination fee will be required to re-apply for any examination.
Foreign Real Estate Dealer Examination Structure:
Applicants are given 4½ hours to take the examination. The examination consists of three parts.
Parts I and II are given from 9:30 a.m. to noon and collected. Part III is given from 1:00 p.m.
until 3:00 p.m. A score of 75% correct, or 300 points out of 400 possible points is needed
to pass. The following details the
types of questions in each part and the respective point values:
- Part I: 80 True/False questions worth 1 point each for a total of 80 points.
- Part II: 100 Multiple Choice questions worth 2 points each for a total of 200 points.
- Part III: 40 Math questions worth 3 points each for a total of 120 points.
Foreign Real Estate Sales Examination Structure:
All applicants are given 3
hours to take the examination. The examination consists of three parts.
The following details the types of questions in each part and the respective point
values. A score of 75% correct, or
225 points out of 300 possible points, is needed to pass.
- Part I: 50 True/False questions worth 1 point each for a total of 50 points.
- Part II: 30 Math questions worth 3 points each for a total of 90 points.
- Part III: 80 Multiple Choice questions worth 2 points each for a total of 160 points.
The following is a list of
topics an applicant for either the FOREIGN REAL ESTATE DEALER LICENSE OR THE FOREIGN
REAL ESTATE SALESPERSON LICENSE should review. Please note that this is not an exclusive list of the topics or terms covered
on the examination.
Real estate laws applicable to foreign real estate transactions, including licensing,
registering foreign real estate, advertising and penalties.
Agency law, salesperson/dealer relationship, duties of foreign real estate salespeople
Cannons of business ethics relating to foreign real estate transactions.
Mathematical calculations relating to real estate transactions, including down payment,
commission, mortgage payment, closing costs and taxes.
Contract law, real estate sales contracts, including elements of a valid contract,
fraud, misrepresentation, remedies for breach of contract and earnest money deposit.
Rights and interests in land, i.e. liens, encumbrances, easements, encroachments,
deed restrictions, fee simple and lesser estates, dower, leasehold estates, license
and building codes.
Forms of ownership of property, such as joint tenancy, right of survivorship, tenancy
by the entirety, tenants in common.
Transfer of title to property, including warranty deeds, quitclaim deeds, the Statute
of Frauds and recording requirements of interests in land.
Financing and appraisal, mortgages, amortized loan, conventional loans, equity,
points, principal, foreclosure process, FHA and VA financing.
10. Abstracts, title
insurance and marketable title.
11. The powers and
duties of the Ohio Real Estate Commission, including grounds for disciplinary sanctions.
12. Department of
Housing and Urban Development.
13. Federal Fair
Housing Laws, including the Civil Rights Act of 1966, the Fair Housing Act of 1968
and the Civil Rights Act of 1968.
15. Interest Land
Sales Full Disclosure Act.