State Governance of the Real Estate Profession

Superintendent

The administrator of the Real Estate License Law and the Division of Real Estate.

Real Estate Recovery Fund

Provides funds to compensate injured parties who have obtained a court judgment against an insolvent licensed salesperson or broker.

Advertising

Any public notification of property being offered for sale, which thus must follow guidelines of Regulation Z of Truth-In-Lending Act.

Appeal

The process in which a higher court reviews the decision of a lower court or an administrative tribunal.

Arbitration

An alternative to going to court whereby the parties agree to submit facts and evidence to an impartial third party.

Change

A principle affecting value in real estate which says that all factors which influence real estate; economic, governmental, social, physical.

Civil Law

The body of law concerned with the rights and liabilities of one individual in relation to another; includes contract, tort, and property law.

Complaint

The document a plaintiff files with the court to start a lawsuit.

Injunction

A court order prohibiting an act or compelling an act to be done.

Issue

A person's lineal descendants--children, grandchildren, great-grandchildren, and so on.

Liable

Legally responsible.

Mediation

The process whereby cases already filed with the court are speeded up by referring certain matters to a court referee.

Probate Court

A court that oversees the distribution of property under a will or intestate succession.

Subpoena

Document ordering a person to appear at a deposition or court proceeding to testify or produce evidence.

Term

A prescribed period of time; especially, the length of time a borrower has to pay off a loan, or the duration of a lease.

Trial

The fundamental court proceeding in a lawsuit, in which a judge (and in some cases, a jury) hears evidence presented by the plaintiff and defendant and issues a judgment. COMPARE: Appeal.

Courts of Common Pleas

The state's main trial courts. A court of common pleas has jurisdiction over criminal felony cases and civil cases in which the amount in controversy is more than $15,000.

Education and Research Fund

A fund administered by the Ohio Real Estate Commission to help fund educational projects in the field of real estate. Sales applicants may apply for need-based loans from this fund to pay costs of prelicensing education.

Ohio Department of Commerce

The state department that oversees the regulation of numerous professions in Ohio, including real estate. It created the Division of Real Estate and Professional Licensing and the Ohio Real Estate Commission, which share the responsibilities for implementing and enforcing the existing licensing laws.

Ohio Division of Real Estate and Professional Licensing

The division within the Ohio Department of Commerce that is responsible for issuing real estate licenses, investigating complaints against licensees, and administering the Real Estate Recovery Fund. It is run by a Superintendent appointed by the Director of Commerce.

Ohio Real Estate Commission

A five-member body appointed by the Governor that is responsible for promoting the Canons of Ethics for the Real Estate Industry, establishing licensing standards, reviewing educational requirements, and making decisions on disciplinary actions against licensees. It consists of four licensed real estate brokers and one public member.

Canons of Ethics for the Real Estate Industry

A set of ethical guidelines promulgated by the Ohio Real Estate Commission that all Ohio licensees are bound to follow. The Canons include three sections: General Duties to the Public and Industry, Specific Duties to Clients and Customers, and Duties to Fellow Licensees.