Ohio Pawn Broker Licensure Exam
Practice Questions And Correct Answers
(Verified Answers) Plus Rationales
2025|2026 Q&A | Instant Download Pdf
1. Which government entity regulates pawn shops in Ohio?
A. Federal Reserve
B. Ohio Department of Commerce
C. Ohio State Police
D. Internal Revenue Service
Rationale: Pawn shops in Ohio are regulated by the Division of
Financial Institutions under the Ohio Department of Commerce.
2. How long must a pawn shop keep records of pawn transactions in
Ohio?
A. 6 months
B. 1 year
C. 2 years
, D. 5 years
Rationale: Ohio law requires pawn shops to retain records of all pawn
transactions for at least 2 years for inspection.
3. Which form must a pawn broker complete when accepting a pawned
item?
A. IRS Form 1099
B. Pawn Ticket
C. Title Transfer Form
D. Bill of Sale
Rationale: A pawn ticket is a legal document that records the details of
the pawn transaction, including the item, loan amount, interest, and
maturity date.
4. What is the maximum length of a pawn loan in Ohio?
A. 30 days
B. 60 days
C. 120 days
D. 180 days
Rationale: Ohio law caps the term of a pawn loan at 120 days, after
which the pawned item may be forfeited.
5. A pawn broker in Ohio must report transactions involving stolen items
to:
A. Federal Bureau of Investigation
B. Local court
, C. Local law enforcement
D. Ohio Department of Revenue
Rationale: Ohio law requires pawn brokers to report all items
suspected to be stolen to local law enforcement immediately.
6. What is the maximum interest rate a pawn broker can charge on a
pawn loan in Ohio?
A. 5% per month
B. 6% per month
C. 10% per month
D. 12% per month
Rationale: Ohio law limits pawn loan interest rates to a maximum of
6% per month on the principal amount.
7. How often must a pawn broker submit a report of pledged goods to
law enforcement?
A. Weekly
B. Monthly
C. Daily
D. Quarterly
Rationale: Pawn shops in Ohio are required to report pledged goods
daily to assist in the recovery of stolen property.
8. Which of the following is required information on a pawn ticket?
A. Customer’s favorite color
B. Description of the item
, C. Customer’s marital status
D. Employment history
Rationale: Pawn tickets must include a detailed description of the
pledged item, including serial numbers and identifying marks.
9. How long must a pawn broker wait before selling a forfeited pawn
item in Ohio?
A. 30 days
B. 61 days
C. 90 days
D. 120 days
Rationale: After the pawn term expires, Ohio law requires a 61-day
waiting period before a pawned item can be sold.
10. Which of the following is considered a pawn transaction in Ohio?
A. Selling used electronics for cash
B. Loaning money secured by personal property
C. Renting storage units
D. Providing a layaway plan
Rationale: A pawn transaction occurs when a broker loans money in
exchange for a personal item as collateral.
11. What is the minimum age to engage in a pawn transaction in
Ohio?
A. 16
B. 18
Practice Questions And Correct Answers
(Verified Answers) Plus Rationales
2025|2026 Q&A | Instant Download Pdf
1. Which government entity regulates pawn shops in Ohio?
A. Federal Reserve
B. Ohio Department of Commerce
C. Ohio State Police
D. Internal Revenue Service
Rationale: Pawn shops in Ohio are regulated by the Division of
Financial Institutions under the Ohio Department of Commerce.
2. How long must a pawn shop keep records of pawn transactions in
Ohio?
A. 6 months
B. 1 year
C. 2 years
, D. 5 years
Rationale: Ohio law requires pawn shops to retain records of all pawn
transactions for at least 2 years for inspection.
3. Which form must a pawn broker complete when accepting a pawned
item?
A. IRS Form 1099
B. Pawn Ticket
C. Title Transfer Form
D. Bill of Sale
Rationale: A pawn ticket is a legal document that records the details of
the pawn transaction, including the item, loan amount, interest, and
maturity date.
4. What is the maximum length of a pawn loan in Ohio?
A. 30 days
B. 60 days
C. 120 days
D. 180 days
Rationale: Ohio law caps the term of a pawn loan at 120 days, after
which the pawned item may be forfeited.
5. A pawn broker in Ohio must report transactions involving stolen items
to:
A. Federal Bureau of Investigation
B. Local court
, C. Local law enforcement
D. Ohio Department of Revenue
Rationale: Ohio law requires pawn brokers to report all items
suspected to be stolen to local law enforcement immediately.
6. What is the maximum interest rate a pawn broker can charge on a
pawn loan in Ohio?
A. 5% per month
B. 6% per month
C. 10% per month
D. 12% per month
Rationale: Ohio law limits pawn loan interest rates to a maximum of
6% per month on the principal amount.
7. How often must a pawn broker submit a report of pledged goods to
law enforcement?
A. Weekly
B. Monthly
C. Daily
D. Quarterly
Rationale: Pawn shops in Ohio are required to report pledged goods
daily to assist in the recovery of stolen property.
8. Which of the following is required information on a pawn ticket?
A. Customer’s favorite color
B. Description of the item
, C. Customer’s marital status
D. Employment history
Rationale: Pawn tickets must include a detailed description of the
pledged item, including serial numbers and identifying marks.
9. How long must a pawn broker wait before selling a forfeited pawn
item in Ohio?
A. 30 days
B. 61 days
C. 90 days
D. 120 days
Rationale: After the pawn term expires, Ohio law requires a 61-day
waiting period before a pawned item can be sold.
10. Which of the following is considered a pawn transaction in Ohio?
A. Selling used electronics for cash
B. Loaning money secured by personal property
C. Renting storage units
D. Providing a layaway plan
Rationale: A pawn transaction occurs when a broker loans money in
exchange for a personal item as collateral.
11. What is the minimum age to engage in a pawn transaction in
Ohio?
A. 16
B. 18
