Under Ohio law, buyer's agent Will represents client Amy. Amy asks Will to hold her $10,000 earnest money deposit. Under Ohio law, what must Will do with the deposit?
Correct Answer
C) Give the deposit to his broker, who must deposit it into the brokerage trust account within 2 banking days of receipt
Under ORC §4735.18, earnest money must be deposited into the broker's trust account within 2 banking days of receipt. Will must give the deposit to his broker for proper trust account handling.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The legal principle that holds a broker responsible for the actions of their agents and employees performed within the scope of the agency relationship.
An agency relationship created when a principal's actions or words lead a third party to reasonably believe that an agent has authority, and the principal fails to correct this belief.
An agency relationship created when a principal approves or accepts an agent's previously unauthorized actions, effectively granting authority after the fact.
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Under Ohio law, buyer's agent Vanessa learns that her client's chosen property has outstanding code violations from the city building department. The seller's listing does not mention these violations. What must Vanessa do?
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Under Ohio law, buyer's agent Joe represents client Kim. Kim finds a property she likes and asks Joe to write an offer. Joe realizes the listing agent is from the same brokerage. Under Ohio law, what situation has been created?