Under Ohio law, seller's agent Claire receives earnest money from a buyer. Under ORC Chapter 4735, within how many banking days must the earnest money be deposited into the broker's trust account?
Correct Answer
D) 2 banking days
Under ORC §4735.18, earnest money received by a licensee must be deposited into the broker's trust account within 2 banking days of receipt. This is an Ohio-specific requirement.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A relationship where a listing broker authorizes other brokers to act as agents of the seller, extending the seller's agency relationship to cooperating brokers.
A non-agency relationship where the broker facilitates a real estate transaction without representing either party, owing limited duties of honesty, fairness, and competence to both.
The legal principle that holds a broker responsible for the actions of their agents and employees performed within the scope of the agency relationship.
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