Under Ohio law, the seller's agent's duty of accounting includes:
Correct Answer
A) Properly handling and accounting for all transaction-related funds, including earnest money deposits
The duty of accounting requires the seller's agent to properly handle, track, and account for all funds related to the transaction, including earnest money deposits and other financial instruments entrusted to the agent or broker.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
The legal requirement for real estate agents to inform all parties about who they represent in a transaction, typically provided at first substantive contact.
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