Under Ohio agency law, Broker Wallace manages a brokerage with 15 agents. Agent Fields neglects to deposit a buyer's earnest money into the brokerage trust account within the required timeframe. Under ORC Chapter 4735, who is primarily responsible?
Correct Answer
A) Broker Wallace, because the broker is responsible for trust account management and supervision of agents
Under ORC §4735.18, the broker bears primary responsibility for supervision of affiliated agents, including ensuring earnest money is deposited into the trust account within the required timeframe (2 banking days in Ohio).
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Related Topics & Key Terms
Key Terms:
Related Concepts
The extent of power and actions an agent is authorized to perform on behalf of the principal, as defined by the agency agreement.
The fiduciary obligations owed by a listing agent to the seller, including marketing the property, presenting all offers, and protecting the seller's confidential information.
A practice where the agent or brokerage represents only one party in a transaction — either the buyer or the seller, but never both.
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