Under Ohio law, Broker Green's salesperson, Agent White, receives a trust account deposit of $10,000 on Thursday afternoon. Under ORC Chapter 4735, by when must this deposit be placed into the broker's trust account?
Correct Answer
C) By the following Monday at the close of business, as 2 banking days from Thursday would be Monday
Under ORC §4735.24, Ohio requires earnest money deposits to be placed in the broker's trust account within 2 banking days of receipt. Received on Thursday, the 2 banking days would be Friday (day 1) and Monday (day 2).
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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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