Under Ohio law, Broker Hughes has 10 agents and is closing the brokerage permanently. Under ORC Chapter 4735, what are the broker's obligations regarding affiliated salespersons and active transactions?
Correct Answer
D) Notify the Division of Real Estate, return licenses of affiliated salespersons, ensure all trust account funds are properly disbursed, and assist salespersons in transferring to new brokerages
Under ORC §4735.18, a closing broker must notify the Division, properly handle trust account funds, return affiliated salesperson licenses, and assist agents in transferring their licenses to new brokerages.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The fiduciary obligation to protect a client's private information and not disclose it to third parties without permission, surviving even after the agency relationship ends.
In real estate, a client is someone to whom the agent owes fiduciary duties through an agency relationship, while a customer is a third party to whom the agent owes only honesty and fair dealing.
An arrangement where a brokerage assigns separate agents within the firm to represent the buyer and seller in the same transaction, allowing each client to have dedicated representation.
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