Under Ohio law, Broker Patel manages a brokerage with agents in multiple offices. Agent Nakamura, working from a satellite office, collects a $15,000 earnest money check on Tuesday afternoon but does not deliver it to the main office until the following Monday. Broker Patel deposits it into the trust account Monday afternoon. Under ORC Chapter 4735, has a violation occurred?
Correct Answer
C) Yes, because the 2-banking-day requirement begins when any licensee affiliated with the brokerage receives the deposit, not when the broker personally receives it
Under ORC §4735.24, the 2-banking-day clock starts when any licensee affiliated with the brokerage receives the deposit. Agent Nakamura received the check on Tuesday, so the deposit should have been in the trust account by Thursday. Monday's deposit is a violation.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
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.
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