Under Ohio law, a broker revokes a salesperson's affiliation due to performance issues. The salesperson has pending transactions. Under ORC Chapter 4735, what must the broker do regarding the pending transactions?
Correct Answer
D) Ensure pending transactions are properly transitioned to other licensed agents within the brokerage or otherwise handled to protect clients' interests
Under ORC §4735.18, the broker has a duty to protect clients' interests when a salesperson leaves. Pending transactions must be transitioned to other licensed agents within the brokerage or otherwise properly handled.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
An agency relationship created when a principal approves or accepts an agent's previously unauthorized actions, effectively granting authority after the fact.
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