Under Ohio law, the Ohio Real Estate Recovery Fund provides compensation to consumers who have been harmed by a licensee's misconduct. The fund is primarily financed through:
Correct Answer
C) Assessments on real estate licensees as part of their licensing fees
Ohio's Real Estate Recovery Fund (ORC §4735.12) is financed through assessments included in the licensing fees paid by real estate licensees. These fees ensure the fund maintains an adequate balance to compensate consumers.
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More Oh Division Of Re Rules Disciplinary Process Questions
An Ohio salesperson places a 'For Sale' sign on a listed property. Under Ohio Division rules, the sign must include:
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- → An Ohio broker wants to advertise using the nickname 'Tom the Realtor' instead of his legal name. Under Division rules:
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An Ohio broker discovers that a salesperson working under her license has been depositing earnest money checks into the salesperson's personal bank account. The broker should:
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An Ohio broker's trust account is audited by the Division of Real Estate and found to have a shortfall of $5,000. The broker claims it was an accounting error. Under Ohio law, this situation: