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:
Correct Answer
B) May result in disciplinary action even if it was an unintentional error, because brokers have a duty to maintain accurate trust accounts
Under Ohio law, brokers have a strict duty to maintain accurate trust accounts at all times. A shortfall, even if unintentional, constitutes a violation and may result in disciplinary action. The Superintendent may consider the circumstances (intentional vs. negligent) in determining the appropriate penalty, but the violation itself is actionable.
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