Under Ohio law, a real estate broker's trust account may hold all of the following types of funds EXCEPT:
Correct Answer
B) The broker's operating funds for paying office expenses
A broker's trust account is exclusively for client funds and funds held in trust for others. The broker's own operating funds (for rent, utilities, salaries, etc.) must NOT be placed in the trust account, as this constitutes commingling.
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More Oh Division Of Re Rules Disciplinary Process Questions
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An Ohio salesperson completes a transaction and wants to receive her commission directly from the seller at closing. Under Ohio law, this arrangement is:
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An Ohio broker hires a new salesperson. Under Division rules, the broker must ensure that the salesperson's license is activated before the salesperson can engage in which activity?