An Ohio real estate broker dies unexpectedly. The brokerage has 15 active salespersons and numerous pending transactions. Under Ohio law, what happens to the salespersons' licenses and the pending transactions?
Correct Answer
A) The Superintendent may appoint a temporary broker or allow the estate to designate one to handle the transition
Under ORC §4735.09, when a broker dies, the Division works with the estate to ensure an orderly transition. The Superintendent may appoint or approve a temporary broker to oversee the brokerage during the transition period, allowing pending transactions to be completed and salespersons to transfer to new brokers.
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An Ohio salesperson is approached by a friend who wants to sell their home and asks the salesperson to handle the sale directly without involving the broker. The salesperson should: