An Ohio broker manages 50 rental properties and holds security deposits in the trust account. A tenant moves out and the broker deducts $800 for damages from the $1,200 security deposit. Under Ohio law, the broker must return the remaining $400 to the tenant within:
Correct Answer
D) 30 days of move-out, along with an itemized list of deductions
Under ORC §5321.16, Ohio landlords (or their property managers) must return the security deposit balance along with an itemized list of any deductions within 30 days of the tenant's move-out. This applies to brokers managing properties on behalf of owners.
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The Ohio Division of Real Estate receives multiple complaints about a broker's handling of trust funds. The Superintendent determines an emergency exists. Under Ohio law, the Superintendent may: