In Ohio, the Real Estate Recovery Fund cannot be used to compensate consumers in which of the following situations?
Correct Answer
A) A consumer is unhappy with the market value decline of a property purchased through a licensee
The Recovery Fund compensates consumers for losses caused by a licensee's misconduct (fraud, misrepresentation, mishandling of funds, etc.). It does not cover losses from market value changes, which are normal investment risks unrelated to licensee misconduct.
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An Ohio broker receives a certified check for $15,000 as earnest money on a Friday. The following Monday is a bank holiday. Under the 2-banking-day deposit rule, when is the latest the broker can deposit the check?
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An Ohio licensee whose license was revoked by the Superintendent seeks to be relicensed. Under Ohio law, the licensee must: