An Ohio broker receives an earnest money deposit in the form of a promissory note rather than cash or check. The broker should:
Correct Answer
B) Accept the note, properly disclose its form to all parties, and maintain it securely, since promissory notes are acceptable as earnest money when all parties agree
Promissory notes can be accepted as earnest money in Ohio if all parties agree. The broker must properly disclose to all parties that the deposit is in the form of a promissory note rather than cash or check, and must securely maintain the note. The note cannot be 'deposited' into a bank account like cash.
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