An Ohio broker co-lists a property with a broker from another brokerage. Both brokers agree to share the listing duties. The property generates a trust account deposit. Under Ohio law, which broker should hold the earnest money?
Correct Answer
C) The listing broker designated in the listing agreement, or as agreed between the cooperating brokers in writing
The listing agreement typically designates which broker holds the earnest money. In a co-listing arrangement, the brokers should have a written agreement specifying which broker's trust account holds the deposit. Clear documentation prevents disputes and ensures compliance with trust account requirements.
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