An Ohio broker receives a wire transfer of $25,000 as earnest money directly into the trust account. Under Ohio rules, the broker must:
Correct Answer
A) Document the wire transfer receipt and maintain proper records as with any trust account deposit
Wire transfers directly into the trust account are an acceptable form of earnest money deposit. The broker must document the receipt of the wire transfer and maintain proper records, just as with any other form of trust account deposit. The wire satisfies the deposit requirement upon receipt.
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