An Ohio broker has a salesperson who receives a promissory note as earnest money. The salesperson places the note in the office safe rather than delivering it to the broker. Under Ohio law, this practice is:
Correct Answer
A) A violation because the salesperson must promptly deliver all forms of earnest money to the broker, who then secures and records the note properly
Under Ohio law, salespersons must promptly deliver all forms of earnest money — including promissory notes — to the employing broker. The broker is responsible for properly securing and documenting the note. A salesperson independently placing a note in a safe without broker involvement violates the chain of accountability.
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