Salesperson Nancy discovers that her broker has been depositing client escrow funds into the brokerage's general operating account. Under ORC Chapter 4735 and the Ohio Canons of Ethics, what is Nancy's most appropriate course of action?
Correct Answer
D) Report the violation to the Ohio Division of Real Estate & Professional Licensing
Under ORC §4735.18(A)(6) and the Ohio Canons of Ethics, commingling client escrow funds with operating funds is a serious statutory violation that endangers client money and constitutes grounds for license revocation. The Ohio Division of Real Estate & Professional Licensing is the state agency with exclusive authority to investigate license law violations and impose disciplinary action. Licensees who become aware of such violations have an affirmative obligation to report them to the Division — not to trade associations or internal channels — because only the Division can enforce ORC Chapter 4735.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The National Do Not Call Registry is a federal program administered by the FTC that allows consumers to opt out of receiving unsolicited telemarketing calls, including calls from real estate agents soliciting business.
Brokers in Florida have strict responsibilities for managing escrow accounts, including monthly reconciliation and proper handling of trust funds.
FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
More Oh License Law Orc 4735 Questions
Under ORC Chapter 4735, what is the minimum period an Ohio broker must retain trust account records after a transaction is completed or terminated?
Under ORC Chapter 4735, what happens to an Ohio real estate license if the licensee does not renew it by the expiration date?
Under ORC §4735.141, how are Ohio's 30 continuing education hours structured for active salespersons and brokers?
Under ORC Chapter 4735, which entity approves continuing education providers and courses for Ohio real estate licensees?
Under ORC Chapter 4735, which of the following best describes the required content of post-license education for newly licensed Ohio salespersons during their initial licensing period?
- → Under ORC Chapter 4735, continuing education for Ohio real estate licensees must be completed how often?
- → Under ORC §4735.14, what is the continuing education obligation for an Ohio salesperson who reactivates a license that has been on inactive status?
- → Under ORC Chapter 4735, which entity has the authority to establish renewal fees for Ohio real estate licenses, and how may those fees be changed?
- → Under ORC §4735.141, which outcome does Ohio's continuing education requirement for real estate licensees primarily serve?
- → Under ORC Chapter 4735, which of the following correctly describes a requirement that applies to continuing education courses completed by Ohio real estate salespersons?
- → Under ORC Chapter 4735, Ohio real estate licenses are renewed on what cycle?
- → Under ORC Chapter 4735, how many hours of continuing education must an Ohio salesperson complete during each three-year license period?
- → Under ORC Chapter 4735, which accommodation is available to an Ohio licensee who is on active duty with the U.S. military regarding license renewal and continuing education?
- → Under ORC Chapter 4735, what is the total number of hours of pre-license education and post-license education that a new Ohio salesperson must complete during the first licensing period?
- → Under ORC Chapter 4735, what is the primary purpose of the Ohio Division of Real Estate auditing a licensee's continuing education records?
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Previous Question
An Ohio broker is fined $5,000 by the Superintendent after a disciplinary hearing for trust account violations. The broker believes the penalty is unjust. Under ORC Chapter 4735, what is the broker's legal remedy?
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Broker Mitchell operates a brokerage and wants to hire an unlicensed assistant to help with administrative tasks. Under ORC Chapter 4735, which activity may the unlicensed assistant legally perform?