A broker receives earnest money on Wednesday. The following Thursday is a federal holiday on which banks are closed. Under ORC §4735.18, what is the deposit deadline?
Correct Answer
B) The following Monday — because Thursday is not a banking day, Friday counts as day 1 and Monday counts as day 2
Under ORC §4735.18, the broker has 2 banking days from receipt to deposit. Banking days exclude federal holidays and weekends. Receipt is Wednesday (day 0). Thursday is a federal holiday — skipped. Friday is banking day 1. Monday is banking day 2, making Monday the deadline.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Advertising regulations govern how real estate licensees may market properties and services, requiring truthful, non-deceptive advertising that includes proper identification of the brokerage.
Antitrust violations in real estate occur when competing brokerages or agents engage in practices that restrain trade, reduce competition, or harm consumers through collusion. These violations are governed by the Sherman Antitrust Act and can result in severe penalties.
Broker supervision is the legal obligation of a designated or managing broker to oversee and be accountable for the real estate activities of all salespersons and associate brokers operating under their license.
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