In Ohio, a broker must deposit earnest money within:
Question & Answer
Review the question and all answer choices
24 hours
24 hours is too short a timeframe and exceeds Ohio's requirements. Many states don't specify such a short period, and this misconception likely comes from confusing earnest money deposit rules with other real estate transaction deadlines.
2 business days of acceptance
5 business days
5 business days exceeds Ohio's requirement. While some states might have longer timeframes, Ohio specifically mandates 2 business days, making this option incorrect.
As specified in the contract
While contracts may specify deposit terms, Ohio law establishes a minimum requirement of 2 business days that must be followed regardless of contract language. State law supersedes contractual provisions in this case.
Why is this correct?
Ohio law specifically requires brokers to deposit earnest money into their trust account within 2 business days of contract acceptance. This statutory timeframe supersedes any contractual language that might suggest a different period, making B the correct answer.
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