A portion of agency fees goes to Ohio's recovery fund - how much?
Question & Answer
Review the question and all answer choices
$5.00
Option A ($5.00) is incorrect because Ohio's recovery fund specifically requires a $10.00 contribution from each real estate transaction fee. This amount is mandated by state law and is not variable or adjustable. The $5.00 figure represents either an outdated fee or a misunderstanding of the current requirement, making it an incorrect choice for the Ohio recovery fund contribution.
$10.00
$20.00
C is incorrect because $20 is not the mandated amount for Ohio's recovery fund contribution. This option may represent a different state's requirement or a fee for another regulatory purpose.
$100.00
D is incorrect because $100 is far higher than Ohio's actual recovery fund contribution. This amount might be confused with license renewal fees or errors and omissions insurance premiums.
Why is this correct?
B is correct because Ohio law specifically mandates that $10 from each real estate transaction fee be allocated to the recovery fund. This is a fixed amount established by the Ohio Division of Real Estate & Professional Licensing to ensure adequate funding for consumer protection.
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