Contracts
A buyer in Ohio makes an offer on a property and includes a $2,000 earnest money check. The seller accepts the offer. What should the listing broker do with the earnest money?
ADeposit it in the broker's personal account for safekeeping
BPlace it in a separate escrow/trust account promptly✓ Correct
CHold it until closing and then decide
DReturn it to the buyer for safekeeping
Explanation
Under Ohio law, a broker must deposit earnest money into a separate escrow or trust account as soon as practicable after acceptance. The funds must not be commingled with broker operating funds.
Related Ohio Contracts Questions
- What is an addendum for inspection contingency in Ohio?
- What is a rescission right under the federal Consumer Credit Protection Act?
- What is a bilateral contract in real estate?
- What is an earnest money dispute resolution in Ohio?
- What is a contingency in a real estate purchase contract?
- In Ohio, a 'right of first refusal' in a real estate contract gives one party the right to:
- In Ohio, which of the following BEST describes the 'merger of title' that occurs when the owner of a dominant estate buys the servient estate?
- What is an interpleader action in Ohio real estate?
Practice More Ohio Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Ohio Quiz →