Ohio License Law
What is the requirement for an Ohio broker to maintain a trust account?
AOnly required if the broker handles more than 10 transactions
BRequired for all brokers who receive escrow funds; must be maintained separately from operating accounts✓ Correct
COptional for brokers with less than 5 years experience
DRequired only for commercial transactions
Explanation
Ohio brokers must maintain separate trust (escrow) accounts for client funds. These accounts cannot be commingled with personal or operating funds, and detailed records must be kept for all transactions.
Related Ohio Ohio License Law Questions
- Under Ohio law, which of the following transactions requires a real estate license?
- Under Ohio law, a broker must deposit earnest money into a trust account within:
- What is Ohio's law regarding the use of an assumed name (DBA) by a broker?
- When must an Ohio real estate licensee disclose their license status when purchasing property for personal use?
- Under ORC Chapter 4735, a real estate licensee who is found to have violated license law may face which of the following penalties?
- What is Ohio's law regarding licensee signatures on documents?
- Ohio requires that the Agency Disclosure Statement be provided to consumers in real estate transactions. This document must be provided:
- An Ohio real estate licensee who sells business opportunities (going-concern businesses) without also conveying 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 →