Ohio License Law
Under Ohio law, 'earnest money' in a transaction must be placed in the broker's trust account:
AOnly after the loan is approved
BPromptly upon receipt — generally within 24-48 hours of acceptance✓ Correct
CAt closing
DOnly if the amount exceeds $1,000
Explanation
Ohio law requires the broker to promptly deposit earnest money into a trust account upon receipt. Delaying deposit or mishandling trust funds is a license law violation.
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