Ohio License Law
Under Ohio license law, if a broker dies while holding client funds in trust, what must happen?
AThe funds are automatically returned to clients
BThe Ohio Division of Real Estate takes immediate steps to protect and account for the funds✓ Correct
CThe funds become part of the broker's estate
DThe salespersons inherit the trust account
Explanation
Upon the death of a broker, ODREPL has authority to take immediate steps to protect client funds held in trust accounts and ensure they are properly accounted for and returned to their rightful owners.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
EscrowA neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
State-Specific Concepts
Trust Account RulesDRE RegulationLicense Law
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