Ohio License Law
Under ORC 4735, which of the following activities by an Ohio licensee constitutes 'commingling'?
ADepositing earnest money into a dedicated trust account
BMixing client funds with the broker's personal or operating account funds✓ Correct
CHolding funds for more than 24 hours before deposit
DSplitting a commission with an out-of-state broker
Explanation
Commingling is the illegal mixing of client funds (such as earnest money or security deposits) with the broker's personal or business operating funds. Client funds must be kept in separate trust accounts.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
Math Concepts
State-Specific Concepts
Trust Account Rules
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