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Hondros College offers its real estate students and alumni members the most up to date information affecting your practice.  Do you have real estate legal questions?  Chances are your colleagues have those questions too!  Email them to askanattorney@hondros.com and the questions and answers will be published here within 3 business days.

* The “Ask an Attorney” feature is intended to be informative in nature and is not a substitute for legal advice rendered by your own personal attorney.

Q. When is a tenant entitled to receive interest on their security deposit?

A. If a security deposit exceeds one month’s rent, the tenant is entitled to receive interest on their security deposit.  Ohio license law permits licensees to set up a property management trust account that bears interest. However, regular brokerage trust or special accounts must be non-interest bearing.

Q. Are landsmen negotiating oil and gas leases required to be licensed as salespersons or brokers?

A. Legislation will be effective in March requiring landsmen to register with the Division of Real Estate.  If they are registered, they are exempt from the requirement to have a salesperson or broker license to negotiate oil and gas leases. Click here to view recent blog article on registration of landsmen.

Q. The self-showing is an effective marketing tool. Is it a problem to permit self-showings or unsupervised showings of a property?

A. Licensees may only permit unsupervised access to a property with an owner’s written permission.  Some licensees have obtained written permission from owners by limiting those who may be granted unsupervised access to members of the board with lockbox privileges.

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