2023 Ohio Revised Code › Title 47 | Occupations-Professions › Chapter 4735 | Real Estate Brokers › Section 4735.10 | Administrative Rules.

Effective:
December 29, 2023
Latest Legislation:
Senate Bill 131 - 134th General Assembly
(A)(1) The Ohio real estate commission may adopt reasonable rules in accordance with Chapter 119. of the Revised Code, necessary for implementing the provisions of this chapter relating, but not limited to, the following:
(a) The form and manner of filing applications for licensure;
(b) Times and form of examination for license;
(c) Placing an existing broker's license on deposit or a salesperson's license on an inactive status for an indefinite period;
(d) Specifying the process by which a licensee may resign the licensee's license;
(e) Defining any additional license status that the commission determines is necessary and that is not otherwise defined in this chapter and establishing the process by which a licensee places the licensee's license in a status defined by the commission in the rules the commission adopts;
(f) Clarification of the activities that require a license under this chapter;
(g) Permitting a broker to act as principal broker for more than one brokerage.
(2) The commission shall adopt reasonable rules in accordance with Chapter 119. of the Revised Code, for implementing the provisions of this chapter relating to the following:
(a) The issuance, renewal, suspension, and revocation of licenses, other sanctions that may be imposed for violations of this chapter, the conduct of hearings related to these actions, and the process of reactivating a license;
(b) A three-year license and a three-year license renewal system;
(c) Standards for the approval of the postlicensure courses as required by division (G) of section 4735.07 and division (J) of section 4735.09 of the Revised Code, courses of study required for licenses, courses offered in preparation for license examinations, or courses required as continuing education for licenses.
(d) Guidelines to ensure that continuing education classes are open to all persons licensed under this chapter. The rules shall specify that an organization that sponsors a continuing education class may offer its members a reasonable reduction in the fees charged for the class.
(e) Requirements for trust accounts and property management accounts. The rules shall specify that:
(i) Brokerages engaged in the management of property for another may, pursuant to a written contract with the property owner, exercise signatory authority for withdrawals from property management accounts maintained in the name of the property owner. The exercise of authority for withdrawals does not constitute a violation of any provision of division (A) of section 4735.18 of the Revised Code.
(ii) The interest earned on property management trust accounts maintained in the name of the property owner or the broker shall be payable to the property owner unless otherwise specified in a written contract.
(f) Notice of renewal forms and filing deadlines;
(g) Special assessments under division (A) of section 4735.12 of the Revised Code.
(B) The commission may adopt rules in accordance with Chapter 119. of the Revised Code establishing standards and guidelines with which the superintendent of real estate shall comply in the exercise of the following powers:
(1) Appointment and recommendation of ancillary trustees under section 4735.05 of the Revised Code;
(2) Rejection of names proposed to be used by partnerships, associations, limited liability companies, limited liability partnerships, and corporations, under division (B) of section 4735.06 of the Revised Code, including procedures for the application and approval of more than one trade name for a brokerage;
(3) Acceptance and rejection of applications to take the broker and salesperson examinations and licensure;
(4) Approval of applications of brokers to place their licenses in an inactive status and to become salespersons under section 4735.13 of the Revised Code;
(5) Appointment of hearing examiners under section 119.09 of the Revised Code;
(6) Acceptance and rejection of applications to take the foreign real estate dealer and salesperson examinations and licensure, with waiver of examination, under sections 4735.27 and 4735.28 of the Revised Code;
(7) Qualification of foreign real estate under section 4735.25 of the Revised Code.
If at any time there is no rule in effect establishing a guideline or standard required by this division, the superintendent may adopt a rule in accordance with Chapter 119. of the Revised Code for such purpose.
(C) The commission or superintendent may hear testimony in matters relating to the duties imposed upon them, and the president of the commission and superintendent may administer oaths. The commission or superintendent may require other proof of the honesty and truthfulness of any person named in an application for a real estate broker's or real estate salesperson's license before admitting the applicant to the examination or issuing a license.
Last updated December 29, 2023 at 6:12 AM