OH Auctioneer Practice Questions - Ohio Licensed Auctioneer Exam

Under Ohio law, what happens to the trust account balance when a check from a buyer bounces (NSF)?

Nothing — the seller absorbs the loss The auctioneer must cover the shortfall from personal funds immediately The trust account becomes deficient and the auctioneer must resolve the shortfall and may not disburse other consignors' funds to cover it The bank automatically covers NSF checks on trust accounts

Correct Answer:

The trust account becomes deficient and the auctioneer must resolve the shortfall and may not disburse other consignors' funds to cover it

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