If you get an item on one character that is for another class, can you transfer it to a different character? Thanks in advance.

It is not possible to do this in singleplayer mode. In multiplayer you can ask friend to hold your item for a moment and relog with different character.

Thanks for the help!

Even better than doing this is just to go back to an old save on your character who dropped the goodies. That way whatever you do when you drop things will have no effect on the dropper's inventory, but whatever you dropped will still be available to your other characters.

Yep - this is a good way to get multiple Enchanted Iron's on a single character (awesome sword with mostly random stats but always a + to finding special items)

The multiplayer servers shut down some years ago. You can still transfer items from your single-player characters to each other using a LAN multiplayer co-op game save. This will as noted above cause your quest progress to be reset when you re-enter single-player again.

Attribution to Prism for the guide.
Search for:

Sacred:Prism's SP Masterguide, SP Tips & Tricks

and follow his directions. I know it works because i use it even without another computer on the LAN and without going to the internet (i have sacred blocked from going public).