Under Ohio agency law, all of the following are duties a licensee owes to ALL parties in a real estate transaction, regardless of whom they represent, EXCEPT:
Correct Answer
C) Negotiating the best possible price on the party's behalf
Negotiating the best possible price is a fiduciary duty owed only to the licensee's client, not to all parties. A seller's agent negotiates for the seller; a buyer's agent negotiates for the buyer.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The extent of power and actions an agent is authorized to perform on behalf of the principal, as defined by the agency agreement.
The fiduciary obligations owed by a listing agent to the seller, including marketing the property, presenting all offers, and protecting the seller's confidential information.
A practice where the agent or brokerage represents only one party in a transaction — either the buyer or the seller, but never both.
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Previous Question
Salesperson Lisa hosts an open house attended by 20 visitors. She greets most visitors briefly at the door. However, several visitors linger and begin sharing details about their budget, financing status, and the specific features they are looking for in a home. Under ORC §4735.57, which visitors trigger Lisa's obligation to provide the Consumer Guide to Agency Relationships?
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Buyer Ray declines to sign a buyer agency agreement but wants licensee Paula to show him properties. Under Ohio law, what is Paula's status relative to Ray?