Under Ohio law, what distinguishes a client from a customer in a real estate transaction?
Correct Answer
C) Clients have a signed agency agreement and receive fiduciary duties, while customers receive only duties owed to all parties
Under Ohio law, a client has a signed agency agreement with the licensee and is owed fiduciary duties (loyalty, confidentiality, obedience, disclosure, accounting, reasonable care). A customer has no agency agreement and receives only the duties owed to all parties (honest dealing, material fact disclosure).
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More Oh Agency Questions
Under Ohio law, buyer's agent Will represents client Amy. Amy asks Will to hold her $10,000 earnest money deposit. Under Ohio law, what must Will do with the deposit?
In Ohio, the Consumer Guide to Agency Relationships is prescribed by which authority?
Under Ohio's Canons of Ethics, when a licensee's personal financial interest conflicts with the best interest of a client, the licensee is required to:
Under Ohio real estate law, which of the following best describes a 'customer'?
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- → Under Ohio law, fiduciary duties in a real estate agency relationship are owed to:
- → Under Ohio law, an agency relationship in real estate is created by:
- → Under Ohio law, when a brokerage uses designated agency, the broker's role is to:
- → Under Ohio law, which of the following must be included in a written buyer agency agreement?
- → In Ohio, dual agency occurs when:
- → Under Ohio law, dual agency requires the informed written consent of:
- → Under Ohio law, the Consumer Guide to Agency Relationships must be provided in what format?
- → Under Ohio law, when must a real estate licensee provide the Consumer Guide to Agency Relationships to a prospective client?
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Under Ohio law, designated agency allows a brokerage to do which of the following?
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A buyer represented under a buyer agency agreement tells his agent he has a firm upper limit on what he will spend and plans to open negotiations well below that figure. Under Ohio agency law, how should the agent treat this information?