Under Ohio's Canons of Ethics, which of the following obligations applies to a licensed real estate agent?
Correct Answer
A) Disclosing to all parties any material facts the licensee knows that could affect the transaction
Ohio's Canons of Ethics require licensees to disclose material facts known to them that are relevant to the transaction. This duty applies regardless of which party the licensee represents and is a foundational ethical obligation under Ohio real estate law, distinct from — but complementary to — the statutory disclosure duties under ORC Chapter 4735.
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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?
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Under Ohio agency law, licensee Hank represents seller Diane. Buyer Luis submits an offer well below asking price. Hank personally believes the offer is too low. What is Hank's obligation?