In Ohio, dual agency occurs when:
Correct Answer
A) A licensee or brokerage represents both the buyer and seller in the same transaction
Under Ohio law, dual agency occurs when a single licensee or brokerage represents both the buyer and the seller in the same transaction. This requires the informed written consent of both parties.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The fiduciary obligation to protect a client's private information and not disclose it to third parties without permission, surviving even after the agency relationship ends.
In real estate, a client is someone to whom the agent owes fiduciary duties through an agency relationship, while a customer is a third party to whom the agent owes only honesty and fair dealing.
An arrangement where a brokerage assigns separate agents within the firm to represent the buyer and seller in the same transaction, allowing each client to have dedicated representation.
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?
Under Ohio law, what distinguishes a client from a customer in a real estate transaction?
In Ohio, the Consumer Guide to Agency Relationships is prescribed by which authority?
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Under Ohio real estate law, which of the following best describes a 'customer'?
- → Under Ohio law, which document must a licensee provide to a consumer to explain the different agency relationships available in Ohio?
- → Under Ohio law, fiduciary duties in a real estate agency relationship are owed to:
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- → Under Ohio law, which of the following must be included in a written buyer agency agreement?
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- → Under Ohio law, when must a real estate licensee provide the Consumer Guide to Agency Relationships to a prospective client?
- → In Ohio, the term 'client' in a real estate transaction refers to:
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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?
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Under Ohio law, which of the following is required before a licensee may legally engage in dual agency?