Under Ohio law, which of the following must be included in a written buyer agency agreement?
Correct Answer
B) The duties the licensee will perform and the terms of compensation
Under Ohio law and ORC 4735.55, a buyer agency agreement must set forth the duties the licensee agrees to perform, the terms and conditions governing the agency relationship, and the compensation arrangement, including how and by whom the licensee will be paid. These elements ensure the buyer understands the scope of representation and the financial obligations before the relationship begins.
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Under Ohio law, licensee Emma represents seller Jack. Buyer Olivia, who is unrepresented, asks Emma to explain the differences between being a client and a customer. Under Ohio agency law, what should Emma do?
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