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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Related Topics & Key Terms
Key Terms:
Related Concepts
The legal obligation to reveal information that could affect a party's decision to enter into or the terms of a real estate transaction.
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.
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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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Licensee George is a seller's agent. During negotiations, the buyer's agent accidentally emails George confidential information about the buyer's maximum budget. Under Ohio agency law, what should George do?