Under Ohio law, dual agency requires the informed written consent of:
Correct Answer
A) Both the buyer and the seller
Under ORC §4735.71, dual agency in Ohio requires the informed written consent of both the buyer and the seller before the dual agency relationship can be established.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A non-agency relationship where the broker facilitates a real estate transaction without representing either party, owing limited duties of honesty, fairness, and competence to both.
The legal principle that holds a broker responsible for the actions of their agents and employees performed within the scope of the agency relationship.
An agency relationship created when a principal's actions or words lead a third party to reasonably believe that an agent has authority, and the principal fails to correct this belief.
More Oh Agency Questions
Licensee Steve works for a brokerage that represents seller Linda. Buyer Eric, who is unrepresented, asks Steve for advice on how much to offer on Linda's property. Under Ohio agency law, what should Steve do?
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?
Under Ohio law, an agency relationship in real estate is created by:
- → Under Ohio law, fiduciary duties in a real estate agency relationship are owed to:
- → Under Ohio real estate law, which of the following best describes a 'customer'?
- → Under Ohio law, which of the following must be included in a written buyer agency agreement?
- → Under Ohio law, the Consumer Guide to Agency Relationships must be provided in what format?
- → Under Ohio law, what is the primary purpose of the Consumer Guide to Agency Relationships?
- → In Ohio, the term 'client' in a real estate transaction refers to:
- → 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?
- → A brokerage practices designated agency. The broker discovers that the designated buyer's agent and the designated seller's agent, both affiliated with the same brokerage, have been sharing their respective clients' confidential information with each other during the transaction. Under Ohio law, who may face disciplinary consequences?
- → 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?
- → Under Ohio's Canons of Ethics for real estate licensees, licensee Brenda discovers that her client's property has a zoning violation that could affect the sale. What is Brenda's ethical obligation?
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Under Ohio agency law, which of the following is NOT a fiduciary duty owed by a licensee to their client?
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A licensee representing a seller learns that the seller has defaulted on their mortgage and that the lender has initiated foreclosure proceedings against the property. A prospective buyer asks whether there are any encumbrances or title issues affecting the property. What is the licensee's obligation under Ohio law?