Under Ohio law, a buyer agency agreement must be in what form?
Correct Answer
C) Written form signed by the buyer and the licensee
Under Ohio law, a buyer agency agreement must be in written form and signed by both the buyer and the licensee (or the licensee's broker) to formally establish the agency relationship and its terms.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship created by the conduct or actions of the parties rather than by a written or oral agreement.
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.
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Under Ohio law, buyer's agent Mark learns that the property his client wants to purchase is located in a flood zone. The seller's disclosure form does not mention this fact. What must Mark do?
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Under Ohio law, a buyer's agent owes all of the following fiduciary duties to the buyer EXCEPT: