Under Ohio law, buyer's agent Lisa represents client Mike. Mike finds a property he loves but tells Lisa he wants to offer $20,000 below the asking price. Lisa believes the property is fairly priced and that a low offer will be rejected. What should Lisa do?
Correct Answer
D) Submit Mike's offer as instructed, after advising him of her professional opinion about market value
Under Ohio agency law, Lisa must follow Mike's lawful instruction to submit the offer at his chosen price. She may share her professional opinion about market value, but the decision on offer price belongs to the client. Submitting a lawful offer is the agent's duty of obedience.
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Buyer's agent Kevin represents Sarah in a purchase negotiation. The listing agent voluntarily discloses to Kevin that the seller has already purchased a new home and must close quickly. Under Ohio agency law, how should Kevin handle this information?
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