Under Ohio law, which of the following best describes the duty of accounting that a buyer's agent owes to the client?
Correct Answer
D) Keeping accurate records of all funds and documents related to the transaction
The duty of accounting requires the buyer's agent to keep accurate records of all transaction-related funds and documents, including earnest money deposits, receipts, and other financial instruments entrusted to the agent.
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Under Ohio law, buyer's agent James represents client Emily. Emily tells James she plans to convert a single-family home into a rental property. James knows the property Emily wants to buy is in a neighborhood with restrictive covenants prohibiting rental use. What must James do?
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Buyer's agent Laura represents client Tim under an exclusive buyer agency agreement. Tim asks Laura to also look at commercial properties for his small business. Laura's brokerage is not experienced in commercial real estate. Under Ohio agency law, what is Laura's best course of action?