Under Ohio law, buyer's agent Nicole has an exclusive buyer agency agreement with client Rob. Rob finds a for-sale-by-owner (FSBO) property he wants to buy. What is Nicole's obligation?
Correct Answer
A) Nicole must represent Rob in the FSBO transaction under the terms of the exclusive buyer agency agreement
Under an exclusive buyer agency agreement in Ohio, Nicole is obligated to represent Rob in all property purchases during the agreement term, including FSBO properties. The exclusivity means Rob has agreed to work with Nicole regardless of how the property is marketed.
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Related Topics & Key Terms
Key Terms:
Related Concepts
In real estate, a client is someone to whom the agent owes fiduciary duties through an agency relationship, while a customer is a third party to whom the agent owes only honesty and fair dealing.
An arrangement where a brokerage assigns separate agents within the firm to represent the buyer and seller in the same transaction, allowing each client to have dedicated representation.
A situation where a single agent or brokerage represents both the buyer and the seller in the same real estate transaction.
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Under Ohio law, an agency relationship in real estate is created by:
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Under Ohio law, buyer's agent Chris accompanies his client to view a property. Chris notices water stains on the basement ceiling that could indicate plumbing issues. What is Chris's obligation?
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Under Ohio law, a buyer's agent learns that an adjacent property contains environmental contamination from a former gas station. The contamination has not been raised in the transaction. Which of the following best describes the agent's obligation?