Buyer's agent Diane represents client Jason under an exclusive buyer agency agreement in Ohio. Jason tells Diane he wants to terminate the agreement early because he found a property through a friend. Under Ohio law, what governs the termination?
Correct Answer
A) The termination terms and any obligations are governed by the provisions in the signed buyer agency agreement
Under Ohio law, the buyer agency agreement is a binding contract. Early termination is governed by the terms specified in the agreement, which may include obligations such as payment for services rendered or specific notice requirements.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The fiduciary obligations owed by a listing agent to the seller, including marketing the property, presenting all offers, and protecting the seller's confidential information.
A practice where the agent or brokerage represents only one party in a transaction — either the buyer or the seller, but never both.
A relationship where a listing broker authorizes other brokers to act as agents of the seller, extending the seller's agency relationship to cooperating brokers.
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