Under Ohio law, buyer's agent Mike is representing client Linda. Mike's brother-in-law lists a property that Linda is interested in purchasing. Under Ohio agency law, what is Mike's obligation?
Correct Answer
C) Mike must disclose his familial relationship with the listing agent to Linda because it could affect his ability to negotiate objectively
Under Ohio agency law, Mike's fiduciary duty of disclosure requires him to inform Linda of any facts that could affect his objectivity or loyalty, including his familial relationship with the listing agent. This allows Linda to make an informed decision about representation.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A legal relationship in which one person (the agent) is authorized to act on behalf of another person (the principal) in business transactions with third parties.
The legal ending of an agency relationship, which can occur through completion, expiration, mutual agreement, breach, death, incapacity, or bankruptcy of either party.
The fiduciary obligation to protect a client's private information and not disclose it to third parties without permission, surviving even after the agency relationship ends.
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Under Ohio law, one of the primary benefits of having a buyer's agent is:
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Under Ohio law, buyer's agent Sam represents client Jill. After making an offer on a property, Jill tells Sam she wants to back out because she found a different home. The purchase agreement includes a financing contingency that has not been waived. Under Ohio agency law, how should Sam advise Jill?