Under Ohio law, the duty of loyalty that a buyer's agent owes to the client means:
Correct Answer
C) The agent must place the buyer's interests above the agent's own personal interests
The duty of loyalty requires a buyer's agent to place the buyer's interests above the agent's own personal interests. This means avoiding conflicts of interest and always acting in the buyer's best interest.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The legal principle that holds a broker responsible for the actions of their agents and employees performed within the scope of the agency relationship.
An agency relationship created when a principal's actions or words lead a third party to reasonably believe that an agent has authority, and the principal fails to correct this belief.
An agency relationship created when a principal approves or accepts an agent's previously unauthorized actions, effectively granting authority after the fact.
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Previous Question
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?
Next Question
A buyer's agent prepares a comparative market analysis (CMA) for a client and identifies that the subject property's most recent sale was a non-arm's-length distress transaction at a price well below current market value. How should the agent handle this sale when preparing the CMA?