Under Ohio law, buyer's agent Joe represents client Kim. Kim finds a property she likes and asks Joe to write an offer. Joe realizes the listing agent is from the same brokerage. Under Ohio law, what situation has been created?
Correct Answer
D) An in-house transaction that may require disclosure and possible designated agency or dual agency arrangements under Ohio law
When both the buyer's agent and listing agent work for the same brokerage, Ohio law requires addressing the potential conflict through designated agency (separate agents for each party) or dual agency (with informed written consent from both parties).
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship created by the conduct or actions of the parties rather than by a written or oral agreement.
The legal obligation to reveal information that could affect a party's decision to enter into or the terms of a real estate transaction.
The extent of power and actions an agent is authorized to perform on behalf of the principal, as defined by the agency agreement.
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Under Ohio law, buyer's agent Will represents client Amy. Amy asks Will to hold her $10,000 earnest money deposit. Under Ohio law, what must Will do with the deposit?
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Under Ohio agency law, a buyer's agent may properly share all of the following information with the seller's agent EXCEPT: