Under Ohio law, before a buyer's agent can write an offer on behalf of a buyer, the agent must ensure:
Correct Answer
B) The Consumer Guide has been provided and an agency agreement is in place
Under Ohio law, the Consumer Guide to Agency Relationships must be provided at or before the first substantive contact, and a written agency agreement must be in place before the agent writes an offer on behalf of the buyer.
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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.
More Oh Agency Questions
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?
Under Ohio law, what distinguishes a client from a customer in a real estate transaction?
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- → Under Ohio law, which document must a licensee provide to a consumer to explain the different agency relationships available in Ohio?
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Previous Question
Under Ohio agency law, a buyer's agent may properly share all of the following information with the seller's agent EXCEPT:
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Under Ohio law, buyer's agent Sharon represents client Tim. Tim asks Sharon to include a clause in the purchase agreement stating that the seller must leave all window treatments, even though the listing states window treatments are excluded. Under Ohio agency law, what should Sharon do?