Under Ohio law, seller's agent Michael discovers that the roof of his client's listed property has a significant leak that the seller has not disclosed. What must Michael do?
Correct Answer
A) Disclose the roof leak to prospective buyers as a known material fact, and advise the seller to update the property disclosure form
Under Ohio agency law (ORC §4735.62), licensees must disclose known material facts to all parties. A roof leak is a material fact. Michael must also advise his client to update the Residential Property Disclosure Form.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The highest legal obligation of trust and confidence owed by an agent to their principal, requiring the agent to act solely in the principal's best interest.
An agency relationship where the agent agrees to act on behalf of the principal without receiving compensation.
An agency relationship created by the conduct or actions of the parties rather than by a written or oral agreement.
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