Under Ohio law, seller's agent Brian lists a property and a buyer submits an offer contingent on selling their current home. The seller asks Brian whether to accept the contingent offer. Under Ohio agency law, what should Brian do?
Correct Answer
D) Explain the pros and cons of accepting a contingent offer, including the risks of the buyer's home not selling, and recommend the seller consult with an attorney if needed
Under Ohio agency law, the seller's agent should provide professional advice about the benefits and risks of contingent offers. The decision to accept belongs to the seller, and the agent should recommend legal counsel for complex decisions.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
The legal requirement for real estate agents to inform all parties about who they represent in a transaction, typically provided at first substantive contact.
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