Under Ohio law, a seller's agent who knows that the basement of the listed property floods during heavy rain must:
Correct Answer
D) Disclose the flooding to prospective buyers because it is a known material fact
Under ORC §4735.62, a seller's agent must disclose known material facts to all parties, including prospective buyers. Basement flooding during heavy rain is a material fact that affects the property's value and habitability.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The fiduciary obligations owed by a listing agent to the seller, including marketing the property, presenting all offers, and protecting the seller's confidential information.
A practice where the agent or brokerage represents only one party in a transaction — either the buyer or the seller, but never both.
A relationship where a listing broker authorizes other brokers to act as agents of the seller, extending the seller's agency relationship to cooperating brokers.
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