Under Ohio law, seller's agent Wendy lists a property. A buyer's agent submits an offer that includes a request for the seller to pay $8,000 toward the buyer's closing costs. Wendy's seller asks if this is normal. Under Ohio agency law, what should Wendy advise?
Correct Answer
D) Advise that seller-paid closing cost concessions are common in Ohio, explain how they affect the net proceeds, and recommend the seller evaluate the overall offer terms
Under Ohio agency law, Wendy should provide accurate professional advice about seller concessions, explain the financial impact on net proceeds, and let the seller make an informed decision about the overall offer.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
A legal relationship in which one person (the agent) is authorized to act on behalf of another person (the principal) in business transactions with third parties.
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