Under Ohio law, seller's agent Ron's client wants to list the property at $500,000. Ron's comparative market analysis shows the property is worth approximately $420,000. Under Ohio agency law, what should Ron do?
Correct Answer
C) Present the CMA data to the seller, explain why the suggested price may be above market value, and ultimately list at the price the seller chooses after being informed
Under Ohio agency law, Ron's duty of reasonable care requires sharing professional analysis with the seller. The duty of obedience requires following the client's lawful instructions. Ron should present the data, explain the risks of overpricing, and then list at the seller's chosen price.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The legal ending of an agency relationship, which can occur through completion, expiration, mutual agreement, breach, death, incapacity, or bankruptcy of either party.
The fiduciary obligation to protect a client's private information and not disclose it to third parties without permission, surviving even after the agency relationship ends.
In real estate, a client is someone to whom the agent owes fiduciary duties through an agency relationship, while a customer is a third party to whom the agent owes only honesty and fair dealing.
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