Under Ohio law, seller's agent Mark has an exclusive right-to-sell listing that expires on June 30. On June 28, a buyer's agent submits a verbal offer that Mark communicates to the seller. The seller says she wants to think about it. On July 2, the seller calls Mark and says she wants to accept. Under Ohio law, what is Mark's status regarding the commission?
Correct Answer
A) The outcome depends on the listing agreement's protection clause, which may provide for commissions on offers received or buyers introduced during the listing period
Under Ohio law, the entitlement to commission after listing expiration depends on the protection (or carry-over) clause in the listing agreement. Many exclusive right-to-sell agreements include provisions covering buyers introduced during the listing period who purchase within a specified time after expiration.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
An arrangement where a brokerage assigns separate agents within the firm to represent the buyer and seller in the same transaction, allowing each client to have dedicated representation.
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