Under Ohio law, commission rates charged by real estate brokerages are:
Correct Answer
A) Negotiable between the seller and the listing broker
Under Ohio law and federal antitrust law, real estate commission rates are fully negotiable between the seller and the listing broker. There is no fixed or standard rate set by any government agency or trade organization.
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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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