Under Ohio law, when a brokerage represents both the buyer and the seller in the same transaction, this relationship is known as:
Correct Answer
D) Dual agency
Under ORC §4735.71, when a brokerage represents both buyer and seller in the same transaction, this is defined as dual agency. Ohio permits dual agency but requires informed written consent from both parties.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship created by a clear, explicit agreement between the principal and agent, either orally or in writing.
The highest legal obligation of trust and confidence owed by an agent to their principal, requiring the agent to act solely in the principal's best interest.
An agency relationship where the agent agrees to act on behalf of the principal without receiving compensation.
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