Broker Martinez lists a property for the Hendersons at $375,000. A buyer client of the same brokerage, David, wants to make an offer. Under Ohio agency law, what must the brokerage do before facilitating this transaction?
Correct Answer
A) Obtain written consent from both the Hendersons and David to the dual agency relationship
Under ORC §4735.71, Ohio permits dual agency only when both parties provide informed written consent. The brokerage must disclose the nature and implications of dual agency before proceeding.
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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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