Under Ohio agency law, a listing agreement between a seller and a brokerage creates what type of relationship?
Correct Answer
A) An agency relationship with fiduciary duties owed to the seller
Under ORC §4735.62, a listing agreement creates an agency relationship between the seller and the brokerage, imposing fiduciary duties such as loyalty, confidentiality, obedience, disclosure, accounting, and reasonable care.
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Related Topics & Key Terms
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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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