Under Ohio agency law, salesperson Foster represents buyer Walsh under a written buyer representation agreement. Foster discovers that a property Walsh wants to purchase has environmental contamination. What is Foster's duty?
Correct Answer
D) Disclose the contamination issue to Walsh because the agent owes a fiduciary duty of disclosure to the client
Under ORC §4735.62, a buyer's agent owes fiduciary duties to the client including full disclosure of material facts that could affect the client's decision. Environmental contamination is a material fact that must be disclosed.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship created when a principal's actions or words lead a third party to reasonably believe that an agent has authority, and the principal fails to correct this belief.
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.
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