In Ohio, who has the authority to negotiate the commission rate in a listing agreement?
Correct Answer
D) The commission rate is always negotiable between the seller and the broker
Under Ohio law and federal antitrust principles, commission rates are always negotiable between the seller and the broker. No government agency or trade association may fix commission rates.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
The legal ending of an agency relationship, which can occur through completion, expiration, mutual agreement, breach, death, incapacity, or bankruptcy of either party.
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