Under Ohio agency law, salesperson Drake shows properties to a prospective buyer but has not yet entered into a written buyer representation agreement. In this situation, what best describes Drake's agency status?
Correct Answer
B) Drake's agency status depends on the brokerage's relationship and what has been disclosed via the Agency Disclosure Statement
Under ORC §4735.57, Drake's agency status depends on the brokerage's existing relationships and what has been disclosed to the prospective buyer via the Agency Disclosure Statement. Without a written agreement, Drake may not have a formal agency relationship with the buyer.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An arrangement where a brokerage assigns separate agents within the firm to represent the buyer and seller in the same transaction, allowing each client to have dedicated representation.
A situation where a single agent or brokerage represents both the buyer and the seller in the same real estate transaction.
An agency relationship created by a clear, explicit agreement between the principal and agent, either orally or in writing.
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