Under Ohio law, listing broker Chen receives two offers on the same day for her client's property — one from her own buyer client and one from an outside buyer's agent. Both offers are at full asking price. What is Chen's obligation?
Correct Answer
D) Present both offers to the seller and disclose the dual agency situation for the in-house offer
Under ORC §4735.67, Ohio listing agents must present all offers to the seller. Chen must also disclose the dual agency situation that would arise if the seller accepts the in-house offer, obtaining written consent before proceeding.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
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.
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