Under Ohio law, Broker Singh discovers that one of her salespersons has been operating a personal real estate investment business, buying and selling properties for personal profit without disclosing this to clients or the broker. Under ORC Chapter 4735, what is Broker Singh's obligation?
Correct Answer
A) Investigate the activities, ensure proper disclosures were made in all transactions, and take corrective action as needed
Under ORC §4735.18, the broker has a supervisory duty to ensure salespersons comply with all disclosure requirements. When a salesperson buys or sells property for personal profit, disclosure to all parties is required. The broker must investigate and ensure compliance.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The legal principle that holds a broker responsible for the actions of their agents and employees performed within the scope of the agency relationship.
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.
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