Under Ohio law, salesperson Kim transfers from Broker Allen's brokerage to Broker Singh's brokerage. Kim has an active buyer client, Marcus, under a buyer representation agreement. What happens to the buyer representation agreement?
Correct Answer
D) The agreement terminates because the salesperson changed brokerages, and a new agreement must be executed with the new brokerage
Under Ohio law, buyer representation agreements are between the client and the brokerage, not the individual salesperson. When the salesperson transfers, the existing agreement with Broker Allen's brokerage terminates, and a new agreement must be executed with Broker Singh's brokerage if Marcus wishes to continue with Kim.
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Related Topics & Key Terms
Key Terms:
Related Concepts
In real estate, a client is someone to whom the agent owes fiduciary duties through an agency relationship, while a customer is a third party to whom the agent owes only honesty and fair dealing.
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.
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