Under Ohio law, Broker Wilson has a salesperson, Agent Cruz, who commits fraud in a real estate transaction by forging a client's signature on a document. The client files a complaint with the Ohio Division of Real Estate. What potential consequences exist under ORC Chapter 4735?
Correct Answer
A) Both Agent Cruz and Broker Wilson may face disciplinary action — Cruz for the fraud and Wilson for failing to adequately supervise
Under ORC §4735.18 and §4735.051, both the salesperson who committed fraud and the supervising broker may face disciplinary action. The broker has a duty to supervise affiliated agents, and fraud by an agent reflects inadequate supervision.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship where the agent agrees to act on behalf of the principal without receiving compensation.
An agency relationship created by the conduct or actions of the parties rather than by a written or oral agreement.
The legal obligation to reveal information that could affect a party's decision to enter into or the terms of a real estate transaction.
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