Under Ohio law, seller Banks signs an exclusive right-to-sell listing with Broker Davis. Midway through the listing period, Banks decides to rent the property instead of selling. Banks notifies Broker Davis of the change in plans. Under Ohio law, what is the effect on the listing agreement?
Correct Answer
B) The listing agreement remains in effect and Banks may owe the commission if the property is sold by anyone during the listing period
Under Ohio law, the seller's decision to rent rather than sell does not unilaterally terminate the listing agreement. The exclusive right-to-sell remains in effect through the expiration date, and if the property is sold during that period, the commission may still be owed.
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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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