Under Ohio law, mutual agreement between a seller and a broker to cancel a listing agreement results in:
Correct Answer
D) Termination of the listing agreement on the terms agreed upon by both parties
Under Ohio contract law, mutual agreement to cancel is a recognized method of terminating a listing agreement. The terms of cancellation, including any financial obligations, are determined by the parties' agreement.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A situation where a single agent or brokerage represents both the buyer and the seller in the same real estate transaction.
An agency relationship created by a clear, explicit agreement between the principal and agent, either orally or in writing.
The highest legal obligation of trust and confidence owed by an agent to their principal, requiring the agent to act solely in the principal's best interest.
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