Under Ohio law, Broker Marshall discovers that salesperson Agent Hill has been collecting referral fees from a home warranty company without disclosing them to clients. Under ORC Chapter 4735, what must Broker Marshall do?
Correct Answer
C) Immediately address the violation, ensure proper disclosures are made retroactively where possible, and implement corrective measures
Under ORC §4735.18, the broker has a supervisory duty to address compliance violations by affiliated salespersons. Undisclosed referral fees violate disclosure requirements. The broker must take corrective action and ensure proper disclosures.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
An agency relationship where the agent agrees to act on behalf of the principal without receiving compensation.
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