Under Ohio law, listing agent Crawford has an exclusive right-to-sell agreement with seller Lawson. Lawson is relocated by their employer and must sell quickly. Lawson wants to reduce the listing price significantly. Crawford disagrees and believes the original price is fair. Under Ohio agency law, who has the final authority on the listing price?
Correct Answer
C) Lawson, because the seller has the ultimate authority to set the listing price
Under Ohio agency law, the seller retains ultimate authority over pricing decisions. While the agent may advise and recommend, the duty of obedience requires the agent to follow the client's lawful instructions, including price reductions.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A non-agency relationship where the broker facilitates a real estate transaction without representing either party, owing limited duties of honesty, fairness, and competence to both.
The legal principle that holds a broker responsible for the actions of their agents and employees performed within the scope of the agency relationship.
An agency relationship created when a principal's actions or words lead a third party to reasonably believe that an agent has authority, and the principal fails to correct this belief.
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